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.
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