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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing) ]! A3 ? G9 g1 |( e
UPDATED: 2007-04-12 16:38:42 MST
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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; @+ ?) v3 s& ]$ V& M; ^0 wPeople 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. 6 P' g0 Z' G n% `
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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4 k. k6 f$ g) p. d. F' S" AThe 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. # \0 O1 |. x8 m) ^& r
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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. % t9 W! H! u l6 }- X/ T
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“To live downtown people pay for it.” % u. V9 d& h" W& ?: y
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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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Still 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.” $ v+ Z+ }/ D4 d! `- P3 @
9 a, _2 o9 t, YPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. 0 L' X& J" L% w/ O# W7 I9 ]
A* ?( g( m5 ~* k% h5 L& D“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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- q' j- {, Q* H. j9 B- t" XHe said 30 % of the housing market is condos - the bulk of which are in downtown.
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' h# R5 t) ]& J3 E! _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 $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. 4 u, T3 S) z& ^, i. D* d
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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. - I& a$ g5 Q; a% F' i
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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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+ d" ?0 H+ H7 [" b, U0 X- 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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— 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 0 G9 Z+ y, n. |5 b4 t% P' t
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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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