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Last updated Apr 12 2006 12:28 PM MDT$ U6 t- F; f5 J
CBC News ; z( O/ O. _! m2 c* Q! H
The cost of a single-family dwelling in Calgary has surpassed the average price of a similar home in Toronto by about $5,000. }& H# k7 @5 Z% {& z5 j
6 e5 R; D5 L9 E/ @The president of the Calgary Real Estate Board, Kevin Clark, says he's never seen anything like it before.' c$ q$ m, m1 j, y
) W9 I) R/ P! i; ]5 VThe 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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! b+ W9 ~3 k/ f& I" ~. X o7 W" @Vancouver is the still the hottest market at nearly $500,000 for a single-family home.
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Clark says there's one reason Calgary's market has shot up so quickly. * C E M. s+ T7 J5 f! T$ q$ y4 ?
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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.
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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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' L9 k' u0 w) X% Y+ 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.3 N* p. y0 R: L/ ]! ^6 \
) T4 f4 o1 i8 n- k C6 ?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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