Luxury home sales in Calgary’s resale housing market have plunged this year compared with the record-setting 2014 levels.
According to data from the Calgary Real Estate Board, total MLS sales of homes priced at $1 million and up, have dropped by 41.8 per cent year-to-date until the end of April — dropping to 152, from 261 in the same period of 2014.
“Given economic concerns and full-time job losses occurring in typically higher paying industries, this is having a greater impact on demand for home priced over $1 million,” said Ann-Marie Lurie, CREB’s chief economist.
“Persistent concerns in the energy sector are likely causing many to reconsider upgrading to the higher-priced home, until there is more certainty regarding their employment status and economic stability.”
Total MLS sales in the city are down so far this year by 29.5 per cent to 5,827 transactions.
Calgary has seen a steady increase in the number of luxury home sales in the past decade:
2004 – 45
2005 – 139
2006 – 333
2007 – 454
2008 – 367
2009 – 337
2010 – 365
2011 – 446
2012 – 542
2013 – 727
2014 – 848
According to CREB, the average MLS list price in the city year-to-date until the end of April was $480,635, down from $484,449 for the same period last year.
mtoneguzzi@calgaryherald.com
According to data from the Calgary Real Estate Board, total MLS sales of homes priced at $1 million and up, have dropped by 41.8 per cent year-to-date until the end of April — dropping to 152, from 261 in the same period of 2014.
“Given economic concerns and full-time job losses occurring in typically higher paying industries, this is having a greater impact on demand for home priced over $1 million,” said Ann-Marie Lurie, CREB’s chief economist.
“Persistent concerns in the energy sector are likely causing many to reconsider upgrading to the higher-priced home, until there is more certainty regarding their employment status and economic stability.”
Total MLS sales in the city are down so far this year by 29.5 per cent to 5,827 transactions.
Calgary has seen a steady increase in the number of luxury home sales in the past decade:
2004 – 45
2005 – 139
2006 – 333
2007 – 454
2008 – 367
2009 – 337
2010 – 365
2011 – 446
2012 – 542
2013 – 727
2014 – 848
According to CREB, the average MLS list price in the city year-to-date until the end of April was $480,635, down from $484,449 for the same period last year.
mtoneguzzi@calgaryherald.com
