Deals to be had in Calgary’s luxury home market amid tough economy

WATCH ABOVE: If you’re in the market for a luxury home in Calgary, it may be a good time to buy. Global’s David Boushy explains.

As the Calgary real estate market continues to struggle through tough economic times, one segment that’s improving is the high-end market – homes valued at $1 million or more.

The Calgary Real Estate Board says there has been a marginal improvement in sales so far this year, compared to the first 10 months of 2015.

And a big reason for that, according to the Calgary Real Estate Board’s Anne-Marie Lurie, is a sharper drop in prices.

“We’ve seen there’s been much more price adjustments occurring in that higher-price segment and that’s likely encouraged some of this improvement in sales activity,” Lurie said.

Lurie said high-end homes are down, on average, six to eight per cent – meaning there are some deals for luxury homes out there.

Luxury home for sale in Calgary – November 2016.
Luxury home for sale in Calgary – November 2016.

But savvy buyers can do even better, according to Curtis Atkinson, a realtor with ReMax.

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“Some areas in Calgary, for the luxury market, are down up to 25 per cent,” Atkinson said.

“This is a pretty good market – people don’t realize that.”

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Atkinson believes some people are buying to get in on low interest rates and some are selling because they fear they’ll rise.

Either way, Atkinson credits low interest rates with helping the high-end market stay afloat.

In the first 10 months of 2016, 521 homes worth $1 million or more have sold.  That’s up from 450 sales during the same period in 2015.