June Housing Report
- 5 days ago
- 2 min read
Calgary's Luxury Market Is Moving at an Unusual Pace
Across 15 recent sales between $1.8M and $3M+, buyers collectively paid $677,000 above asking price. Half of those properties sold over list, with individual premiums ranging from $20,000 to $200,000. That alone is notable. But the more interesting number is the days on market. Three days in Bel-Aire. Nine days in Lake Bonavista. Eleven days in Rocky Ridge. For context, comparable homes in these same neighbourhoods were sitting longer only a few short months ago.
What changed?
The most logical explanation is a collision between very thin supply at the top end and a buyer pool that has quietly grown. Canadians who accumulated significant equity in Vancouver and Toronto are finding that Calgary's premier streets represent extraordinary value by comparison. Add no provincial sales tax, proximity to Banff, and a city that has genuinely transformed in the last decade, and the math starts making sense for outside buyers in a way it did not a few years ago.
It feels like a targeted frenzy, multi-million dollar homes being swept up in less than a week? These buying habits are not across the board, under 500K in the SE and SW of Calgary remain popular for investors and first time home buyers, and mid-price homes between 700,000 and 850,000 show a balanced growth.
Whether the popularity of luxury homes continues and whether this aggressive buying behaviour spills into the next tier of neighbourhoods is the question worth watching closely right now.
If you own a luxury home in Calgary and want more space, you might do well selling and moving to an acreage, as acreage prices are not rising significantly and still have balanced days on market. You will have more land, and land prices do increase over time.
If you would like your home assessed for the June market, Magnolia Group offers a free home valuation and solutions/options for next steps. You can use our handy form or use Live Chat to connect with us directly. We can send you an in-depth June Housing Report by email.
