Calgary’s buyers purchasing luxury homes and condos have dramatically shifted their focus away from areas impacted by the June 2013 floods.
The perennial leader for most multi-million dollar property sales - Elbow Park - is now 4th on the list of communities with most luxury property sales, while Discovery Ridge & Eau Claire, which ranked 8th & 9th at this time last year have fallen to 34th & 40th position.
Traditionally, communities such as Elbow Park and Mount Royal come to mind when thinking about million-dollar Calgary real estate. But in 2014 both fall short of topping the list of top million dollar communities and only Elbow Park makes the top five.
Top 5 Calgary Million Dollar Sales Communities
#5 Springbank Hill – (20) Sales
There were 20 Springbank Hill million-dollar sales YTD, down 20% from last year at this time. Springbank Hill was ranked 3rd for Calgary luxury property sales at this point in June 2013.
Springbank Hill is a West-side community in SW Calgary with amazing views of the Elbow River valley & the mountains to the west.
#4 Elbow Park - (21) Sales
Million-dollar-plus sales in Elbow Park have plunged 45% vs same time last year, a result of the June 2013 flood which impacted a significant number of homes adjacent to the Elbow River. Until 2014, Elbow Park has led Calgary million dollar sales for a few years.
Boasting close proximity to downtown, views of the Bow River and a quick commute to Marda Loop, 4th street and 17th Avenue, Elbow Park is a tough location to beat. Nestled between some of the most popular local hangouts, as well as shops and businesses, Elbow Park has been the top selling Calgary million-dollar neighbourhood for years.
While the June 2013 flood impacted hundreds of Elbow Park homes, most are well above the floodplain and overland flooded area.
#3 Hillhurst/West Hillhurst – (29) Sales
While Hillhurst did experience some minor flooding, for the most part these two communities escaped the 2013 flood waters. As a result million-dollar-plus home sales recorded a 71% increase vs. last year, moving up one spot from #4 in 2013.
Adjacent to the north side of the Bow River, the NW communities of Hillhurst and West Hillhurst are two of the older communities in the city. Located close the SAIT and North Hill Mall and a short commute to downtown, these communities are home to both heritage houses as well as executive in-fills.
#2 Aspen Woods – (34) Sales
Aspen Woods saw the largest percentage rise in million dollar home sales, with luxury property sales increasing 89% vs 2013, moving up to #2 from the 5th position last year.
Located in South West Calgary, Aspen Woods is one of the more recently developed communities. On the west side of Sarcee Trail, just north of 17th Ave S.W, Aspen has seen a high number of estate homes built. With access to the West Side rec center and a short commute to downtown via the new LRT link, Aspen Woods is ideal community for both families and professionals.
#1 Altadore/Garrison Woods – (37) Sales
Sales of million-dollar-plus homes has risen 37% vs. 2013, moving Altadore / Garrison Woods into the #1 position for sales YTD.
Having taken advantage of the closure of the Canadian Forces base in Calgary, Altadore / Garrison Woods sit between Crowchild Trail and 14th street just south of the Marda Loop district on 33rd Avenue. A short drive to the city core, the University & Foothills Hospital, Altadore’s recent re-development means new amenities such as shops, restaurants and services.
Market Facts at a Glance
Positive economic growth continues to fuel Calgary's real estate market, with sales and prices exceptionally strong. It is anticipated that the seasonal slowdown associated with summer will take some pressure off the market:
- The annual year-to-date dollar volume for all metro Calgary MLS® sales was just over $6.5 billion Tuesday morning, 19% higher than dollar volume recorded for the same period in 2013
- Sales for all metro Calgary homes & condos on the Calgary board MLS® system are 14% higher YTD vs 2013
- The median sale price of a Calgary home is $484,900 YTD, an 8% increase over 2013 ($448,00)
- The median sale price of a Calgary condo is $310,000 YTD, an 11% increase over 2013 ($280,000)
All Calgary market statistics provided by Calgary Real Estate Board (CREB) as of midnight June 23 2014
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