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Thu, April 12, 2007
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+ {$ b7 V S: O# kCalgary ranks sixth as most expensive downtown housing4 _# D3 n+ B V* b+ z
UPDATED: 2007-04-12 16:38:42 MST/ X" n0 z- x2 w+ J9 }" y' `' q% r
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More 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. 9 o- N$ S2 V, q; R2 n' ~
; P5 _2 N, Z; F! I& `Calgary 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.
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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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* F" c' K5 D, |9 O6 q3 tA condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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$ o+ E7 @& h' f: J, BStill 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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. h) o9 w P, Z2 k2 ?( gPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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9 C( u/ k( W- |- j: }$ s0 S" ]“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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) g- e, h/ Q5 K9 T1 ]4 XHe said 30 % of the housing market is condos - the bulk of which are in downtown. - A! b* Y1 H M5 M
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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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* v& J" W; |/ y5 k/ _' w. p7 @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.
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9 J9 O+ g Z4 p; m; UWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. 4 C7 n h! H) v
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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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- 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 $105 respectively.
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# A+ P0 w M7 @9 F' A$ j( S$ L— 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
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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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