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Thu, April 12, 2007* z" d0 \; L4 V- `, z# O
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Calgary ranks sixth as most expensive downtown housing
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By NADIA MOHARIB, SUN MEDIA
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4 b2 {" H) K/ `; @3 rMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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2 m0 P# z5 U Q5 ?9 C4 I4 ]/ 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.
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Calgary ranks sixth most expensive of 31 cities surveyed around the world. " M( O- W! |% Q) [1 P$ c U
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The 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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: ^8 _4 B8 `1 G2 R' v7 A: n ]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. 4 F& ~5 y; m" b
; J! ^( ?0 B" |# f/ p' u8 V% ]“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 $500.
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Still Bamber said the interest in downtown living only seems to be getting more popular — a sign Calgary is “getting to be more like a big city.” " x0 A) A" P/ c$ j
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Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said. , I, a8 C$ `: w
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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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% ^3 N" k- l! `4 s' XHe said 30 % of the housing market is condos - the bulk of which are in downtown.
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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. 3 ~" c2 N1 Q6 Q0 ]7 W6 r. k: k
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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.
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2 o, [. C8 Q8 S, V' bWhile those looking for life in the suburbs and a better bang for their buck typically see a significant cost savings.
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3 Y2 b7 Y7 N {A 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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* a! S( p5 h9 {3 }4 B/ B- 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 $105 respectively.
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5 { o% f/ E8 D7 |& e$ C— 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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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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