April 06, 2016 | Jamie Zachary
Segment rallies as overall market continues to face challenges
Once considered out for the count, Calgary's luxury housing sector has seemingly rallied, posting a double-digit sales increase so far in 2016, according to new statistics.
Home sales in the city valued at more than $1 million totalled 118 over the first three months of the year – up more than 20 per cent from 98 during the same period last year. In March, $1-million-plus sales totalled 54, up from 49 in 2015.
This comes as CREB® released its most recent monthly housing summary, showing overall sales in the city this year have declined so far this year by nearly 10 per cent.
"While the $1-million-plus segment accounts for a small share of the activity, there has certainly been some improvement in sales over last year," said CREB® chief economist Ann-Marie Lurie.