Record Setting Luxury

Hot on the heels of a report detailing the success of Calgary's luxury homes market, comes news that July has already been a record-breaking month in the sector.

Through the first 10 days of July, four homes priced at $4 million or higher have sold in the city, setting a new monthly record. Located in Britannia, Elbow Park/Glencoe and Mount Royal, the four homes accounted for $17.5 million in sales. The previous record of two $4 million plus sales was set in June 2008. According to the latest Top-Tier Real Estate Report from Sotheby's International Realty Canada, which analyzes year-over-year data for single-family, attached and condominium properties over $1 million, Calgary saw 388 sales over $1 million between Jan. 1 and June 30, 2013, representing a 75 per cent increase from July to December 2012 and a 10 per cent increase over the same period in 2012.

"The first half of 2013 saw positive growth within the Calgary market, and we remain optimistic that this momentum will continue into the latter half of the year," said Sotheby's International Realty Canada CEO Ross McCredie.

Earlier this year, Calgary's luxury market set another record with the sale of a $10.35 million home in Aspen Woods. The sale of the 14,500 sq. ft. French country castle style home broke the record for the highest price ever paid for a singlefamily home in the city, topping the $10.3 million sale of former Calgary Flames goaltender Mike Vernon's house in Elbow Park.

Single-family home sales over $1 million continued their upward rise with a 67 per cent increase from the latter half of 2012 and a 10 per cent increase from January 1 to June 30, 2012. Condominium sales volume also grew by 58 per cent in the $1 million price segment compared to the last half of 2012, but remained 37 per cent lower than the same period last year.

"The luxury home market still represents a small portion of our total city housing market, but the share of activity has improved over the previous year," said CREB® economist Ann-Marie Lurie. "Wages continue to rise, mortgage rates remain at low levels and long-term economic prospects are favourable, potentially offering an opportunity for those looking to upgrade."

The report from Sotheby's showed that Calgary's high-end attached homes market has been heavily driven by properties in the $1-2 million category, with sales in the category increasing by 217 per cent within the past six months.

"With nearly 15 per cent of sales going above the list price and the number of days on market continuing to decline, it's evident that demand for attached homes within this price segment is on an upward trajectory," stated the report.

Tagged: Calgary Luxury Real Estate | Calgary Real Estate | Calgary Real Estate News | Sotheby's Realty Canada