More than 420 homes, priced at over $1 million, were sold in the City of Calgary in the first few months of the year, which is a huge increase over last year.
Post-pandemic data, from Sotheby’s International Realty, suggests that “sustained consumer optimism” as well as a strong local economy helped boost sales between January and March.
Calgary also benefited from favorable “seller’s market” conditions, according to the group.
“A booming energy sector, a rapidly diversifying economy, job gains and favorable interest rates continued to fuel real estate consumer confidence and activity in both the conventional and housing market. luxury in the city of Calgary in the first months of 2022, foreshadowing an active spring market to come,” Sotheby’s wrote in its Spring 2022 State of Luxury report.
Sotheby’s says that while the Calgary Real Estate Board reported its own surge in sales, the city’s luxury market has also seen plenty of activity.
“Sales of residential real estate over $1 million (condominiums, townhouses and single-family homes) jumped 82% year-over-year, with a total of 427 homes sold from January 1 to March 31 “, says the report.
Although there have been no homes sold in the over $10 million range so far this year, Sotheby’s says two houses, which were listed for over $4 million, have been sold .
However, any luxury homeowner looking to sell this spring, like the owner of this southwest Calgary property, should consider a number of things to “avoid listing stagnation,” Sotheby’s says.
“As days on the market have declined for top-tier properties overall and top-notch, well-priced luxury homes in desirable neighborhoods have experienced bidding wars, market pundits of Sotheby’s International Realty Canada warn that given the ample supply of million-plus listings in the city, luxury property pricing strategies must reflect hyperlocal and current market conditions to attract buyers qualified.”
Sales of townhouses priced over $1 million have also surged this year, with 43 sales reported in the first three months, a 258% year-over-year increase.
Growth is slower in Calgary’s luxury condominium market, according to Sotheby’s, which continues to be weighed down by the slow downtown recovery.
“Seven properties sold for over $1 million, compared to two properties sold in the same period of 2021. There have yet to be any reported sales over $4 million, on par with 2021.”
(Provided/Sotheby’s International Realty Canada)
This is expected to improve throughout the year, according to the organization, as Calgary establishes itself “as a destination for young talent and new business investment.”
“According to experts at Sotheby’s International Realty Canada, the city has seen a marked increase in out-of-province prime real estate inquiries throughout the first quarter of 2022 from across Canada and particularly from Ontario, as well as the United States. also an increase in inquiries from mainland China. »