According to the 2016 RE/MAX Spotlight on Luxury, which was recently released, sales of homes over $1-million was up in Calgary for the first nine months of this year.
This might not be the statistics you would be expecting for our city, given the economic state of our province in the last couple of years. However, this is great news and gives us some evidence that the real estate market is starting to recover and stabilize.
Calgary’s luxury market has stabilized over the first nine months of 2016, and after a period of declines, sales of $1 million-plus homes were up 13 per cent year-over-year. [RE/MAX Canada]
Because some sellers of $1-million plus homes are playing the waiting game with rebounding prices, fewer luxury homes are coming on the market in Calgary. But, buyers are increasingly looking to take advantage of the lower prices available for estate and luxury properties.
The report shows that if these trends continue, Calgary’s luxury market will remain stable and properties will continue to hold their value for the remainder of this year and into 2017 as well.
Here’s a quick look at the luxury market right now in Calgary:
- 382 homes sold so far for $1-million+ in 2016
- 13% increase in $1-million+ home sales from 2015
- 40 homes sold so far for $2-million+ in 2016
- 60% increase in $2-million+ from 2015
- 9 homes sold so far for $3-million+ in 2016
- Highest-priced home sold in 2016 so far was $8,389,500
For more on this report, visit the RE/MAX Canada website here.
