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.

Housing officials say foreign investment shift too early to tell; still unwavering on city's potential

Calgary could be the new Vancouver. At least that's what has some real estate observers maintaining more than two months after the B.C. government imposed a 15 per cent land transfer tax on real estate purchases by foreign buyers in the province's most populated city.

Aimed at dampening foreign investment—mostly from mainland China, which has been suspected of pushing up demand and prices in markets such as Vancouver where the benchmark price for a home is close to $1 million – the tax appears to be working.

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.

Spurred by strong employment and an influx of new Calgarians, the city's upper-end real estate market continued to lead the nation in nearly every category this year.

According to a report from Sotheby's International Realty Canada, Calgary's continuing economic prosperity has heightened demand for top-tier real estate, even in the wake of the floods that struck the city this summer.

When it comes to homeowners, Calgary's million-dollar club is becoming more inclusive every minute.

With 64 homes priced at $1 million or more sold in August, Calgary's luxury homes market broke the record for most luxury homes sold in the month. Calgarians growing love for the lap of luxury also helped contribute to the highest average sale price and the second highest number of homes ever sold in the month of August.

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.