Josh Skapin / For CREB®Now
July 17, 2019 | Josh Skapin
High-end homebuyers revere convenience and beauty of "Elbow Drive corridor"
A special stretch of residential development in Calgary, including communities that took root more than 100 years ago, continues to be a treasure trove for today's high-end homebuyers.
Ellyn Mendham, a REALTOR® with RE/MAX Realty Professionals, says the neighbourhoods lining Elbow Drive – including Bel-Aire, Mayfair, Roxboro, Britannia, Elbow Park and Rideau Park – hold a premium place in Calgary's luxury market thanks to a location that "offers everything."
These communities along the "Elbow Drive corridor" offer everything from stately, stone-front estate homes to contemporary infills.
"I have certain buyers, they won't go anywhere else," said Mendham. "They can get to Chinook Centre, get downtown, get to the restaurants on Fourth Street and 17th Avenue – everything is handy."
She also points to the Calgary Golf and Country Club, located just north of Bel-Aire, as another nearby luxury amenity.
Residents in Elbow Park are about a 10-minute drive from Calgary's downtown core, and from Roxboro, the time spent behind the wheel is even shorter. Mendham knows people living in these neighbourhoods, who, "in nice weather, walk downtown."
"I have certain buyers, they won't go anywhere else." - Ellyn Mendham, RE/MAX Realty Professionals
Additional attractions in this area include a range of established schools, plentiful green space (including 21-hectare Stanley Park) and mature trees.
"A lot of people get into these neighbourhoods and stay," said Mendham. "Once they get in there, they just fix up the house, and nowadays, some people knock it down and build a new house."
Beyond long-term residents, the new wave of buyers in these neighbourhoods tend to be professionals in their late 30s and early 40s. Mendham says upscale homes in the popular areas around Elbow Drive typically start at more than $1 million.
Among these corridor communities, Elbow Park leads the way in year-to-date housing market activity with 34 residential sales, a 36 per cent uptick from the same period in 2018 according to CREB® data. Year-to-date, the residential benchmark sale price in the community is $1,602,817.
"A lot of people who want inner city are looking for that traditional home. That's the hallmark of Elbow Park," said Mendham, adding she knows someone who lives in a 108-year-old house in the neighbourhood.
Britannia – featuring upscale shops and services at Britannia Plaza – is another Elbow Drive neighbourhood that has seen sales growth in 2019, posting a nine per cent increase in year-to-date transactions compared to the same period last year. Year-to-date, the residential benchmark sale price in the community is $1,353,767.
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