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Last updated Apr 12 2006 12:28 PM MDT
, {, ?& m( M' ]1 f) \6 o4 @5 J8 dCBC News . N/ S" S/ O+ p/ X9 s1 w
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. ( E: W+ y& d! l: `. A
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The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.7 ~8 L. i9 r0 m8 s" v, j
+ y7 s0 w/ v% {1 t4 _& N7 EThe 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.
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Vancouver is the still the hottest market at nearly $500,000 for a single-family home.$ i) Y! K5 j F" T% x4 _+ C2 j
. f) k& j- i- @7 R2 G# H6 L/ eClark says there's one reason Calgary's market has shot up so quickly. ' A% v, _- Y6 r" X
8 F f2 z" k/ y7 G# B+ [# Z9 A) B"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. + U6 s% d# Z5 e' O& }2 l! E
' q- a( }! x4 e% J% o- [) T"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that." 0 S7 o5 U6 i3 h0 z1 c6 o
1 e0 X7 J# ], W) xRealtors 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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Georgiana 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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