Calgary's luxury home market is booming, according to a new report from Sotheby's International Realty Canada. The luxury real estate company said Calgary solidified its position as a Canadian leader in top-tier real estate in the third quarter of 2024. In the first six months, more than 89,000 people moved to Alberta — a large percentage from Ontario and British Columbia — which increased housing demand and home prices in Calgary.
Sotheby's said 337 homes sold for more than $1 million in the city from July to August, which is an increase of 31 per cent, year-over-year. One home sold for over $4 million. In September, 156 properties sold for more than $1 million, an increase of 15 per cent from the same month last year.
Two sold for more than $4 million. In the previous September, no homes sold for that much. Of all the $1 million-plus homes that sold in Calgary in July and August, 83 per cent were single-family homes, 14 per cent were attached homes and the remaining three per cent were condominiums.
This 2,470-square-foot home in Calgary's Scarboro community is listed for $1,349,900 on realtor.ca. (Google Maps) Is a million-dollar home in Calgary still a luxury? Don Kottick, president and CEO of Sotheby's International Realty Canada, told CBC News that Calgary is one of the most affordable major markets in Canada.
He said although the company's report is focused on high-end home sales, the factors that affect luxury properties also affect the entire housing market, to v.