Not everyone was certain as to what would happen to Calgary’s million dollar housing market in 2017. The residential sector experienced many ups and downs throughout the year, but there’s good news as it managed to stabilize and end with some very positive results!!
According to Sotheby’s International Realty Canada’s 2017 Top Tier report, Calgary’s luxury home market saw an overall 24 percent increase in sales activity during the first half of 2017 with slower activity to follow for the last 6 months of the year.
Total Luxury Sales
Overall, 2017 ended with a total of 677 million dollar plus units sold (condos, attached and detached homes).
The $1 million to $2 million segment saw the most activity with a 15 percent year-over-year increase and 621 units sold.
The $2 million to $4 million segment saw a decrease in year-over-year activity by 18 percent to 54 units, while listings over $4 million decreased by 50 percent from 4 units in 2016 to 2 units in 2017.
Apartment / Condominium Luxury Sales
Luxury condos that sold for more than $1 million was limited to only a few units – a total of 12 throughout 2017. This represented a year-over-year decrease of 37 percent with a total of 19 units sold in 2016.
Furthermore, the $1 million to $2 million segment was down 25 percent year-over-year. Only two condos sold in the $2 million to $4 million segment while only 1 was bought at a price above $4 million.
- Also see these 20 Tips for Buying a Condo in Calgary
Attached Luxury Home Sales
Calgary’s attached luxury home sector saw the largest increase in sales activity with 71 total units sold and a 58 percent year-over-year.
The $1 million to $2 million segment saw the most significant sales activity of all housing sectors in the first part of 2017, then finished the year off strong with year-over-year increases of 50 percent in the second half.
The attached luxury sector’s strong performance has experts predicting that the trend will continue onward into the first quarter of 2018, largely in part due to the lifestyle and affordability benefits of the property type.
- Also see these 5 Tips for Buying a Luxury Home in Calgary
Detached properties are the most numerous type of property in Calgary’s luxury residential market. In 2017, detached homes saw a modest 8 percent increase in year-over-year sales with 594 total units.
The $1 million to $2 million segment was responsible for 541 of the total 594 units and saw a year-over-year increase of 11 percent. Meanwhile, the $2 million to $4 million segment dropped by 13 percent to 52 total sales.
There was only 1 home that sold above the $4 million price point in 2017, down from two the year before.
- Also see these 5 Tips for Selling a Luxury Home in Calgary
Industry experts predict that detached luxury home sales in Calgary will remain relatively stable throughout the first quarter of 2018 as a handful of different financial indicators all point towards a modest economic recovery for Alberta.
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