Calgary’s luxury home market slumped in 2015 with sales of homes priced over $1 million down 41 per cent from 2014. Sotheby’s International Realty Canada reports that it was likely that many owners were choosing not to sell and that buyers, particularly investors, could have an opportunity in 2016 if more homes come to the market and prices ease. The second half of 2015 saw decline in sales of 45 per cent and across the year the more expensive homes saw larger fall in sales; 39 per cent for those priced $1-2 million; 55 per cent for $2-4 million; and 83 per cent for those above $4 million. Sotheby’s expects a stronger picture for the market this year.
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: