Luxury Real Estate holds a record in Calgary, with a strong year ahead.

More than 1,100 homes were sold in Calgary last year, according to CREB.

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The Calgary Luxury Real Estate Real Estate Market was a resounding success last year, setting a new record for sales.

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According to a report by Sotte International Real Estate Canada this week, the city is following a national trend.

Using data from the Calgary Real Estate Board, the study showed that the Calgary luxury market – $ 1 million and additional homes – grew by 222 percent.

“We have broken many records in the sale of luxury goods across the country, so it was a good year, despite a shortage of inventory,” said Don Cotic, president and CEO of Sotheby International Real Estate Canada.

“And Calgary was among them. Finally, some very positive news, especially in the $ 1 million to $ 2 million range, and in the $ 4 million-plus range.”

He said the luxury market in the city had struggled for years and was one of the last prices to recover in the bull market caused by the real estate epidemic.

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The report notes that $ 1-million and more has moved to a market-bound balance between buyers and sellers in the city, selling more than 1,100 homes in the price range.

Most of the sale includes single-family homes for less than $ 4 million.

Sales in the $ 4 million and above range are still up 50 percent. Compared to the two transactions in 2020, the total transaction price was modest last year with three sales.

CREB chief economist Anne-Marie Luri, who trades between $ 500 million and $ 1 million, will see strong sales by 2021 and strong sales by 2021.

“This was a year of sales on the board, with many buyers moving to higher prices with the help of high and low-cost homes,” she said.

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Sales of all price ranges reached more than 17,000 last year, up 71 percent by 2020, according to CREB statistics. The luxury market registered 1,103 sales out of 495 sales by 2020. The original sales record 847 for the price was set in 2014, says Luri. Also, the price rose from $ 600,000 to $ 999,999 more than 100 percent year-over-year.

Cotic says it is optimistic about the luxury market, despite the risks associated with inventory shortages.

According to Sotheby’s, Calgary inventors have seen a 30 percent decline in luxury homes since 2020.
In fact, in the middle of last year alone, 483 sales sold for over $ 1 million, citing low inventory as one of the reasons for the slowdown in high volume sales. He added that rising interest rates at Bank of Canada could reduce demand as mortgage costs increase.

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Calgary still remains one of the most affordable luxury markets in Canada, starting at $ 1 million, lower than the average price of a family home in Toronto and Vancouver, Cotic said.

Foreign buyers are taking notes. He added that the Calgary luxury market is attracting interest not only from Canadian buyers from other states but also from the United States and China.

The Calgary luxury real estate market will remain relatively competitive in North America, with little chance of change in 2022.

“The forecast looks very similar to last year,” says Cotic. “And we are already on a strong start.”

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