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Last updated Apr 12 2006 12:28 PM MDT: c! s% c! _" ?$ N9 _% o7 D, y0 z
CBC News : C A5 G" M3 h
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. 9 H2 u+ g0 Q8 p# n' P
$ t% G* ?, X5 iThe 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 $358,000 in Toronto. + @$ O/ ?' _- _/ J" M `( r; F
! s: }3 i: x9 R1 HVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly.
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% S6 C$ c) [( i5 N"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark.
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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."
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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.8 \! \6 [3 K. F( E3 C9 n* o: W
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Georgiana 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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