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Last updated Apr 12 2006 12:28 PM MDT& ^: Q! M! T" x, g/ F" P
CBC News
7 @% g) g0 q/ j+ ?6 ^The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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The 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. % l3 n. _/ }. O* z" V5 V
) D% P8 ]& c2 a: J Y8 ?3 [/ p% EVancouver is the still the hottest market at nearly $500,000 for a single-family home.5 {. V) g. s+ f
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Clark says there's one reason Calgary's market has shot up so quickly. 5 c- G/ P/ H: m9 v: S! k: c
) G1 s& p8 J# [- Q* x* h# 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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0 J9 j1 `+ M6 I"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 $200,000 more than the asking price.
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' G8 s$ P+ v4 [9 n+ UGeorgiana 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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