Between March 1-21, there were nine condo sales in Calgary in the price tag of $1 million-plus, according to Mike Fotiou, associate broker with First Place Realty in Calgary. For the entire month of March 2012, there were two sales in that price range.
The previous monthly sales record for the luxury condo market was seven in both October 2007 and June 2011.
Year-to-date, there have been 16 luxury condo sales, according to Fotiou. In the same period in 2012, there were four sales.
Last year was a record year in the luxury condo market with 36 sales for the entire year.
Fotiou’s data indicates October 1, 1999 was a notable date in Calgary’s real estate history. It was when the city recorded its first luxury condo sale on MLS: a $2.1 million unit located at the Chateau LaCaille in Eau Claire. Yearly sales in the luxury condo market stayed in single-digit territory until 2006 when they ballooned to 29. The previous annual record was 30 in 2007.
Tanya Eklund, a realtor with RE/MAX Real Estate Central, who sold a $1.2 million condo property in Aspen Meadows this month, said luxury sales are doing very well year to date.
“I attribute the strong sales in the luxury condo market with a correlation of increased sales of luxury single family homes,” she said. “Some of my clients are downsizing from large homes into luxury condos. These clients enjoy entertaining, quality finishings with the ease of having no maintenance for their fast-paced lifestyles. When the above $1 million price point is strong, it seems to be strong across the spectrum of homes and condos. There is also a lack of good product in the million-plus for condos.”
The popularity in the overall condo market is evident by the year-to-date data on sales and prices.
According to the Calgary Real Estate Board, up until March 21, there have been 723 MLS sales in the condo apartment category this year in the city for an increase of 9.05 per cent compared with the same period last year. The median price has risen by 5.15 per cent to $255,000 and the average sale price is up by 6.89 per cent to $289,112.
In the condo townhouse sector, sales of 565 have increased by 15.54 per cent from last year. The median price of $298,000 has jumped by 5.67 per cent and the average sale price is up by 8.85 per cent to $338,107.