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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing
$ f+ d% y: s) @% [0 MUPDATED: 2007-04-12 16:38:42 MST$ r! T1 H7 T q, F0 G0 E$ E
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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People who live in downtown business districts in Canada’s largest cities generally pay less per-square foot than people in cities around the world and enjoy shorter daily commutes to work, according to a recent survey done on first-time home buyers by CENTURY 21. . D5 [- r( u3 V2 j5 ?$ y
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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The cost to buy in Calgary’s downtown is even more than settling in Toronto’s core which ranked 16th in the survey with the average cost running $209 per sq. ft. . p& | K( p* L; j
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. 8 N9 N$ ~8 \* M+ Y+ ~
: k& M! S- _. U) p“To live downtown people pay for it.” $ |" f/ ]* [, K B
+ h" K% u$ L; N' H7 EA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. : Y# N9 K, r% H, w5 T* B' g$ l: U+ g" t# m
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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1 V0 s O% d& a“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. 8 A$ o. T( E" C
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He said 30 % of the housing market is condos - the bulk of which are in downtown. _0 [& S0 s( Z, w# B m
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. ) O4 N- o$ w* N8 f. r( [+ o$ K! L) [' K4 F
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In Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. , m, [$ C8 F; x) J
7 I7 E" }- l1 v" s/ \+ ]; BA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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- St. John’s and Quebec City had the lowest and second-lowest per-square-foot downtown prices of all 31 cities surveyed, at $55 and $93 respectively.— The two lowest per-square-foot prices for international cities were Istanbul, Turkey and Sydney, Australia, at $94 and $105 respectively.
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6 Z+ Y% h5 y w2 B4 M" N+ ?— Vancouver was fourth most expensive at $577 per square foot while Calgary was sixth most expensive at $500 and Edmonton was 10th most expensive at $322 — Globally Paris was the most expensive at $1,051 per square foot while London was fifth most expensive at $532 and New York was eighth most expensive at $375 The 10 least expensive downtown housing markets as ranked per-square-foot for first-time buyers are; St. John’s $55 Quebec City $93 Istanbul $94 Halifax $97 Charlottetown $104 Sydney, Australia $105 Bogota $114 Mexico City $119 + F" ?" A V9 @" B4 a+ _
1 ~7 g5 G" m* F9 QThe 10 most expensive downtown housing markets; Paris $1051 Moscow $688 Seol $630 Vancouver $577 London, England $532 Calgary $500 Athens $375 New York City $375 Tokyo, $325 Edmonton $322. |
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