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Last updated Apr 12 2006 12:28 PM MDT
+ L( d' T1 P% mCBC News " Y4 U& c2 J! m) p
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. # E+ S- N6 ?( m6 g( n
' e; y+ m2 P2 X3 _+ o4 ^6 d# LThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.+ o) U5 ]: T) K' h0 {
6 p3 ^2 y0 K1 D& E% \The 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. n, X* T: G/ ^+ `4 [9 p7 \0 e9 L i
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.8 ^ I! F) i$ I" E' p! O, g
# j- h/ e: `* ?. I$ l( D, J4 N2 Y9 dClark says there's one reason Calgary's market has shot up so quickly. 2 R# w9 ]: s& ]2 W- D" A+ `# p) M. I. a
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 3 G0 Q. ~( y/ U& r6 [, E1 C
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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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Realtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.- w' ?) n3 s7 ~) g) g% h( S
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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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