“Calgary is definitely the bright spot in Canada for luxury,” says Don Kottick, president and chief executive officer of Sotheby’s International Realty Canada.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Another driver is the relative affordability of the market, given luxury in Calgary starts at $1 million, compared with $4 million in the GTA and Vancouver. The $3 million and up range actually saw sales increase 43 per cent for Calgary and surrounding region with 20 properties selling between April 1 and Oct. 15 compared with 14 last year, she points out.
“The rising building costs … have been pushing the luxury sale acceleration,” Starnes says. “Many of the luxury homes today are being sold at almost half the cost to rebuild.”
Millionaires are not affected by borrowing rate, let’s be serious! Wannabe Millionaires or millionaires in training are affected by this rate increase and this is what the sales decline is actually showing now.