THERE'S MORE FOR 2024
The source of the research data stems from Sotheby's International Realty Canada, who compared these four major Canadian cities and their markets in 2023. Sotheby's forecasts Calgary's luxury market will experience more growth in 2024, with Don Kottick, president and CEO of Sotheby’s International Realty Canada, stating,
...Calgary has a beacon of economic strength and, in turn, led all major luxury markets across Canada last year for growth...and it looks like it will continue this year."
We have Alberta's strong economy (which grew 2.3% in 2023) to thank for the uptick in luxury home sales in Calgary, along with the interprovincial migration, which outpaced every other Canadian province in 2023. Sotheby's report also noted that although 88% of Calgary's luxury home sales were single-family detached homes, the luxury condominium apartment sector was actually the fastest-growing, seeing a 26% increase city-wide.
The demand for all types of luxury homes is a stark contrast compared to the rest of Canada. Despite other major cities only seeing a demand for single-family detached homes, Calgary saw growth in all sectors, even in semi-detached and rowhouses, with an increase of 14% for attached homes year over year.
THE NUMBERS DON'T LIE
There are endless reasons people are flooding to Calgary, but recurring culprits are market value paired with the ease of working remotely. Because it's so easy to work from anywhere in the world, someone who lives in another more expensive city can relocate to Calgary and get exponentially more for their $2-, $3-, $4-million budget, all while keeping their remote job. So when you look at the bigger picture and the numbers, they're telling a very intriguing story of an evolving and growing city.
2024 is off to a strong start, which isn't a surprise given recent trends, but seeing the luxury sector outpace the national trend probably isn't something many expected to see a few short years ago. According to CREB (Calgary Real Estate Board) statistics, 97 sales of $1-million or more have already taken place in January 2024, which is up more than 70% year over year. In the end, the numbers don't lie: the demand for luxury homes in Calgary is on the rise with no end in sight.
Although this story is still being written, it looks like the 2024 chapter has a lot in store for Calgary. Stay tuned!
Source: Calgary Herald
