House sales continue to surge in Calgary, but slow from record-setting pace
More than 2,100 homes were sold in the city of Calgary last month, the latest statistics show, and a dozen of those were priced at more than $2 million.
The Calgary Real Estate Board (CREB) released data from August on Wednesday, saying that sales "far exceeded expectations" and led balanced conditions in the city's housing market.
"With more buyers than sellers, prices rose, providing opportunity for many of the move-up buyers in the market," said Anne-Marie Lurie, CREB's chief economist, in a release.
"Over the past several months, we have seen some adjustments in supply relative to sales, helping move us toward more balanced conditions."
When it comes to housing type, CREB said 1,300 detached homes were sold in August but thanks to improvements in new listings, inventories did not change substantially.
The sales of semi-detached homes, even though it broke a record last month, are trending down through the year. CREB also said apartment sales in August were the highest they've been in more than six years, but even that activity did little to combat high inventories.
"While conditions are far better than last year, the apartment condominium sector has not seen the same type of sellers' market conditions present in other property types, limiting price growth," officials said.
The benchmark price of a home rose to $459,600, almost 10 per cent higher than the same figures seen last year.
MILLION-DOLLAR HOMES CONTINUE TO SELL
While the most sales occurred in the $400,000 to $450,000 range, CREB said buyers are also looking for more multi-million dollar homes.
According to the data, 88 homes valued at more than $1 million were sold last month, compared to 54 in August 2020.
Meanwhile, homeowners are still looking for less conventional means to sell their multi-million dollar properties.
One such home, valued at more than $10 million, is set to hit the auction block on Sept. 15.
Located at 2906 Marquette St. S.W., the 5,242-square-foot home is being sold by Concierge Auctions with no reserve, meaning there is no set or expected opening bid.
The property boasts four bedrooms, five bathrooms and two half-bathrooms as well as many other luxurious features.
"An ultra-modern kitchen with Miele and Sub-Zero and Gaggenau appliances, granite countertops, Italian glass front cabinets, an island, two butler’s pantries, a bar area, and three dishwashers," Concierge wrote in a release.
"The formal dining room with a glass wall opening to a spacious patio with a geothermal-heated walkway is ideal for entertaining. Its elegant main-floor master suite features a spa-like ensuite steam shower, marble floors and a walk-in closet."
The auction is expected to garner attention from all over the world.
Further information on Concierge, as well as their other auctions, can be found online.