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Thu, April 12, 2007/ l+ o5 c; i# F% H2 x
J% g1 J: J$ rCalgary ranks sixth as most expensive downtown housing9 J% h5 g0 C7 R' v0 V: i
UPDATED: 2007-04-12 16:38:42 MST
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% j+ h" {" v; {$ ]6 pMore and more Calgarians are buying downtown homes but paying top price for the prime location. ) g& \5 B0 R7 }% F% ~4 i
* v+ w5 M# n, t" ~& ePeople 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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2 Z6 u0 Y& g6 G9 n' nCalgary ranks sixth most expensive of 31 cities surveyed around the world. / `9 N. L. E( `' k4 c* E+ ^
6 D( g" ^6 b u: g, s/ I3 y* dThe 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 $209 per sq. ft. ; Y8 x, u' Y* P+ P# h' @3 L+ X
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George Bamber, owner of a Calgary-based Century 21 said it’s a sign of a city maturing and becoming more like Vancouver or Toronto where downtown is a place where people live and work.“You just get more real estate for your money outside of downtown,” he said.
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3 J: ?# r: U1 ?“To live downtown people pay for it.”
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7 \4 c, v$ W- T" ^. q A) [A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500. : z- x3 j5 K6 S9 s, ?
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.”
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" n: e* @( V1 |* S& f4 @ c) s7 n0 _Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. # z" d; v5 \+ w) g$ S
$ D# b4 R' @' m6 U1 ?( t“People want to be close to restaurants and bars and don’t want to drive an hour to work,” he said. ! n( I3 h! W; q/ ]1 l
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He said 30 % of the housing market is condos - the bulk of which are in downtown. 2 W& P- n6 s. M
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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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2 [3 @6 {: ]( x0 C/ V' F+ VIn Calgary, a typical first-time buyer would choose a one-bedroom, one-bath 500-sq. ft. apartment in Mission or Connaught priced at about $250,000 and a 10-minute drive or 20-minute walk to the downtown business core and the Calgary Tower. 2 Q+ _" i& b: Q
& m! v$ w: s& H: p7 e8 WWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings. ( B$ y6 d l+ G8 S, T2 L
( |5 U9 P# X* K/ y0 W' N3 b% i7 @( ]" ]A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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" T, n2 f+ ?/ U2 B: a. s2 _- 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 $105 respectively. 1 v& h+ k0 A4 Z$ \4 x# J
! m! C6 g- P) K' a3 ]. Z— 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 - P3 U- |0 S" q" x! X
. f6 [) ?. e6 g+ P4 |: {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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