It has been bitterly cold in Calgary this winter, but the luxury homes market is on fire. In fact, 2013 has been a record year for high-end real estate.
With low interest rates, a strong economy and higher incomes in the Stampede City, luxury homes are moving at an all-time, record-breaking pace as of the end of November. According to the Calgary Real Estate Board, there were 689 MLS® sales of $1 million or more. That number is a quite a bit higher than the previous record of 544, set in 2012. This past November was also a record month with 50 luxury sales, topping the previous mark of 48 which was set in 2012. Additionally, November was the 10th consecutive month of record-breaking high-end sales! Even though December is usually a slow month for the real estate market, don't be surprised to see the trend continue and another record get toppled.
Inner City Leads The Charge
Much of the luxury sales boost is coming from Calgary's inner city communities and single-family home sales. Not coincidentally, MLS® Calgary set a record earlier this year for the highest price home sale ever: A Crescent Heights home was purchased for a staggering $11.1 million.
And not surprisingly, some of the most expensive communities in Calgary are inner city. They include Crescent Heights, Elboya, Elbow Park (Glencoe) and Mount Royal. Homes in all of these communities average over $1 million. Elboya and Elbow Park (Glencoe) are the more expensive of those, topping the $1.4-million mark for average sales. According to MLS®, there are nearly 600 homes and condominiums for sale in the Calgary area with a price tag of $1 million or more. When it comes to luxury pricing in Calgary on MLS®, there is a $12,000,000 home in Springbank, sitting on two pristine acres, which is the city's most expensive single-family home.
Just outside Calgary, there are also plenty of exclusive and upscale homes. New communities, like Watermark at Bearspaw, feature homes with an initial price tag of $1 million. Priddis, just southwest of Calgary, boasts acreages and homes sold at a premium. One home in Priddis Village is listed for a whopping $12 million and boasts no less than 11,840 sq.ft of high-end, luxury living, perched on a hilltop.
Are you looking for a luxury home in Calgary? There are plenty of high end options to choose from. We would love to introduce you to your perfect fit. Call 403-253-7774 to get started today!
Krista Kehoe, Calgary real estate agent & REALTOR®