There’s always an upside to a downturn in luxury home pricing and here’s the silver lining for Calgary shoppers: Spring 2016 will be an amazing time to purchase your dream home. There’s been a decline in real estate prices and a weaker Canadian dollar will make Calgary’s million dollar home market attractive (and attainable) for both local and foreign investors.
The first three months of 2015 saw 99 sales of homes over $1mm in Calgary, while 118 homes with a million dollars-plus price tag sold in the same time period this year. We believe the local luxury market will be great for buyers’ in the months ahead.
Prices today have settled to a more approachable level—in fact a gorgeous home on Sifton Blvd that cost $6.5mm to build just sold for $3.3mm. Not good news for property owners, obviously, but a great moment for discerning buyers looking to purchase a memorable property.
Navigating even the most buyer-friendly of markets requires guidance. If you have questions before you begin your search, please feel free to be in touch. I am ready to help you get started!
Christy Bamber BCOMM
Calgary Luxury Portfolio