January 2016

There’s always a silver living, isn’t there?  Last year, as reported here in this blog, Calgary luxury homes valued in excess of $1 million fell by 41% in 2015 over the previous year.  That’s old news.

The good news is that as a result of the drop in list prices, or correction as some would like to call it, sales activities in the luxury home segment of the housing market is expected to rise.

Recently, a home in the Calgary area which was originally valued at $8 million plus in 2011 sold for approximately $3.5 million.  It was all over Facebook. This example is the extreme and not all luxury homes in Calgary are expected to see such dramatic decreases in value.

Some Calgary real estate experts believe that luxury property owners, observing the

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Home sales last year in the luxury market fell off the map.

Disappointing especially since 2014 was a banner year when it came to sales of homes over $1 million.

In reviewing the past year, the Calgary Real Estate Board reports that just 511 homes in this high-end category sold in 2015 which was the lowest number of luxury homes to be sold since 2011.  In the year previous, 846 homes changed hands.

CREB®’s go-to chief economist, Ann-Marie Lurie, told Calgary media that the numbers for 2015 were no surprise to anyone in the industry.  She cites employment figures in high-paying jobs as the bad guy in this luxury sales scenario, noting that any job gains in 2015 were in the construction and business service sectors which typically offer salaries