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Thu, April 12, 2007
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+ P6 C) h5 }! g: C) O: nCalgary ranks sixth as most expensive downtown housing5 ~9 }" M# A6 g# }0 {
UPDATED: 2007-04-12 16:38:42 MST" z9 L9 Y' U- h+ \ Q
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More and more Calgarians are buying downtown homes but paying top price for the prime location. 8 `0 F% \& }+ s5 b5 s
4 _; e' R- ~; gPeople 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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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 $209 per sq. ft.
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5 Y) |- c! h0 D$ G, t3 hGeorge 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. ' B8 i0 `6 y& {0 A
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“To live downtown people pay for it.” ; N9 O8 I+ G5 ~' Y& @
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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' _. b# B& J$ Q+ uStill 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.” # E( f9 i2 A7 P7 }1 |+ A5 a
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. * Q9 K. D4 J" |, E. C* }# Y- {
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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. : D- @; U* Q. I9 u) i
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He said 30 % of the housing market is condos - the bulk of which are in downtown. 1 G/ F. D; S6 i K) F: @, A4 k
% G1 p' N( T2 U- Q8 O0 FThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. ' D0 J* |& b0 L, ~3 l2 t5 d5 [
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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. ) J2 @( T9 I, o: D
| @5 c8 y6 x+ X7 u/ p2 {/ NA 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 $105 respectively. ' {* w: f2 B3 v% x9 a$ Y$ t
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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
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The 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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