Sotheby’s: $1 million-plus market to suffer
Higher value properties in the Calgary area are expected to suffer from economic uncertainty and lower confidence according to a new report from Sotheby’s. Figures from the Calgary Real Estate Board show that in January the number of luxury homes sold was 24; a year earlier it was 42. February’s figures reveal an even bigger drop; 27 this year from 66 a year earlier. The situation could change though with wealthier buyers picking up property at a discount if the current economic conditions continue. Ross McCredie of Sotheby’s told the Calgary Herald that many buyers of luxury homes will be patient before making their move: “They’re typically buyers who are 55-plus in age. They already have their money. They’re not panicked. They’re comparing.” The realty firm’s report concludes that the high-end property market will “slacken” but only temporarily.