Calgary Real Estate

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Confession Time About This Blog

Blogging has not been my strength and so this is officially a work in progress.  I have some big plans for the blogging page in the foreseeable future so I ask for your patience as I venture into this side.

Market Updates

2024 TOP TIER REAL ESTATE SPRING REPORT
Market Knowledge

2024 TOP TIER REAL ESTATE SPRING REPORT

Canada’s luxury real estate market eased into spring with modest sales gains across key metropolitan cities, as the dynamic between ...

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March 2024 Housing Market Update
Market Knowledge

March 2024 Housing Market Update

March reflects strong seller's market and price increases City of Calgary, April 1, 2024 – March sales rose to 2,664 units, a 10 per ...

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February Housing Market Update
Market Knowledge

February Housing Market Update

Low inventory and high demand drive price gains in February March 1, 2024 Rising Sales and New Listings | Despite a rise in new listings ...

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January 2024 Housing Market Update
Market Knowledge

January 2024 Housing Market Update

January sees strong sales fueled by boost in new listings February 1, 2024 Sales Growth | January sales saw a significant increase ...

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Style & Design

Things To Do This Month FOR FREE in Calgary

Posted by Steven Hill on Dec 12, 2023

Times Are Tough, But Finding Low-Cost Fun Shouldn't Be Here Are Things To Do This Month FOR FREE Legacy’s ...

10 Halloween Safety Tips For Your Home

Posted by Steven Hill on Oct 03, 2023

Home safety for trick or treaters As a responsible homeowner, making your property safe for young trick-or-treaters ...

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Top-Tier Real Estate: 2023 Mid-Year State of Luxury Report*
 
The performance of Canada’s major metropolitan luxury real estate markets diverged in the first half of 2023 as local market differences strengthened following the nation-wide housing boom from 2021 to the first quarter of 2022 and the period of near-universal market normalization over the past 12 months. Although the country’s major metropolitan markets continued to confront the common challenges of rising mortgage rates, economic uncertainty and macroeconomic headwinds, an era of common national performance trends has given way to regional diversity. The first half of the year revealed differentiation in luxury market performance that underscored the predominance of hyperlocal influences and, in particular, the impact of local housing supply and consumer sentiment on top-tier market activity.

Our latest market report, Top-Tier Real Estate: 2023 Mid-Year State of Luxury Report*, covers the performance of luxury residential real estate sales in Canada’s largest real estate markets during the first half of 2023.

“The Canadian luxury housing market has remained remarkably resilient despite the headwinds of multiple interest rate hikes and unpredictable economic performance, and the second quarter of 2023 marked a turnaround point for consumer activity. Following a year-long period of reconsideration and recalibration, qualified and highly motivated real estate buyers and sellers emerged from the sidelines over the spring, driving a bounce back in luxury market activity,” Don Kottick, President and CEO, Sotheby’s International Realty Canada. “At the same time, Canadian luxury market performance has started to diverge, at times unpredictably, between major cities, neighbourhoods and housing types. Vancouver and Toronto’s urban luxury single family home markets experienced some of the most pronounced improvements in spring activity; however, inadequate supply continued to frustrate potential sales and to undermine the housing needs of locals. Over the past few years, Calgary has emerged as one of Canada’s most upbeat luxury real estate markets, and in the first half of 2023, its condominium market surpassed expectations with annual percentage sales gains that outstripped other major cities’ performance. In contrast, Montréal’s luxury market is rebalancing to accommodate negotiation and conditions that skew in favour of buyers, particularly in the city’s condominium segment.”

 
Market Highlights
  • Population gains from in-migration and a buoyant economy strengthened luxury housing demand in Calgary. In the first half of the year, $1 million-plus residential sales fell just 10% short of levels seen in the first half of 2022, while condominium sales over $1 million increased 100%.
  • Montréal’s luxury market continued to moderate in the first half of 2023, as sales over $4 million pulled back 39% year-over-year, while $1 million-plus sales were down 28%.
  • The resurgence of active, qualified buyers outstripped scarce luxury housing inventory in Toronto, leading to brisk sales and seller’s market conditions within the city’s single family and attached home segments until the end of May before moderating to balanced conditions mid-year. As luxury real estate sales continued to shift to private and exclusive sales and marketing networks in the first half of 2023, $4 million-plus and $10 million-plus residential sales on Multiple Listings Service (MLS®) saw an annual decline of 32% and 29% in the City of Toronto, and a more significant 35% and 56% decrease across the Greater Toronto Area.
  • Vancouver’s luxury market experienced a striking uptick in activity in the second quarter of 2023 and was restored to balanced conditions by mid-year. The ultra-luxury single family home market experiencing the most pronounced improvements in both consumer sentiment and sales activity. Overall, residential sales over $10 million increased 38% year-over-year in the first half of 2023, while $4 million-plus sales fell 18%.
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Identifying favorite house styles

When house hunting, the various designs that have been either created or adopted in America can become a blur, and you'd be forgiven for not appreciating the architectural value of each property you visit.

Being able to identify the styles of most American homes will also help you focus efficiently on the type of property you're seeking. Is your dream home a mid-century Bauhaus or something with touches on the “Spanish Revival” period?

There is significant intrinsic value in a beautifully designed home that accurately embraces an architectural style.

This list of some of the country's favorite residential architectural styles may be a helpful starting point in your property search. 

Bauhaus

Based on a German architectural style from the 30s, it is also known as Mid-Century Modern. Its hallmark is the integration of the interior with the outdoors through the use of plate glass windows. Large sliding doors, open floor plans and high ceilings are also features.

Latino lux

With its heritage founded in Spain's colonization of the Americas, Spanish Colonial Revival is all about white stucco walls and terracotta embellishments. Arched patio, doorways and windows with exposed wooden beams are highlights.

Scando fever

Most of our mid-century homes are based on Scandinavian architecture. These homes embrace the outdoors. The foundation of their appearance is uncomplicated lines and forms. You'll enjoy wood and stone features inside and a commitment to allowing as much natural light as possible to flood in.

Hey, cowboy

Americans love ranch architecture. They have a low, single-storey profile with spacious living areas and bedrooms. Back in the day, settlers embraced this simple approach because adding rooms was a relatively simple task.

Nothing upstairs

Bungalows use their single-storey approach efficiently, and you're unlikely to find overly-large living areas. Rooms should be compact, neat and comfortable. From the outside, dorma windows and generous patios are identifying traits.

Medieval origins

Pointed arches, steeply pitched roofs and ornate stoneworks are essential for a Gothic-style home. Some will have turrets, spires and multiple entry points. It's an acquired taste, especially if they come with a ghost story!

Make a splash

No one does a beach home like America. The architecture is all about a relaxed lifestyle. The design is clean, the colors neutral, and the building will have a wonderful openness full of salt air. If it has beach views, so much the better.

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City of Calgary | July 4, 2023–

The housing market in Calgary witnessed a surge in apartment condominium sales, setting a new total residential record with 3,146 sales achieved in June. Although year-to-date sales are currently 23 percent lower than last year, they remain significantly higher than pre-pandemic levels.

Notably, there has been a positive trend in new listings, providing relief and a monthly increase in inventory levels. However, despite these improvements, the inventory for June stood at 3,458 units, marking a decline of over 36 percent from last year and reaching the lowest levels for June in nearly two decades.

“The demand for housing remains robust, bolstered by a healthy labour market and increased migration levels, which helps offset the impact of higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “Although we have seen some recent improvements in new listings, particularly for apartment condominiums, it is not enough to cause any substantial change from the low inventory situation in our city. While new home starts are on the rise, it will take time to observe their impact on supply.”

With a supply of just over one month, the current market conditions continue to favour sellers, placing upward pressure on home prices. In June, the total residential benchmark price reached $564,700, representing a monthly unadjusted gain of one percent and four percent higher than last year's levels.

HOUSING MARKET FACTS

Detached
A monthly gain in new listings supported a monthly increase in inventory levels. However, with only 1,651 units available in June, levels hit a new record low for the month. Inventories declined across most price ranges, but the steepest declines occurred in homes priced below $600,000. Of all the inventory in June, only 24 per cent was priced below $600,000, a significant drop from last year, where that market segment represented 45 per cent of the supply.
 
Limited inventory, especially in the lower price ranges, ensured that the market continued to favour the seller, driving further gains in home prices. As of June, the benchmark price reached $685,100, an unadjusted monthly gain of nearly two per cent and a year-over-year increase of six per cent. Year-over-year gains were the highest in the most affordable North East and East districts.

Semi-Detached
New listings in June improved, helping support modest monthly gains in inventory levels. However, with 268 units in inventory and 240 sales, the months of supply remained exceptionally tight at just over one month. The persistently tight market conditions have contributed to further price gains for this property type. As of June, the benchmark price reached $613,100, over two per cent higher than last month and nearly six per cent higher than levels reported in the previous year at this time.
 
Persistently tight conditions across all districts supported price growth. Year-over-year price growth ranged from a low of 4.5 per cent in the city centre to a high of 17 per cent in the East district.

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Latest Blog Posts

2024 TOP TIER REAL ESTATE SPRING REPORT

Posted by Steven Hill on Apr 24, 2024

Canada’s luxury real estate market eased into spring with modest sales gains across key metropolitan ...

March 2024 Housing Market Update

Posted by Steven Hill on Apr 01, 2024

March reflects strong seller's market and price increases City of Calgary, April 1, 2024 – March sales ...

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.