Sotheby’s recently released a report on luxury homes sales in Canada and Calgary saw a drop of 10% for homes priced over $1,000,000 CAD. Not all that surprising as Vancouver and Toronto also saw a slowdown in their respective markets.
In Calgary, sales of homes for $1 million and more fell 10 per cent in 2018 as crude oil prices plunged in the last quarter of the year. Only one home sold for more than $4 million in that city in 2018.
Sotheby’s currently has 40 luxury listings in Calgary in their inventory alone, and Point2Homes has 334 listings in their database priced over one million. Checking the MLS I see just over 400 listings over that same price point which is quite a lot.
Articles from a few years back were touting that Calgary might be the next hot spot for foreign investors, others were saying quite the opposite. Either way you put it, marketing luxury properties in Calgary is going to get even tougher this year.