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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing; `( h* ^4 J% c4 u/ J) O" i4 c( ?1 a
UPDATED: 2007-04-12 16:38:42 MST
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- U2 E: T8 m h0 l- C: m/ G' SMore and more Calgarians are buying downtown homes but paying top price for the prime location. 4 _# T9 ]& F7 P5 j( |% d6 G2 x
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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.
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% \1 b% v0 P: V$ d0 H) Z2 U2 t. b* n8 ~Calgary ranks sixth most expensive of 31 cities surveyed around the world. 3 K6 V& G8 z1 K$ {4 l2 V
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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. 2 X |* F E2 ?
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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.
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- f0 a* e' o9 q2 b“To live downtown people pay for it.”
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. ) G& h* _ a" f- J4 E- @
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5 ~/ ?) G6 T2 \" q7 f$ zStill 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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9 X# X" C+ {( C) x, V3 @3 r D6 {“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. % f3 a2 m) u$ D
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He said 30 % of the housing market is condos - the bulk of which are in downtown.
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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.
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4 B4 `. \* S% S. h% v0 LIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. ; H+ D* y. j$ @" Z. z. F1 ~! m- _
' p# N5 z6 [1 q6 W/ BWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. ( W/ R" G ]; N4 x% I. E5 {6 B
. h4 a: `' I5 D+ }A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. : r9 s6 @) @" s. H1 x
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6 Z+ a8 w) w" l8 d. E% |. x4 e- 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. . \3 J" R% w7 _- h" d
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— 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 $119 % Y3 f$ O5 }+ A2 C
0 j/ p3 P1 p9 b. L- 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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