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Last updated Apr 12 2006 12:28 PM MDT1 p1 ~; {( r0 D- U
CBC News
3 @$ U( I# M, S; `The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. & `, T0 `# q V0 ^# [+ t
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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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. : E) o; Z- x4 O& R2 u: y
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.' j8 x& s F8 N4 l; z) U( N' u
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Clark says there's one reason Calgary's market has shot up so quickly.
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 4 H, o* M& {: W, [! U$ O$ G. ^. r; w
# J, v7 K+ @0 ]5 U) {"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." ! {3 Q2 b$ \* u
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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.
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5 X5 v1 i6 l) q- q tGeorgiana 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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