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Thu, April 12, 2007" T2 i8 ^; O, d/ P
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Calgary ranks sixth as most expensive downtown housing! p! w# c" E0 f
UPDATED: 2007-04-12 16:38:42 MST U; c- V6 I: g. B# J
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More and more Calgarians are buying downtown homes but paying top price for the prime location.
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0 w' d X; l) B& Z- E2 l& k( kPeople 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. $ e; M1 D8 ~ ` Q2 F! P( k1 ?0 m
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Calgary ranks sixth most expensive of 31 cities surveyed around the world.
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/ E9 a" M) Q' o' 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.
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: P- A' d* v. s8 _" l, [: ZGeorge 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. ( h3 e: l( @( [. M0 o, Y" ]1 W
8 D# x. M- z8 H+ Z“To live downtown people pay for it.” ) G7 Q2 a( H3 }( d) z
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A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. - ~6 }. W/ E8 P0 T8 N+ m
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$ ^1 D# {4 O( P- e! L4 D3 p( zStill 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.” 7 L2 F1 t9 {% ?/ \3 g8 Z
( z( ~' [8 b/ t: e' T) |# OPart of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. % k8 @6 h R; d) `: p; R
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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. 8 E) X* Y+ L5 d |% b
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The survey showed Vancouver placing fourth most expensive at $577 per sq. ft. while Edmonton was 10th most expensive at $322.
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) c1 O& C/ o. k, w4 I4 m$ a; P$ lIn 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. & P# I9 @7 E! j
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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. h0 d, O5 |& H# s& t; x4 m
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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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5 u; q/ c. p) m+ d- 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. 1 a4 k5 P6 q- P5 s) k
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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
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v: F m2 s% R" ?; R+ D+ \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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