The slowdown in the high-paying energy sector has had large ramifications for Calgary’s luxury real estate market as sales continue to pull back sharply.
Sales of million dollar-plus properties fell by half in October with only 32 transactions compared to 64 the previous year. Year-to-date, the 449 high-end sales are off nearly 40% from last year’s pace when 742 had sold during the same period.
A judicial sale of a 4800 sq penthouse unit in Eau Claire fetched the highest price for the month, selling for $3,375,000 and making it the 7th highest Apartment MLS® sale in Calgary overall. The unit was listed for as high as $5.8 million in 2013 before subsequent price reductions eventually dropped the asking price to $3,450,000. It had no previous MLS® sales history.
Aspen Woods was the most active community with 4 sales, followed by Mount Royal and Parkdale with 3 each.