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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing
( _& n3 f# h4 Z: ]; x1 qUPDATED: 2007-04-12 16:38:42 MST
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* v |9 U3 P% Z2 X1 X% UBy NADIA MOHARIB, SUN MEDIA. ]3 w( f0 \- `% {5 S
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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0 Q6 z1 w. F" rPeople 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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% \# v( l! t" ~8 x1 X7 o: I* cCalgary 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. # a1 R5 @( `# H" B2 d% F" N. E
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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.
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“To live downtown people pay for it.”
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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" i5 S4 ?# }9 vStill Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.” 8 z L$ C6 R J# F# K1 @- a$ t% ~1 u$ W
! \3 r+ ^4 h) IPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. 1 P0 g0 k4 H! Y, A4 B
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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.
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6 n# \' ^: q$ ?$ v3 XHe said 30 % of the housing market is condos - the bulk of which are in downtown. 6 d- u' j" P8 Z/ T3 _* u5 a
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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.
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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. 0 ]" _+ `" s; m8 w
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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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; @8 e8 |! E) HFAST FAX
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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. $ R! T, e3 w; }+ ^' _2 l% c
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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 1 A# @ `1 \0 x# h
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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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