Calgary Luxury Home Sales Decline in January

High-end home sales in January fell sharply from 2014’s record level.

Calgary Real Estate Board data show 24 homes sold for at least $1 million last month, a 43 per cent decline from a year ago. No homes sold for more than $1.75 million.

MLS sales of properties more than $1 million reached a record 854 transactions in 2014, up from 726 in 2013 and 544 in 2012.

January CREB data released Monday showed a 38.9 per cent year-over-year decline in overall sales, paired with a 37.2 per cent rise in new listings.

Listings are up substantially, as those who were stretched to the limit, the market speculators and those householders who want to try to time the market, all throw their properties up for sale. It will likely be two to three months before prices slide lower to reflect the changes.

Sellers become faced with the reality of having to lower prices to sell, strategic buyers begin to slowly enter the market looking for bargains.

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