Breaking News

Panic hits Calgary’s luxury real estate as oil takes its toll – The Globe and Mail

It’s a dramatic reversal of fortunes for the city’s luxury housing market, which broke new records for prices and sales last year. More than 850 homes sold for above $1-million last year, up 16 per cent from a year earlier, according to Sotheby’s International Realty Canada. Much of that growth came toward the end of the year, with sales soaring even as oil prices began their downward slide. But luxury buyers rang in the new year with a sense of panic as major oil producers began slashing jobs and scaling back spending on new projects.

Nearly half of the luxury properties in Calgary’s most prestigious neighbourhood, Mount Royal, have dropped their prices by $100,000 or more, with many homes that were selling well above $1-million now languishing on the market in the six figures. The average detached house in the neighbourhood sold for more than $2.6-million last year, but the neighbourhood hasn’t seen any sales since before oil prices began plummeting in November.”

Panic hits Calgary’s luxury real estate as oil takes its toll – The Globe and Mail.

%d bloggers like this: