Luxury developer confident in Calgary despite sluggish housing market

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WATCH: A new luxury penthouse in Calgary is about to go on the market in a few weeks. Global’s Tomasia DaSilva has a sneak peek at the unit and talks to the developer about whether this is the right time for a sale – Sep 5, 2018

North American developer Grosvenor Americas is looking to score big with its luxury penthouse in downtown Calgary.

The unit is full of upgrades and perhaps the most stunning feature: a 2,000-square-foot outdoor patio.

“I think it’s one of a kind in Calgary,” Grosvenor’s Rob Duteau said.

Duteau doesn’t think the $2.459 million price tag will deter buyers — at least not the right buyer.

“The person who’s going to buy this unit lives a specific type of lifestyle.”

READ MORE: Calgary real estate market still suffering from anemic sales: CREB report

Still, 2018 has been a tough year for Calgary’s housing market, with both sales and prices down in August.

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Overall, home sales are down almost seven per cent, while benchmark prices dropped more than two per cent, or $10,000.

“We have to remember we’re in a recovery mode in our market,” the Calgary Real Estate Board’s chief economist Ann-Marie Lurie said. “We’re facing some challenges this year.”

Those challenges include a high unemployment rate along with higher interest rates and stricter lending rules.

READ MORE: Looking for an affordable home? You may want to buy in Calgary

Grosvenor started the project back when oil was at about $100 a barrel, so turning back wasn’t an option.

The developer is confident the penthouse will sell when it goes on the market later in September.