It’s a buyer’s market when it comes to home sales in Calgary, and one realty company says it’s the luxury home market that’s feeling the most pain in this downturn despite two record sales over the summer.
Sotheby’s International Realty Canada forecasts the city’s $1 million-plus real estate market will continue to see steep declines, as a result of job losses, wage uncertainty, higher vacancy rates and migration from the city.
It wasn’t all bad this year though. Two luxury homes broke three-year records with sale prices of $8.4 and $5.1 million.
The company says the weak dollar coupled with record high housing prices in Vancouver and Toronto could bode well for Calgary as real estate investors look at what our city has to offer.