Calgary luxury home market sets sales record for August

Calgary’s luxury home market continues to boom.

According to Mike Fotiou, associate broker for First Place Realty in Calgary, luxury home sales in the city have already broke the August record previously set in 2007.

And a third of the month still remains.

Between August 1-19, Fotiou says a total of 42 homes sold for $1 million or more on the MLS market.

In August 2007, there were 38 sales in that price range.

“Even if no more high-end homes sell for the remainder of August, sales would still end up 31 per cent (year-over-year),” writes Fotiou on his website, adding that nine listings in that upper-end market are currently reported as conditionally sold.

“Year-to-date, 502 properties have sold for ($1-million plus) compared to 352 during the same period last year. By the end of 2012, which was a record year itself, 544 luxury homes had sold. If this torrid sales pace holds up, that record will be handily surpassed around the end of September or early October.”

So far in August, 38 single-family homes and four condos have sold in that price range.

© Copyright (c) The Calgary Herald

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