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Last updated Apr 12 2006 12:28 PM MDT! m2 V6 Z5 c9 f& q0 e1 x6 C* Q: R- M
CBC News 6 J/ Q( K/ \' V0 y' |& O
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.1 B8 ?+ x0 K* b V/ B" o
- h- |: C& s1 V8 k) I% FThe average price of a home in Toronto is still higher than Calgary but the cost of a single-family dwelling – the most sought-after type of property – is about $363,000 in Calgary compared to $358,000 in Toronto. - X- u* L+ ]- V/ R6 U
7 N* W2 L4 c) WVancouver is the still the hottest market at nearly $500,000 for a single-family home.. _6 ~: V: a: F+ b# d8 z, ^$ ^
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Clark says there's one reason Calgary's market has shot up so quickly.
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3 P8 ^1 d1 v D3 H/ n6 \ o"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 6 }& |7 n% l, P' I; A" n0 y; T3 h
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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."
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6 Z& ?( L2 \ s0 Q. r+ ~4 NRealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.
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Georgiana Woods, who sells real estate in Toronto, believes that market will cool off while analysts in Calgary expect the city's unprecedented growth to continue. |
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