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Hendie

Calgary not so cheap anymore

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Hendie

Heard on the radio to work this morning that Calgary has passed Toronto in average house prices. This is certainly a sign of good times for our fair city, but also bad news for new immigrants wishing to settle here. Cowtown is certainly not entry level any more!

Source: Calgary Herald

:) Hendie

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Guest Barbara

It is unreal how the prices have gone up. We bought a house quite quickly after we arrived maybe not a good thing to do but now we are glad we did. The prices have just gone up and up.

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whataworld

Agreed.

We just moved here from Vancouver last year and we bought our house last year in March. I am stunned at the increase in the last year. To be above the average house price for Toronto is quite something. Good thing if you bought in the last 2-3 years. Not so good if you buy now.

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debbieD

Can someone please kick us for selling our house! :) We should've rented it out, then sold later. Oh well! Always 20-20 vision on hindsight, 'eh! Prices on the Island are also going up, so we're not too worried. :)

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Viv

Yes, this is definitely not the kind of news I needed to hear this morning. Makes me feel rather despondent. Is there any hope for people who are about to move there? Only bad words can describe how I feel about this price explosion. :D

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Guest Barbara

A friend bought our house in Richards Bay as an investment. She feels bad because it is now worth nearly double what we sold it to her for 2 years ago. There has been a price explosion there too. I keep telling her not to worry as our house here has also increased in value.

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Karen

Housing prices here in Toronto. are also rising steadily. I was thinking of selling my home once the kids move out, but to be quite honest, even with downsizing, I am not going to be able to buy much for what I will make. So, we are going to stay put and slowly renovate.

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Hendie

Interesting point that Karen. We have been noticing that there is a definite trend towards renovating/extending of existing homes, rather than the sell-and-upgrade that was so prevalent here before. Seems it's now cheaper to add to your existing house than to sell, and buy a bigger house elsewhere in town. This is not a thoroughly researched trend, only a personal observation.

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Dick

Hendie,

Just wanted to let you know that the report on the radio and The Calgary Herald was corrected the next day on CBC and CTV....they compared the value of a single family dwelling in Calgary with the average house price in Toronto - incorrect data comparison. The average house price in Toronto is in actual fact still higher than in Calgary. The value of a single family dwelling in Calgary is however somewhat higher (the sale of over 100 houses for over $1million in 2005/early 2006 might have something to do with that).

BUT I agree, we moved here in June 2004 and decided to purchase a house immediately and things were pretty slow in teh suburbs - compared with the inner-city, but we've seen a sudden boom in the last few months that's putting a permanent grinn on my face!

Till later

Dick

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Kolla

Alberta real estate boom continues - Jun 14 2006 - CBC News

"The red-hot Calgary real estate market experienced the highest year-over-year increases in the country last month, according to the latest figures from the Canadian Real Estate Association.

The average home resale in Calgary was $358,214 in May, up 43.6 per cent from the same month a year ago.

In Edmonton the average sale price hit $242,936, an increase of 22.9 per cent from May 2005.

Nationally, the average sale price of an existing home in 25 of Canada's major markets topped $300,000 in May for the first time ever.

Multiple Listing Service (MLS) figures show that the average home sold for a record $303,836, up 12.9 per cent from May 2005. It was the biggest yearly increase recorded in two years.

"Recent price increases are resulting in a growing shortage of lower-priced resale home listings in a number of markets," CREA chief economist Gregory Klump noted in a statement.

"This is crimping sales in lower-price ranges and pushing up the average price for MLS home sales."

Overall, sales in the country's major markets rose 4.4 per cent to a record 37,460 units in May. On a year-to-date basis, sales activity broke records in 12 cities across the country.

Here is a sampling of average MLS home prices in May (with year-over-year changes in brackets):

Calgary: $358,214 (+43.6%)

Vancouver: $518,176 (+23.7%)

Victoria: $515,755 (+15.6%)

Edmonton: $242,936 (+22.9%)

Regina: $142,147 (+10.3%)

Saskatoon: $162,279 (+11.5%)

Winnipeg: $159,801 (+12.5%)

Thunder Bay, Ont.: $118,804 (-9.0%)

Toronto: $365,537 (+5.5%)

Ottawa: $260,219 (+4.7%)

Montreal: $219,433 (+8.2%)

Quebec City: $150,324 (+6.9%)

Saint John, N.B.: $129,844 (+12.3%)

Halifax-Dartmouth: $210,225 (+7.6%)

Nfld. & Lab.: $133,541 (-1.2%)

Canada: $303,836 (+12.9%) "

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Jennifer

I used to live in Calgary about 7 years ago, since then I've decided that I wanted to move back. But the prices are way too high for me to live compfortably and so I am opting now to go work in Fort McMurray and make a ton of money so I can afford a hefty size down payment when I get out. I don't know about you, but with real estate rising, I'm just wondering when people will stop being able to afford such high costs. I mean, I make good money for a single 30 something female and obviously one income is not enough and that is sad. My age group and younger are pretty much screwed, especially if like me, you have a :) load of students loans to pay off for the next ten years. Makes you wonder huh?

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