CALGARY- It seems Calgarians have money to burn, as luxury home sales in the city continue to skyrocket.
New numbers from RE/MAX show a staggering 50 per cent increase in the number of homes listed for $1 million or more changing hands from January 1 to March 31, compared to the same period in 2012.
172 have been sold so far, made up of 150 detached houses and 22 condos. That’s compared with 115 in 2012 and only 35 in 2009—during the recession.
“Activity in the luxury segment is quite healthy, especially when compared to years past,” says Elton Ash, regional executive vice-president of RE/MAX Western Canada. “Most markets [in Canada] are performing in line with the next best year on record.”
He adds the market trend only seems to be going up.
“Clearly, demand has returned to more sustainable levels, and we suspect that’s where it will remain going forward.”
Calgary’s inner core continues to be among the most-desired, with houses in the city centre, Hillhurst, Elbow Park and Killarney going for big bucks. Buyers are split when it comes to buying brand new homes or older ones in established areas, and infill activity remains strong.
Despite the strong luxury home sales market, there have only been a few cases of multiple offers. However, the ones that did see buyers fighting over a property were in established areas close to the core, like Lakeview and Wildwood.
Here is a look at some of the luxury homes currently available in Calgary.