Lacklustre luxury

High-end housing market continues sluggish recovery, but slow sales bump up supply 

As a former long-time writer with the Calgary Herald focusing on the real estate beat, I knew how popular coverage of the real estate industry was to readers.

One aspect of the industry people always loved reading about was the city’s luxury home market. So, I was curious how the high-end segment of the housing market has been faring lately.

Year-to-date sales – up to the end of April – of $1-million-plus properties totalled 204 transactions, which is down slightly from 211 during the same period a year ago, says Ann-Marie Lurie, chief economist with CREB®.

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The height of luxury

Vancouver-based developer encouraged by uptick in luxury home sales

Vancouver-based developer Concord Pacific says it is encouraged by the Calgary market. Sales of its Eau Claire luxury condo tower, The Concord, have hit 67 per cent.

“It’s coming out of the ground. We’re pouring the P1 (parking) level and you have to understand that this parkade has never been done in North America by anybody. Nobody has ever done nine-to-13-foot ceilings on four levels of parkade. This is a unique situation,” said Grant Murray, senior vice-president of sales for Concord Pacific.

Murray says that coupled with the flood mitigation work that took an extra year to design into the base of the building, it was pivotal to do it right. By Easter, he says, they should be at podium level and the completion is expected to be December 2018.

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