Record Condo Sale Closes as Calgary’s Top-Tier Market Regains Cautious Optimism

Calgary, Alberta, Aug. 31, 2017 (GLOBE NEWSWIRE) — CALGARY, ALBERTA – (August 31, 2017)Sotheby’s International Realty Canada today announced a year-to-date record condominium sale for Calgary, with the $6 million sale of a luxury suite at THE RIVER. The sale closes at a time when Calgary’s top-tier real estate market has shown signs of renewed activity. 

According to Sotheby’s International Realty Canada’s recently released 2017 Mid-Year Top-Tier Real Estate Report, low interest rates, housing inventory priced to align with market expectations, renewing consumer confidence, and signals of a stabilizing provincial economy resulted in overall sales of $1 million-plus real estate (condominiums, attached and single family homes) in Calgary increasing 24% year-over-year to 395 units sold in the first half of 2017. During this time, sales volume of $1 million-plus condominiums decreased by 25% year-over-year.

New data from July 2017 reveals that sales of real estate over $1 million increased 13% over July 2016 to 62 units sold, while the number of $1 million-plus condominiums sold remained stable from last year, with two units sold.

“Optimism is quietly returning to Calgary’s real estate market and we are seeing more activity in the high-end segment, however, market performance is still fluctuating widely between neighbourhoods and housing types,” said Mary-Ann Mears, Managing Broker of Sotheby’s International Realty Canada in Calgary. “This sale is all the more significant given that the luxury condominium market has been slower to recover.”

The 4,200 square foot, three-bedroom suite sold in the luxury development showcases unobstructed views of the Rocky Mountains to the west, the Elbow River Valley to the south, and the Calgary city skyline to the north. The property boasts a custom gourmet kitchen, large private dining room with spectacular views, triple paned floor-to-ceiling windows, and a striking natural limestone and copper exterior.  Amenities at THE RIVER include 24 hour concierge and security, making it a fit for the buyers who were looking for a new home that offered privacy, security and a “lock and go” lifestyle. 

“The 13% increase that we saw in the July data is an indication that sophisticated real estate buyers are ready to act on quality investment opportunities, ” said Anne Clarke, listing agent with Sotheby’s International Realty Canada who represented the record sale. “It also reflects the confidence in the long term fundamentals of the Calgary market.”

Previous sales by Clarke in THE RIVER have been responsible for shattering city records in recent years: in August 2016, sales of 5,000 square foot and 3,000 square foot condominiums at $8,389,500 and $5,145,000 respectively, set records as the highest condominium sales in Calgary over the previous three years at that time.

About Sotheby’s International Realty Canada

Combining the world’s most prestigious real estate brand with local market knowledge and specialized marketing expertise, Sotheby’s International Realty Canada is the leading real estate sales and marketing company for the country’s most exceptional properties. With offices in over 30 residential and resort markets nationwide, our professional associates provide the highest caliber of real estate service, unrivaled local and international marketing solutions and a global affiliate sales network of approximately 850 offices in more than 65 countries to manage the real estate portfolios of discerning clients from around the world. http://www.sothebysrealty.ca.

Disclaimer

The information contained in this report references market data from MLS boards across Canada. Sotheby’s International Realty Canada cautions that MLS market data can be useful in establishing trends over time, but does not indicate actual prices in widely divergent neighborhoods or account for price differentials within local markets. This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information and analysis presented in this report, no responsibility or liability whatsoever can be accepted by Sotheby’s International Realty Canada or Sotheby’s International Realty Affiliates for any loss or damage resultant from any use of, reliance on, or reference to the contents of this document.

 

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