In a remarkable turn of events for the Calgary real estate market, the Calgary Real Estate Board (CREB) reported a staggering surge in home sales in October 2023, totalling an impressive 2,171 transactions. This reflects a substantial 17% year-over-year growth, showcasing the city’s resilience in the real estate sector.
The driving force behind this surge in sales activity is attributed to a notable increase in apartment condominium sales. With consumers actively seeking more affordable housing alternatives amid soaring interest rates, the demand for this category has seen a significant uptick.
Adding to the positive trend, new listings exhibited improvement compared to the previous year, reaching an impressive 2,684 units. This milestone marks the highest levels recorded in October since 2015, indicating a robust and dynamic real estate market.
The unadjusted residential benchmark price for homes in Calgary experienced a modest but noteworthy uptick. In the past month, the benchmark price reached $571,600, surpassing the preceding month’s figure of $570,300. This signifies a substantial 9.7% year-over-year increase, underscoring the city’s growing real estate value.
Ann-Marie Lurie, the Chief Economist at CREB, underscores the need for patience as the market undergoes a transition toward more balanced conditions. The emphasis is on achieving greater price stability in the long run, ensuring a sustainable and resilient real estate environment.
Calgary’s Pinnacle of Opulence: Top 5 Most Expensive Homes
For those with a taste for opulent living, Calgary presents an array of luxurious residential properties. As of November 2, 2023, Realtor.ca showcases the top five most expensive homes, each a testament to lavish living:
$9.9M Architectural Marvel in Pump Hill
Situated at 19 Pump Hill Close S.W., this 10,600-square-foot residence draws inspiration from the Provence region in France. Boasting six bedrooms, seven bathrooms, five fireplaces, and a heated nine-car garage, this property stands as an architectural masterpiece, seamlessly blending French and Italian craftsmanship.
$8.9M Riverside Elegance in Elbow Park
Nestled at 300 37 Ave. S.W., this 7,049-square-foot home sits on a historic quarter-acre lot by the Elbow River. Built-in 2016, it features energy-efficient triple-glazed windows and a sliding wall/window system, offering an unparalleled indoor/outdoor experience.
$8M Sporting Haven in Providence
Occupying 18 acres in the future Calgary community of Providence at 4111 162 Ave. S.W., this 9,031-square-foot residence, built in 2011, offers a sports room, theatre room, and even a hockey arena. With five bedrooms and six bathrooms, it epitomizes luxury and functionality.
$7.9M Gated Bungalow in Eagle Ridge
Situated at 40 Eagle Ridge Place S.W., this gated bungalow, built in 1971, stands on a double lot. With hand-chiselled walnut doors, four above-grade bedrooms, one below-grade, and seven bathrooms, this residence is a culinary haven for food enthusiasts.
$7.5M Historic Estate in Upper Mount Royal
Located at 717 Royal Avenue S.W. in Upper Mount Royal, this three-story, 5,743-square-foot estate, known as the Sayre Estate, was built in 1910. With a rich local history, including a period as a convent, it offers spectacular city views and various areas for relaxation and entertainment.
Conclusion: Calgary’s Real Estate Elegance Continues
Calgary’s real estate market remains a haven for those in pursuit of luxurious living. With an upsurge in sales, a record number of new listings, and a growing benchmark price, the city’s real estate landscape promises an opulent lifestyle for discerning buyers. As the market transitions, guided by CREB’s insights, the prospect of enduring stability adds an extra layer of allure to Calgary’s high-end properties.
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