Calgary luxury home market still in “good shape”
Posted Mar 5, 2015 10:37 am.
This article is more than 5 years old.
As nervous Calgarians wait to see what will happen to the economy, there are concerns what it will mean for the real estate sector.
However, for the most part, people remain optimistic, especially in the luxury market.
While homeowners aren’t necessarily being forced to sell, there will be a greater supply on the market.
Sotheby’s Ross McCredie says the bottom line is people are still buying and selling.
“We had a very strong market for about five years in Calgary with price increases as well as sales volume, so there’s a big pause right now, but, I think, for most people that live in Calgary right now, they’ve seen this movie before,” he said.
He says clients still feel confident.
McCredie suggested the only area at major risk in Calgary is the new homebuyers’ market, and people who bought homes over the last couple of years who may have over-leveraged themselves.
