It was a year ago this month that the government implemented stricter mortgage rules including requiring a minimum 20% downpayment for properties priced at $1 million and over.
Calgary’s luxury segment has been impervious to the rule change with sales records regularly being broken since then.
Between July 1- 29, 64 homes have sold for $1M and over breaking the previous July record of 61 sales back in 2007.
High-end sales are already up 64% from last July’s month-end and there are still a couple days to go in the month.
The all-time monthly record was set in May with 83 luxury sales (Total has been adjusted: previously was 84)
For a full luxury home market recap for the month of July, please check back in a few days.