Opulent housing segment continues to show staying power in 2016

The highest end of the home market is a unique beast. It's a sector in which a small percentage drop in price can equate to hundreds of thousands of dollars in savings – and where a minimal increase in sales volume can look like a huge boom.

Year to date the number of $1-million-and-up homes sold in Calgary and area has increased 30-plus per cent over 2015. But in real numbers, the growth was just 99 sales, from 329 up to the end of August last year to 428 for the same period this year. (To put those numbers into context, overall about 14,000 homes changed hands in that period.)

Higher-priced home segment show some staying power

Calgary's luxury housing sector has weathered the current economic storm better than others so far, with sales of properties over $1 million up slightly during the first six months of 2016.

"Sales have increased from 347 to 371 homes and condos combined," said CREB chief economist, Ann-Marie Lurie, cautioning, "it's not a big change."

Lurie credited the slight uptick in luxury sales to a decrease in many of these properties' asking prices.

Open to the public this weekend

The folks behind the Harmony development in Springbank lifted the veil Thursday to its new 3,700-square-foot Discovery Centre, providing new details on the much-anticipated lake community just west of Calgary, including a first look at the Phil-Mickelson designed 18-hole golf course.

The centre is intended to introduce curious homebuyers and Springbank neighbours with new details of Harmony, which will eventually be home to approximately 10,000 people. Included are interactive exhibits that provide visitors with a massive projection model of the community, detailed displays and videos on the community vision and a tribe to the Copithorne family, which originally ranched the area.

"Given current market conditions, buyers are more cautious about making a purchasing decision and want to be more informed," says Maribeth Janikowski, communications manager for Qualico Communities, with is developing the community with Bordeaux Developments.

Bearspaw, Springbank appealing to a more diverse sect of buyers

Long admired for its opulence, the communities of Bearspaw and Springbank just outside of Calgary's northwest border are now attracting a wider range of buyers who are looking for a bit of everything, say industry professionals.

"Years ago, the area was big into horse culture – everyone wanted to buy a pony for their teenaged daughter. Now, it is more about organized sports, family vacations," said Jeff Neustaedter, a real estate professional whose office last year saw 35 transactions above the $1.1-million mark in Bearspaw alone, ranging from 40-hectare sites to secluded parcels.

While the area between Calgary and Cochrane has always been known for its stately homes, McKinley Masters Custom Homes owner Mark Kwasnicki noted homeowners want more these days – they want space to stretch their legs, but also to get away from the hustle and bustle of city life.

Homeowners don't have to sacrifice with new townhome development in southeast Calgary

The elusive trifecta of location, luxury and livability has long eluded downsizers in Calgary – until now.

Brookfield Residential has developed the Holy Grail of compact living with Mosaic Riverstone in Cranston's Riverstone, a 64-unit stacked luxury townhome development in southeast Calgary with two- and three-bedroom floor plans ranging in size from 1,400 to 1,600 square feet and priced from the mid-$400,000s.

"Cranston's Riverstone is an absolutely amazing and beautiful community," said Kelly Halliday, Brookfield Residential's business development manager for Calgary Homes.

Beauty is in the eye of the beholder, say housing experts

The term "luxury" defies a single definition – especially when it comes to housing in Calgary, say experts.

"Luxury is specific to each individual, driven by their particular needs," said Kevin Mullen, president of the Empire Group of Companies, which has constructed dwellings in most of Calgary's upscale communities.

"If someone values the weekend lifestyle, then you might live in Springbank. If being proximate to the Glencoe Club is important, then you might choose Elbow Park. Those lifestyle decisions reflect into defining a luxury community."

Experts believe higher-priced home market is not out for the count

Despite ongoing oil patch uncertainty that plagued the province's economy for much of 2014, Calgary's luxury housing market is still alive and well, say industry insiders.

While experts acknowledge the sector is going through a rough patch, they say the industry is undaunted, instead pushing ahead in hopes that Alberta's infamous cyclical economy is due for another upswing.

Overseas condo ownership ramps up in Calgary

Foreign ownership is picking up in Calgary's housing market, according to a new report from Canada Mortgage and Housing Corp (CMHC).

Late last week, the federal housing agency noted foreign ownership in Calgary's condo apartment sector has increased from just 0.2 per cent of the total market in 2014 to 1.1 per cent in 2015.

While it's a far cry from the level of ownership seen in markets such as Vancouver and Toronto, the rise in Calgary still represents a five-fold increase.

'If you build it, they will come'

Despite ongoing softness in the Calgary regional real estate market that has moderated activity in upscale communities such as Springbank and Bearspaw, industry experts believe the value proposition of upscale rural living remains unaffected.

"We have not seen construction stop," said Ian Macdonald, director of sales and marketing at Watermark at Bearspaw, a luxury estate community that recently won a Sales and Marketing (SAM) Award for Community of the Year, Calgary Region from the Canadian Home Builders' Association (CHBA) Calgary Region.

"I call it the Field of Dreams approach — if you build it, they will come."

Hot tubs, fire pits, outdoor kitchens oh my!

With leaves and lawns already turning green thanks to a wealth of warm winter weather, many Calgarians may also be doing likewise as they turn to see their neighbour's backyards.

With Calgarians' well-known love for all things patio, emerging envious of thy neighbour's yard is a sin likely shared by many in the city. As many homeowners up their backyard ante, CREB®Now offers up some suggestions on how bring a little more luxury to your lawn.