Demand for Calgary Luxury Home Market on the Rise

CalgaryInvestmentCALGARY — Demand for high-end real estate in Calgary remains high, according to Sotheby’s International Realty’s Top-Tier Report.

The report says the first half of this year has seen 388 MLS sales of homes over $1 million, representing a 75 per cent hike from the second half of 2012 and a 10 per cent increase from the same period in 2012.

“Overall, we saw positive growth within the Calgary market in the first half of 2013, and we remain optimistic that this momentum will continue into the latter half of the year,” said Corinne Poffenroth, a realtor with Sotheby’s in Calgary.

“We have a high level of confidence in the resiliency of the Calgary economy, and the Calgary real estate market. And while many of our clients may own more than one property internationally, they continue to display long-term confidence in the Calgary market and we expect this demand for high-end properties to continue.”

Earlier this year, Poffenroth sold a home in Aspen Woods for $10.35 million. It was the highest-priced MLS sale ever in Calgary until the end of June when a home in Crescent Heights, listed by John Hripko, a realtor with Royal LePage Foothills, sold for $11.1 million. That home was owned by former Shaw executive Jim Shaw.

According to the Sotheby’s report, the attached home market gained the most in sales volume in the first half of this year, increasing 217 per cent over the last half of 2012.

Single-family home sales over $1 million also continued their upward rise with a 67 per cent increase from the latter half of 2012 and a 10 per cent increase from January 1 to July 31, 2012.

Condominium sales volume also grew by 58 per cent in the $1 million price segment compared with the last half of 2012, but remained 37 per cent lower than the same period last year.

“The first half of 2013 saw positive growth within the Calgary market, and we remain optimistic that this momentum will continue into the latter half of the year,” said Ross McCredie, chief executive of Sotheby’s International Realty Canada.

According to Mike Fotiou, associate broker with First Place Realty, there were 74 luxury home sales in June, setting a record for the most $1-million plus sales for the month of June. The all-time monthly record for luxury home sales was established in May at 84.

Last year was a record of 544 luxury home sales in the city.

The mid-year total so far this year has already surpassed year-end totals for 2010 (365), 2009 (337), and 2008 (369), pointed out Fotiou.

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