Calgary has its fair share of luxury homes, but did you know that each one has a minimum price threshold?
According to Royal Lepage’s recent report on Canada’s luxury home market, Calgary properties must meet a $1,750,000 minimum price threshold to be considered luxury.
While this figure is the entry-level price, the report detailed that the median price of a luxury property in Calgary was $2,143,000, a 0.3% decrease from last year.
Royal LePage
“Throughout the pandemic, many of our luxury clients felt a sense of uncertainty and chose to hold off on their purchase plans, creating a slowdown in activity,” said John Hripko, sales representative at Royal LePage Benchmark.
Despite the slight price decrease, the report shared that sales activity for luxury homes in Calgary saw a 30.9% increase.
“Though the luxury segment represents a small portion of the overall market, demand in this area is certainly fast-growing,” said Hripko. “Calgary continues to see a number of people relocating from other major Canadian cities, knowing they can get a luxury product for a better price here.”
On average, Calgary luxury homes have 3,261 square feet of living space, 4.3 bedrooms, and 4.5 bathrooms.
According to Hripko, Mount Royal and Elbow Park are some of Calgary’s most popular neighbourhoods for luxury home sales.