A report by Sotheby’s International Realty Canada argues that the demand for luxury real estate in Calgary is soaring so far this year.

From January to June 2012, there have been 301 homes sold for over $1 million. In 2011, there were only 253 homes sold for over a million dollars during the same period. Sales of luxury homes in the first half of 2012 are up 19 per cent compared to 2011.

The number of luxury homes listed has also increased. An article in The Calgary Herald notes that, “The number of homes listed on the market for over $1 million was 474 between  January 1 and June 30, 2011 and 473 homes between July 1 and December 31 in  2011. From January 1 to June 30 this year, there have been 908 homes listed at  that price point.”

Not only that, but the report said that six per cent of homes priced over $1 million sold for over the asking price.

Corinne Poffenroth, a realtor in the Calgary office of Sotheby’s International  Realty Canada, commented on the numbers. She said “we’re seeing a bit of a lifestyle change for some of the Baby Boomers here  and that sometimes involves downsizing when they’re planning for retirement and  it sometimes involves perhaps purchasing a second property either down south or  B.C., and because of that there’s a bit of a trend moving, re-locating from some  of the suburban areas back to the urban centres with some of the amenities  closer by.”

“I also think there’s some new optimism in the next generation of young  professionals here. They’re seeking these exclusive, higher-end properties like  both single-family and condo in some of the most sought-after areas of the city.  And that can involve both urban and suburban areas as long as there’s amenities  and transportation close by.”

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