While we here in Canada have certainly felt some fallout in our markets from the economic turmoil in the US, things seem to be looking up in many areas of the country this year. One market that is showing some great recovery this year is Calgary; home sales in August have surpassed the number of sales that the city had last year at this time.
Luxury homes, which the Calgary Real Estate Board defines as properties over $1 million, have been a substantial part of the bigger and better sales numbers this year. Calgary luxury home sales have increased 24% over sales in 2010 and it’s not just resale luxury homes that are selling this year either; there is a lot of business in the luxury new construction realm as well.
The number of luxury home sales still below the peak numbers that were seen in 2007, but the year isn’t over yet.
Some of the factors that are collectively contributing to the increase in sales in Calgary real estate are: up to a 10% decrease in Calgary properties, lower interest rates which can especially influence luxury property sales, and the fact that Calgary’s cost of living makes it one of the most affordable cities in Canada to live in.