Rendering: The River
Two Calgary condos have just sold for over $5 million, exceeding the previous highest price paid for any condo in the city over the past three years. According to Sotheby’s International Realty Canada, the sales were notable for the local market and reflect renewed interest in high-end Calgary real estate.
Both record-breaking condos are part of The River, a 38-unit residence in Calgary’s Mission neighbourhood that was completed in 2015. The more expensive of the two homes was a 5,000-square-foot unit that sold for $8,389,500. The other was 3,000 square feet and sold for $5,145,000.
Listing agent Anne Clark of Sotheby’s International Realty Canada said she’s been noticing interest in Calgary’s pricier homes increasing “over the past few months.” That ties in with recent statistics showing that in the first six months of 2016, the number of Calgary homes sold for more than $1 million was up 9 per cent from the year-ago period.
Interestingly, it wasn’t condos that led the increase. In fact, the number of Calgary condos sold for over $1 million fell by 38 per cent during that period, while the number of attached homes sold at that price level decreased by 12 per cent. Sales of million-dollar-plus detached single-family homes increased by 13 per cent.
Sotheby’s International Realty Canada suggests that the overall increase in sales of homes over $1 million came as “excess supply solidified the city’s position as a buyers’ market,” an idea also voiced earlier this month by Calgary Real Estate Board President Cliff Stevenson. He commented that Calgary’s high inventory levels are driving housing prices down and “giving consumers an opportunity to find their ideal home at a price they can afford.”
Moving forward, Sotheby’s International Realty Canada expects housing prices to fall further, bringing more of Calgary’s luxury homes into the reach of prospective buyers. As a result, sales of million-dollar-plus homes will likely pick up even further this year.