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Last updated Apr 12 2006 12:28 PM MDT! {0 Q% Y/ R' a$ e% ~4 g" w2 B
CBC News 2 q, x' T4 q% e& q7 Z& q( k# Q
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000.
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' Z. y5 T! C: O+ Q9 IThe president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.
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The 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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5 h% o- B+ I u uVancouver is the still the hottest market at nearly $500,000 for a single-family home.
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8 g4 h x& ^8 I* `4 B" c2 rClark says there's one reason Calgary's market has shot up so quickly. - k0 `$ |$ u- C* P% b
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"The numbers of our average sales prices are certainly indicative of the strength of the local economy and the Alberta area," says Clark. 7 S. e$ D+ }) K" ?$ a
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"The market place remains to be a strong market place and economy remains strong so the numbers are reflective of that."
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1 X( i+ l1 u# N5 v* R5 c7 }4 J: ORealtors in both Calgary and Toronto say they've seen inner city homes go for as much as $200,000 more than the asking price.# {6 u0 k2 x2 s- X/ n; I' y
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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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