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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing9 i4 ~2 u" I1 s. |! F- x3 h1 E: k
UPDATED: 2007-04-12 16:38:42 MST
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By NADIA MOHARIB, SUN MEDIA/ [8 f x! ]5 t8 P; r9 I8 i) ]
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2 G( p R. }+ aMore and more Calgarians are buying downtown homes but paying top price for the prime location. 0 J% x! {/ K1 ?& l' @
1 {# k5 { }. v$ s8 |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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Calgary ranks sixth most expensive of 31 cities surveyed around the world. - d+ M- K k* x( ?' b6 w
+ R+ g' T# K# I2 z" tThe 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 $209 per sq. ft. ( l1 J7 _4 Q9 f9 `+ P W t
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. 4 p) O6 a9 u; z6 ]8 m! k$ \+ F( [9 P
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“To live downtown people pay for it.” + \- Y% @8 u1 M, r d
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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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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.”
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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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3 W* i) G+ v# `8 \( e& ]* @“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said.
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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. 1 `+ N/ t7 b) q' K
: y r1 I/ O% N9 x- k4 uIn 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.
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A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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! V+ h; a A) R8 S4 _% @- 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 $105 respectively.
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* W* l$ n# @3 _& K- r/ V/ o— 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 $119 5 H# ^$ K8 D5 Z/ e- D
4 u1 f4 G9 y- v6 N! e& eThe 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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