Calgary's luxury market showing staying power, say experts

A high-end fitness centre and kitchen to cater private events; a concierge service or tranquility room; a car wash and, yes, even a pet wash.

These are among the amenities today's buyers can expect with the purchase of a luxury condo in Calgary, a sector real estate experts say is showing some staying power despite soft economic conditions.

Segment rallies as overall market continues to face challenges

Once considered out for the count, Calgary's luxury housing sector has seemingly rallied, posting a double-digit sales increase so far in 2016, according to new statistics.

Home sales in the city valued at more than $1 million totalled 118 over the first three months of the year – up more than 20 per cent from 98 during the same period last year. In March, $1-million-plus sales totalled 54, up from 49 in 2015.

This comes as CREB® released its most recent monthly housing summary, showing overall sales in the city this year have declined so far this year by nearly 10 per cent.

"While the $1-million-plus segment accounts for a small share of the activity, there has certainly been some improvement in sales over last year," said CREB® chief economist Ann-Marie Lurie.

When it came to the housing market, Calgary grew a lot more luxurious in 2013.

According to RE/MAX's Upper-End Report, sales of homes priced at $1 million or more in Calgary increased by 34 per cent in 2013, putting Calgary's luxury market only behind Vancouver in terms of growth.

Calgary's luxury homes market narrowly missed claiming top spot nationwide in 2013, with year-overyear sales growth in the sector outpacing nearly all other Canadian centres.

According to Re/Max's Upper-End Report, sales of homes priced at $1 million or more in Calgary increased by 34 per cent in 2013. In Vancouver, where the luxury market is defined by Re/Max as homes priced at $2 million or more, luxury sales increased by 36 per cent.

Calgarians were eager to embrace a little opulence in 2013. As outlined in a report from Sotheby's International Realty Canada, Calgary lead the country in overall sales growth, with property sales over $1 million increasing by 33 per cent compared to the year prior – the biggest increase in Canada.

In total, there were 722 homes over $1 million (condominiums, attached and single family) sold in 2013 in Calgary. Sales over $1 million set records in 10 of the 12 months in 2013, with attached homes sales in the category increasing by 94 per cent year-over-year.