30 Oct City of Calgary Real Estate Home to Strong Luxury Market
According to new reports, the City of Calgary real estate market is booming, with a surge in luxury property sales. This has solidified Calgary’s status as a leader in Canada’s high-end market. As rising home prices reshape what defines “luxury,” a $1-million home in Calgary often offers more value than in other major Canadian cities. In this article, we will take a closer look at luxury homes in this region and examine their trajectory for the end of the year. Continue reading below to discover market stats and more!
All About Luxury Homes in Calgary
According to a recent Sotheby’s International Realty report, Calgary saw a 31% increase in sales of homes valued over $1 million from July to August 2024. This was provoked largely by an influx of newcomers to Alberta. In the first six months of 2024, the province saw a population increase of 89,000 people! Most of these newcomers were escaping the high prices in B.C. and Ontario. As a result, housing demand and cost saw massive upticks. For example, in September, 156 properties sold for more than $1 million. This indicated a jump in price of 15 percent from the same month last year.
While a million-dollar home in Calgary still reflects relative affordability compared to other major markets like Toronto or Vancouver, the influx of buyers from other provinces is making Calgary’s luxury market more competitive. Properties over $1 million in Calgary often feature larger lots or unique locations. For instance, proximity to lakes or green spaces. The diversity in Calgary’s market is notable, with expansive properties and city-center neighbourhoods focusing on land value and exclusivity. Additionally, buyers have a range of preferences, with many valuing proximity to amenities like parks and hospitals over a central downtown location, reflecting Calgary’s flexible lifestyle appeal.
Looking forward into 2024, Calgary’s luxury market may continue its upward trend. The city’s relative affordability, combined with lifestyle factors such as remote work, is likely to attract more high-end buyers. This trend could lead to a ripple effect across all price points in Calgary’s housing market, potentially making it challenging for first-time buyers but advantageous for investors and developers. If Calgary remains a migration destination, property values may further escalate, impacting luxury homes and entry-level properties.
Ready to Buy City of Calgary Real Estate?
Those looking to buy or sell city of Calgary real estate should consider hiring a REALTOR®! For more information about investing in property in this awesome city, contact me today. I’d be happy to help you achieve your real estate goals. Don’t forget to visit my social media for the latest updates and more. If you want to stay informed about Calgary real estate news, be sure to visit my blog next month for more real estate-related information.