Luxury is back. Forget covid and the economic downturn, multi million dollar homes are selling like hot cakes in some parts of the country.

We’ve all heard about the focus on our homes during covid and it appears the luxury market is also basking in that spotlight. A number of recent reports like Royal Le Page’s on Quebec luxury market have found prices and sales of luxury homes have been rising healthily since last year. So just for fun we took a look at what $5m would get you in the Calgary area and who are the lucky potential buyers?

The Concord $5,999,999

The Concord
Listed by Rowena Chan, Engels and Volkers

It’s one of the priciest pieces of real estate on the market currently in Calgary. A smidge over our $5m budget this penthouse 3…

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Rising Interest Rates in Canada

The days of record low interest rates are numbered. The Bank of Canada has upped the ante and said interest rate rises could be coming as soon as April next year. So, what will this do to the soaring house prices we’ve seen here in Alberta and across the country? At least one expert believes the Canadian housing market is in for a “soft landing.”

Inflation is now at its highest level in more than a decade, pushed up largely by supply bottlenecks of goods as the global economy restarts. The Bank of Canada aims to keep inflation long term at 2% and is considering raising interest rates next year to help cool the economy.

Higher interest rates mean higher mortgage rates. The major banks are forecasting what they believe will happen next. RBC thinks…

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House prices and sales numbers usually grab the headlines but there’s another issue in the spotlight and that’s low inventory. The number of homes listed for sale in Calgary and across the country is at near record lows. With less supply comes higher prices.

Inventory Levels

Simply put, housing inventory is at about half its normal level across Canada. The Canadian Real Estate Association says nationally there’s about 2.3 months’ worth of supply available in July. Its chair, Cliff Stevenson warns “it’s record low inventories that should be our focus. We still have extremely unbalanced housing markets all over the country.”

Here in Calgary, there’s been some improvement in housing inventory levels this year. Calgary Real Estate Board figures…

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