Luxury homes in the Calgary area have shown some positive signs in recent months as the region begins to adapt to the lower-oil-price environment.

Figures from Sotheby’s International Realty Canada show that 112 homes were bought in Calgary between July and August with a price tag of at least $1 million; that’s roughly in line with the same period of 2016.

However, the market is split with single-family homes in the luxury sector stabilizing while high-end condo sales slipped to just 2 sales over the summer compared to three times as many a year earlier.

“I think we’re seeing a fundamental shift in the Calgary market right now,” he said. “Buyers don’t want to pay those old prices and sellers aren’t racing to new price ranges, so there’s a mismatch between the two,” Sotheby’s International Realty Canada CEO Brad Henderson told the Calgary Herald.

Elsewhere, Montreal saw a 60% surge in luxury sales while Vancouver showed a slight increase and Toronto slipped back.
 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate


More market watch: