Vancouver and Toronto are known as Canada’s million-dollar-homes cities, with a nod to Kelowna, where the average single-family home price is more than $1 million, and the City of Calgary has its share of luxury homes..Calgary is enjoying slow, but steady, growth in its economic sector, despite a downtown commercial core where high vacancy rates still linger, according to the most recent Sotheby’s International Realty Canada report focusing on the city’s luxury homes market.. Million dollar homes in CalgaryMillion dollar homes in Calgary ."Calgary has seen a marked increase in out-of-province top-tier real estate inquiries throughout the first quarter of 2022 from across Canada, notably Ontario, as well as the United States. There has also been an uptick in enquiries from mainland China,” says Don Kottick, president and CEO of Sotheby’s International Realty Canada..“Increasingly regarded as a destination for affordable conventional and luxury housing, as well as real estate investment, the city is well-positioned for sustained growth and development throughout the spring and beyond.”. Million dollar apartments in CalgaryMillion dollar apartments in Calgary .To the end of April, the Calgary Real Estate Board (CREB) reports 595 million-dollar-plus homes have sold in Calgary, including 50 homes going for $2 million or more. That compares to 371 million-dollar, or higher, sales to the end of April 2021 (41 sales at $2 million-plus)..The vast majority of the luxe properties were single-family homes, however, 15 apartment condos sold for more than a million to the end of April, up dramatically from just four over the same period last year. Semi-detached homes added 50 to the total number of sales over a million, also a large jump from the 17 comparable sales to the end of April last year.. Million dollar home in CalgaryMillion dollar home in Calgary .“Calgary’s luxury $4 million-plus market observed growth in the first quarter of the year with two sales thus far in 2022, up from zero sales in the first quarter of 2021,” said Kottick..“There were no ultra-luxury home sales reported in the $10 million-plus segment on MLS, consistent with 2021.”.The Conference Board of Canada projects Alberta will lead the country in economic growth in 2022 and 2023 due to the strong recovery in prices for energy products and key commodities. .While 2021 was a record year for MLS sales in Calgary, 2022 has started well ahead of last year’s pace, with CREB reporting year-to-date sales as of May 8 of 13,559 — a 37% increase from the 9,909 sales over the same period in 2021..A booming energy sector, rapidly diversifying economy, employment gains and favourable interest rates continued to stoke real estate consumer confidence and activity in Calgary’s conventional and luxury real estate market in the preliminary months of 2022, foreshadowing an active spring market ahead, says Sothebys..The still tenuous recovery of Calgary’s downtown core has slowed the recovery of the luxury condominium market, but there are encouraging, if not big, signs Calgary’s core is on the rebound..“According to CREB’s recently released 2022 Canada Real Estate Market Outlook, the downtown office vacancy rate, which fell to a record low of 33.2% in 2021, is projected to stabilize this year,” said Kottick..“Although consumer demand for luxury condominiums is currently uneven, Sotheby’s International Realty Canada experts anticipate that this will strengthen through 2022 as continued economic recovery draws new residents and investment into the city.”.“Calgary has recast itself as a destination for young talent and new business investment. As one of Canada’s most affordable metropolitan luxury real estate markets, the city is retaining and attracting a newly empowered, work-from-anywhere professional class from across Canada.”
