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Thu, April 12, 2007
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& t) s! j, i$ P* eCalgary ranks sixth as most expensive downtown housing9 c) V* V& \3 x- R
UPDATED: 2007-04-12 16:38:42 MST
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3 J* s* S; W5 q+ p. s* q4 E) aBy NADIA MOHARIB, SUN MEDIA
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( C8 ^' i' f$ t* K- \More and more Calgarians are buying downtown homes but paying top price for the prime location.
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' N" t: o8 S5 X! dPeople 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.
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T1 F5 o( Q9 n- `6 A& x; ACalgary ranks sixth most expensive of 31 cities surveyed around the world. $ J O, m4 G3 d7 z
+ Q2 t; j: o& `8 [8 UThe 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.
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9 \ w w1 J9 W: FGeorge 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.
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' q. K. u+ K/ P" C7 q* a“To live downtown people pay for it.” w% ]" r% I+ J' k( ~5 A' ~
$ J- @6 L; T. D, ?) @ g% rA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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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.” 2 F. a" \5 P) n4 s4 r: O
, {' k1 t# N# G* D3 ~. B: {Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. + x0 s1 p& Q& b8 X- ]" b/ C! F
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He said 30 % of the housing market is condos - the bulk of which are in downtown. $ L; f! a/ d; A" a2 Y4 g* h
" f0 P5 w8 Y M; wThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. 2 D" a; H3 ^, f z' [8 k+ f' x& o
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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 $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower.
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+ o$ G& E. x3 v5 Q8 y* EWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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" `+ N/ a$ G8 s% E5 Y! rA 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. $ X6 e, t) Q# E
6 b! T& [4 t' f5 s9 `— 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
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7 _1 J. u- q; D! C" RThe 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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