Calgary’s luxury market set yet another monthly record in July as sales surged 74% y/y.
As was mentioned before, it was last July that the government implemented stricter mortgage rules including requiring a minimum 20% downpayment for homes priced at $1 million and over. Despite this change, Calgary’s luxury market has continued unabated.
In July, a total of 68 properties sold for $1M and over compared to 39 last year. The 68 luxury sales eclipses the previous July record of 61 set back in 2007.
Year-to-date sales total 460, a 36% increase from last year. What makes this 36% increase more remarkable is that 2012 currently has the highest year-end luxury sales total.
The 460 sales so far this year surpasses the year-end totals of every year except 2012.
The most active communities during the month were Altadore and Mt. Royal, both with 7 sales each.
The most expensive sale was a $4,645,000 home in Mt. Royal. It was was also the first time 4 homes sold for above $4M in a month.