This month, RE/MAX of Western Canada released their Spotlight on Luxury report, outlining the state of the housing market in properties above the $1-million mark. And while it might seem like the oil slump is damaging the luxury home market in our city, the reality is things have moved towards a far more balanced place.
While sales are down and listings are up compared to the same period last year, properties have tended to hold their price and a healthy 2.3 to 2.5 months’ supply of inventory has resulted in a more balanced market. [RE/MAX]
Luxury home sales in Calgary have decreased about 28%, the prices have stayed relatively average overall. The bigger trend to note is that in past years, first-time homebuyers from the oil industry were driving a lot of luxury home sales: younger couples. Now, the movement in luxury homes is focused on families who are moving up from their previous home.
Inner-city communities like Altadore, Kensington, Mount Royal and Elboya are becoming more popular for luxury destinations, due to their proximity to the downtown core. This is also causing a shift in the type of luxury home being sold more often, now there’s a focus on infills, people are purchasing lots close to city centre, and building new homes.
What does this all mean? There’s been some demographical shifts in Calgary’s luxury market, but inventory levels are up, so there’s more choice for home buyers looking to get into this sector (or moving up).
The RE/MAX Spotlight on Luxury report has the trends in other major Canadian metros as well, so you can read the full article online. If you’re looking for the latest luxury listings in Calgary, we’ve got them all on our website.
