Calgary is one of Canada’s most robust markets for luxury homes and the baseline entry point for a luxury single-family home is $2 million, which is in line with that of Toronto, says a report by Sotheby’s International Realty Canada.
The Top Tier Trends Report: A Comparative Survey of Canada’s Luxury Real Estate Market said the features and amenities in Calgary reflect a distinctive western Canadian lifestyle.
As Calgary’s market for top-tier homes continues to outpace most of Canada, Sotheby’s International Realty Canada survey findings reveal that demand is predominantly driven by younger buyers, largely in the 35 to 40 year old range who have a skew in preference towards inner-city and Beltline living.
Buyers of top-tier homes in Canada are more likely to pay in cash and to use mortgages as part of an overall investment strategy, said the report, adding buyers are more likely to own a secondary, vacation and/or investment property that is often used part time as a vacation property in a ski or sun destination.
The strongest foreign buying influences include China, Russia, the United Kingdom and the United States.