According to a newly released report by Royal LePage Canada, luxury home sales in Calgary have shown signs of recovery. The median price of a luxury detached home increased 0.6 per cent, to $1,990,184 so far in 2018.
Alternatively, luxury condos are slightly down (6.1 per cent) to $926,620 for the first four months of this year. However, there is a huge inventory of condos on the market in Calgary and the supply continues to be saturated as new builds come onto the market. The luxury house market was down for several years following the recession, so this is encouraging news that prices are rising.
“While some of the demand stems from buyers employed in the energy industry, it is becoming more common to see executive-level employees within top performing industries such as transportation, warehousing, distribution and agriculture purchasing in the region,” said John Hripko, associate broker, Royal LePage Benchmark. “Not only is the detached luxury home market benefiting from an uptick in demand from these buyers, the variety of industries with high paying employment is creating a healthier market through diversification.” [Royal LePage]
Some notable statistics about the luxury housing market in Calgary in 2018:
- Luxury detached home sales are up 6.3 per cent
- Luxury condo sales are down 1.6 per cent
When looking to the 2019 spring market, the median price of a luxury home in Calgary is forecast to increase 2.0 per cent year-over-year to $2,029,988, while the median price of a luxury condominium is forecast to decrease 4.0 per cent to $889,568 in the first four months against the same period in 2018. [Royal LePage]
If you are interested in buying or selling a luxury home in Calgary, please contact us. We have years of experience in the marketplace and love seeing our clients happy!