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Real Estate (Central)
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FREE sept 13 to sept 19 2013 issue 03-36
real estate news from industry experts
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Million Dollar City Calgary’s luxury sales reach new heights in August
2013
2007
2011
363 2009 316 2005
89
208
524 *$1 Million Plus Sales (YTD August)
cody stuart, Managing Editor
Cody Stuart
managing editor
W
hen it comes to homeowners, Calgary’s million-dollar club is becoming more inclusive every minute. With 64 homes priced at $1 million or more sold in August, Calgary’s luxury homes market broke the record for most luxury homes sold in the month. Calgarians growing love for the lap of luxury also helped contribute to the highest average sale
price and the second highest number of homes ever sold in the month of August. Assisted by strong employment and migration numbers reflecting Calgary’s strong economy, a report from Sotheby’s International Realty Canada predicts the good news will continue for the city’s luxury market. “I think what was interesting from our perspective, especially in Alberta, is that the numbers could have been even been significantly better than they were,” said ,” said Ross McCredie, president and CEO
SINGLE FAMILY
of Sotheby’s International Realty Canada. According to McCredie, had it not been for the floods that impacted the city and much of Southern Alberta, the luxury market could have an additional 10 to 20 per cent increase in sales. As it was, August’s 64 sales were double the number of million dollar plus homes sold in the city in August. Year-to-date, 524 homes priced at $1 million or more have been sold in Calgary, marking a 42 per cent increase over the 370 similarly priced homes sold through the first eight
AUG11 SEP11 OCT11 NOV11 3761 DEC11 2761 2980 JAN12 FEB12 3093 MAR12 3367 APR12 3501 MAY12 3842 JUN12 3817 JUL12 3646 AUG12 3535 SEP12 3486 OCT12 3114 2586 NOV12 DEC12 1859 JAN13 2075 FEB13 2048 2727 MAR13 2977 APR13 3311 MAY13 3199 JUN13 2917 JUL13 2791 AUG13
4573 4753 4486
MLS® MONTH END INVENTORY* AUG ‘11 – AUG ‘13
*All statistics based on monthly data compiled by CREB® via MLS® activity.
months of 2012. Specifically, Sotheby’s predicts the high number of executive level jobs created will continue to fuel demand for million dollar properties, as newcomers take advantage of the city’s relatively affordable real estate market to upgrade. In a report released by RBC in August, affordability levels in Calgary were shown to be amongst the best in Canada, with the purchase of a standard two-storey requiring just 33.6 per cent of the qualifying income of $92,200.
Year-to-date, 524 homes priced at $1 million or more have been sold in Calgary, marking a 42 per cent increase over the 370 similarly priced homes sold through the first eight months of 2012.
Luxury A3
Canada’s contents housing starts news briefs see slight community decrease in Sunnyside flood session August event listing
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CREB® STAFF
mortgage rates
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rural
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he Canada Mortgage and Housing Corporation (CMHC) reported housing starts in Canada were trending at 187,197 units in August compared to 187,324 in July, a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) or housing starts.
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