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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing2 L# O: C/ b z; g6 V
UPDATED: 2007-04-12 16:38:42 MST
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' e: x4 N) v5 N& h' EMore and more Calgarians are buying downtown homes but paying top price for the prime location. % y9 {# M+ S0 u2 M
O# X& o* T! X' Y- S A6 g$ K/ pPeople 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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Calgary ranks sixth most expensive of 31 cities surveyed around the world. 8 S1 r2 o% F* b2 {
f: O( m6 E) ]; E0 G; Z& RThe 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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1 a7 ~! E) z4 D; B1 A, O( D) P% ]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.
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' }8 N% K8 V, e. V- k, O4 `4 n“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. : \( A/ u" H& q" @4 _
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* u0 B/ n9 y+ j0 F5 Z6 D. _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.” 2 F. z7 s; B. B, q9 S5 r3 ^% G
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. 8 G* Q7 h7 U) [/ X1 i H
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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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7 X7 X, [% F6 T" ~- SHe said 30 % of the housing market is condos - the bulk of which are in downtown. 7 q9 s: u0 {, k9 Q& j8 M* b$ j6 Q) N3 ~
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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 $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. * |, V3 u$ o6 ]( I _. U
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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. . v6 d2 D5 B( t
' I# E% Y, V9 K% N) oA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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" s5 g3 P( N" J: ?) x! q- 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. . k0 T. Z' F1 @9 t( }8 [6 V
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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 9 B) e3 u: q& E& y- M, y
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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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