Calgary’s real estate market is burning at a red-hot pace, and the numbers around luxury properties in the city have leaped so far in 2024.
A new report released today from Sotheby’s International Realty Canada says that record immigration and inter-provincial migration have transformed Calgary’s housing market into “a heated sellers’ market, catapulting both conventional and luxury home sales to unprecedented heights in the first half of 2024.”
The spike of people being attracted to Calgary has led to brisk price gains and a surge in $1 million-plus property sales that outstripped the pace of growth in other major metropolitan markets.
The experts at Sotheby’s International Realty Canada say overall, Calgary’s top-tier real estate market (condominiums, attached, and single-family homes) saw strong activity between January 1 and June 30, with residential sales over $1 million increasing 46% year-over-year to 1,130 properties sold. 91% of these properties sold between $1 million and $2 million, and within this price segment, sales climbed 50% year-over-year.
Sales of luxury properties over $4 million increased to seven properties sold from January 1 to June 30, up from four properties sold in the same period last year. There were no residential property sales over $10 million on MLS in the first half of 2024, as was the case in the first half of the previous year.
Luxury sales over $1 million increased by 39% year-over-year to 943 properties sold in the first half of 2024. Of these homes sold, seven did so in the luxury $4 million-plus segment, an increase of 75% year-over-year.
“Overall, luxury attached home sales of over $1 million increased by a remarkable 133% to 149 properties sold in the first half of the year, the most significant percentage gains of the top-tier housing types,” the report added.
When it comes to the luxury condominium scene in Calgary, sales over $1 million increased by 27% year-over-year to 38 properties sold; however, no sales over $4 million were reported on MLS, consistent with the first half of 2023.
Sotheby’s International Realty Canada experts added that they expect an active summer market for Calgary due to its “strong economic performance, relative affordability, and desirable livability.”