Calgary luxury home prices rising: Royal LePage

But luxury condo market is still showing some softness

The median price of a luxury house in Calgary increased 3.2 per cent to $2,012,676 during the 12 months ending Jan. 31, according to a report released on Thursday by Royal LePage.

It also said the median price of a luxury condominium remained relatively flat, rising 0.5 per cent to $903,106 during the same period.

“While Calgary’s luxury condo market is still showing some softness, our luxury house market has stabilized after years of sustained low prices,” said John Hripko, associate broker, Royal LePage Benchmark, in a statement.

“However, some of the median price appreciation gain can be attributed to a relatively healthier upper-end luxury property market while price reductions to lower-priced luxury properties have pushed some listings out of the luxury category.”

The report said that sales of luxury houses increased 10.3 per cent from the year before, while condominium sales decreased 18.6 per cent during the 12-month period ending Jan. 31.

“Overall, Calgary’s luxury home market today is very different from the days when the price of oil was near its peak, however, there is still good demand for luxury houses in central communities on the south-side such as Elbow Park, Mount Royal and Brittania, among others,” said Hripko.

“It’s been years since Calgary’s luxury home prices first corrected and listing prices typically reflect current market value.”

For the next 12 months, the report is forecasting the median price of a luxury home in Calgary to increase 1.3 per cent year over year to $2,039,564, while the median price of a luxury condominium is forecast to modestly decrease 0.6 per cent to $898,047. Sales for both luxury houses and condos are forecast to be flat.

– Mario Toneguzzi for Calgary’s Business

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