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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing& S3 w. m3 x* ?' {0 }: t8 c
UPDATED: 2007-04-12 16:38:42 MST/ l# L" T9 o; h/ Q9 ]7 {1 P
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By NADIA MOHARIB, SUN MEDIA: y+ {' j1 _' |. n6 O6 A' C9 v z
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, V6 m: |, g* k# K' oMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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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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c0 a: T2 m& H j7 W1 |* WCalgary ranks sixth most expensive of 31 cities surveyed around the world. # C* k5 h. J ]! ^
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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 $209 per sq. ft. , e U% l6 N1 [6 j! l$ _ B$ a4 |9 o
. [+ a- q# ?/ IGeorge 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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, {/ N- Z' _! ]( @% ^“To live downtown people pay for it.” ( w8 l7 Z# r: T$ J4 y5 `
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. 5 C+ }( I' }! t' V. { D6 N
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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+ _4 `* w* W" Q* o nPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. ! t" b' h" g- n6 C5 }7 D+ x
6 c! x: t& d2 e$ }$ Y. s4 C' q“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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7 T8 s! _, p+ [9 o/ H, \6 p5 xHe said 30 % of the housing market is condos - the bulk of which are in downtown.
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" B5 f7 o4 s! L2 t m! b/ nThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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s# o7 d3 j2 |5 ~' tIn 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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4 F- u9 J; `) ~- d r- A, IWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. 3 A0 _" m# ?0 @! r; ]- Z
7 c: R8 l1 m4 o5 g3 T' SA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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" E+ h; Y' _3 R5 H% qFAST FAX
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0 p2 F) Z$ q( ?5 r) R$ \* U& A( o- 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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— 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 $ { f( ?& w$ {
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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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