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Calgary Luxury Residential Real Estate Sales On The Rise

When it comes to the luxury real estate market, Vancouver and Toronto seem to have secured their respective spots at the top but according to an industry report from Sotheby’s featured in the National Post, Calgary is poised to take over. Partly attributed to the province’s gross domestic product surpassing expectations as well as to increased manufacturing exports and oil prices, consumers appear to be willing to translate their newfound confidence into sizable real estate transactions.

45% Increase In Luxury Sales Since 2017

When compared to January and February of 2017, the sales of residential properties priced at more than $1 million dollars increased 45%. Meanwhile comparably priced single family homes in Vancouver dropped 39%. Experts cite new government policies such as speculation and foreign buyers taxes as the reason for Vancouver's downward shift. As for Toronto, sales figures for properties priced at $1 million dollars plummeted 55% in comparison to early 2017 when the city was experiencing record-setting highs.

A Pattern Of Slow Recovery

After some tumultuous market activity over the last few years, Calgarians are ready for some good real estate news. While the luxury market’s renewed sense of vigour can be perceived as an encouraging sign, economists are quick to remind people that this particular segment does not represent the market as a whole. According to the Calgary Real Estate Board’s (CREB) 2018 economic and housing outlook for the city, the housing market is expected to continue its pattern of working towards a slow recovery as it contends with new lending criteria, interest rate increases, and high supply.

Would-be home-buyers will inevitably have questions when it comes to navigating Calgary’s residential real estate market and need trustworthy, experienced-backed answers. An Alberta real estate lawyer can provide invaluable guidance and legal support to help clients make decisions that they can feel good about.

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