Calgary leads Canada in luxury real estate market growth

High demand for high-end homes in Calgary is expected to continue in 2025, following a year of growth outpacing all other major Canadian cities.

• The information you need to know, sent directly to you: Download the CTV News App

In 2024, Calgary’s luxury residential real estate increased by 42 per cent, with 2,044 homes sold for more than $1 million, according to Sotheby’s International Realty Canada.

Sixteen of those Calgary sales were in the $4-million-plus segment, while no homes in that category were sold the previous year.

“Leading the charge is Calgary. You get a lot more home for your dollar when you move from the GTA, for instance,” said Don Kottick, president and CEO of Sotheby’s International Realty Canada.

He said population growth and declining interest rates were the leading factors.

A population boom, including record-setting interprovincial migration, sparked demand for all kinds of housing in Calgary, including top-tier homes.

The City of Calgary’s population increased by 69,000 residents as of April 1, 2024, up nearly five per cent from the previous year.

People moving from the Toronto or Vancouver areas are finding greater value in emerging markets such as Calgary.

“You can get way more bang for your buck,” said Vivienne Huisman, luxury real estate agent and senior vice-president of sales with Sotheby’s International Realty Canada.

“What you can get for $1 million here, you can get for $5 million there, so to speak.”

Single-family detached homes accounted for 82 per cent of Calgary’s luxury real estate sales the past year, as people moving to Alberta often sought more space and square footage.

The luxury condominium market saw steady gains as well, up 31 per cent from last year with 71 condos over $1 million sold in 2024.

Calgary’s location near the mountains and business tax environment are other factors drawing in buyers.

“You got the best of all worlds, and that’s why we’re starting to see it become such an attractive destination, coupled with the fact it’s very affordable, relative to all the major centres,” said Kottick.

While demand soars, inventory remains low.

“That competition is forcing the prices up,” said Huisman.

“That being said, there is always an opportunity to sell because you will definitely be making more money today than what you bought for.”

Despite political volatility, Sotheby’s expects favourable buying opportunities in the luxury market to continue through the beginning of 2025, due to population growth, tempered interest rates and stabilizing home prices.

“There’s a lot of people that want to buy,” said Kottick.

“It’s an exciting time to be in Calgary,” said Huisman.

“That momentum is continuing; we’re expecting that to continue into 2025.”

Sotheby’s said the most expensive home currently listed in Calgary was a brick mansion sitting on half an acre in Mount Royal (930 Prospect Ave. S.W.).

The combination of modern features with original sandstone, wood and stained glass from 1912 was listed at $8.9 million.