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Thu, April 12, 2007
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Calgary ranks sixth as most expensive downtown housing
t9 u" T8 [" B- ?) W) k. HUPDATED: 2007-04-12 16:38:42 MST( E9 X2 A/ m0 ~# `2 d) m
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5 N0 }0 @5 X( z6 l9 L$ F4 [4 y. yMore and more Calgarians are buying downtown homes but paying top price for the prime location.
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People 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. # C9 O- H! m2 [. r- H
. L; T5 g1 b) M( Q2 Q. ?" E0 ECalgary ranks sixth most expensive of 31 cities surveyed around the world.
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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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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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“To live downtown people pay for it.” 9 z' g) J5 ]5 `* ]( j) {6 S
% j& L( _- w. o( t. [A condo in southwood for instance would run about $323 a sq. ft while downtown goes for about $500.
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+ M5 b$ o+ _2 X! HStill 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.” , D, g4 E$ B4 u( E
1 ]% o3 H# k" j5 {Part of the attraction is affordability but also people wanting to buy in to a certain lifestyle, Bamber said.
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1 G8 u7 L d- c* }5 Z“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. }3 z _6 `5 g9 t, 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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/ G0 l9 T% ]5 a3 f- o+ qIn 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 V2 b2 V9 j0 n! s7 G; {8 p# l
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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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! y) B- c& U m+ J9 gA 650 sq. ft condo in Southwood, Bamber said, recently sold for about $323 per square foot, for instance.
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" L/ C7 V; ]$ |5 i/ g- 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 $105 respectively. , _. J5 M6 X [" g+ \; d& b% S
% p8 d+ f& a$ J* ~5 O— 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 % ~/ J* X- R5 \! l i8 [9 m0 b/ G
0 g( w) ~# A& r. Q+ A, g& N% _, N* cThe 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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