Deal-hungry buyers looking to get their hands on beautiful luxury homes for sale in Calgary are in luck, as the marketplace shifts to favour buyers for the first time in a while.
A shift in oil prices is having an effect on the economy in Calgary, and subsequently sales of luxury homes are dropping, bringing prices with it. However, the sky is not falling, just the prices. This isn’t bad news for luxury home sellers in Calgary either, since Calgary luxury real estate hit an all-time high last year, this price drop actually makes more sense.
The real estate market is cyclical and we will always see ebbs and flows with our economy, but rental vacancy rates in Calgary are still historically low and unemployment in the province is low as well. These trends should keep high-end real estate homes afloat in the marketplace. The situation in Calgary is not as dire as people think, this price drop only reflects a 4 per cent decrease from last year.
Do you have questions about the Calgary luxury real estate market? Please feel free to contact us anytime. Alternatively, you can always reach us on Twitter.
