Would-be homebuyers who put off purchases in Alberta due to uncertainty earlier in the year may be dipping their toes back into the luxury real estate market. Between July and Aug. 2017, 112 homes were purchased in Calgary for more than $1 million. This is on par with similar residential real estate purchases in 2016. However, the city's luxury condominium market took a hit in this same period with only two $1-million plus purchases over the summer months.
The first six months of 2017 saw a 24 per cent year-over-year increase in luxury home sales in Calgary. This came after a questionable 2016, as changing oil prices and economic factors threatened the outlook of Alberta residential real estate. While supply and demand questions linger in the marketplace, real estate experts are cautiously optimistic about the current numbers.
While luxury condominium sales are lower than in prior years, those that do sell are nevertheless demanding high prices. In Calgary, the highest year-to-date sale was a suite in The River building in Mission. It was sold for $6 million in August, suggesting that there is still some demand for similar top-tier properties.
The residential real estate market can be uncertain, so buyers and sellers alike often have questions about how to protect themselves. Those purchasing a luxury home in Alberta may have even more questions and concerns due to the high price tags and changing nature of the luxury home marketplace. An Alberta real estate lawyer can help those buying and selling a home understand the provincial laws governing their transactions.
Source: Calgary Herald, "Calgary luxury home buyers dipping toes back into $1M-plus real estate market", Shawn Logan, Sept. 19, 2017