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Thu, April 12, 2007! V# E& W+ C% f3 o4 k
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Calgary ranks sixth as most expensive downtown housing% S' t: _, i' B% [' q# o' F
UPDATED: 2007-04-12 16:38:42 MST8 r8 K7 d0 H$ H4 J
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By NADIA MOHARIB, SUN MEDIA
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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# M" i/ I, M8 t6 S' t5 [8 B# `! N0 cPeople 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.
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, M3 `1 g# [( R* C; K9 A, x2 lCalgary ranks sixth most expensive of 31 cities surveyed around the world. % f( }* n# t" x5 r& K5 J! H% q% l
: Q' r; ^" A/ b8 b/ o/ OThe 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 $209 per sq. ft.
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said. 9 ?5 a# c" u- N$ c3 Q7 o# \% C
5 s0 X2 P/ Y1 x9 X“To live downtown people pay for it.”
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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& c+ |- t7 X, M% o7 B/ ~/ cStill Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.” + {" @& [8 j$ H
+ V- C# {( J7 }Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. ) o. X+ ]. ^( x
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“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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He said 30 % of the housing market is condos - the bulk of which are in downtown.
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0 M% m* m/ m; x6 p+ u7 N2 TThe survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322. 2 h" R9 ^( k$ x( g7 c* K7 D
8 `9 j+ T! _$ R+ n$ I4 xIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. " J( C/ C" Q! q
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While those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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! {$ Q3 W' D& \) f( `- NA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance. , s: H! z- v9 k% F
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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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- P# \3 }. k6 n+ h! f+ \— 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 3 S5 w% Q2 c7 O/ a
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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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