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Calgary Real Estate: More $1 Million Dollar Homes Than Ever

Calgary Real Estate: More $1 Million Dollar Homes Than Ever

Posted: Updated: 

While no seems to be certain what will happen to Alberta's real estate market amid slumping oil prices, we do know one thing for sure — there's never been more million dollar homes in Calgary before.

In the latest figures from the City, property assessments show a 39 per cent hike of single-family properties assessed at $1 million or more — or 14,207 homes, up from 10,227 homes last year.

As well, home values increased about 10 per cent in the past year, making the media price for a single-family home $475,000, which is a record high and tops assessments from 2008.

And while the assessments are good news for homeowners, the Calgary Real Estate Board (CREB) is reminding Calgarians to take any real estate forecasts with a grain of salt.

CREB chief economist Ann-Marie Lurie told CBC News that the volatile price of energy is casting a cloud of uncertainty over the market, and no one seems too sure what influence the energy sector will have on the market in months to come.

Royal LePage predicts the oil slump will lead to a slower growth of home prices in Alberta in 2015, but that the average cost of a home will actually increase a modest amount.

BMO Financial Group agrees, telling The Calgary Sun that low oil prices will slow the market, but "Alberta will be able to grind out a little growth."

It looks like the playing field is about to level out for buyers and sellers, so perhaps a home purchase is in order? Check out what $1 million can buy you in Calgary right now: