Luxury Market in Calgary Picks Up

Luxury home sales in the Calgary real estate market have been impressive this year compared with a year ago.

Both in March and year-to-date, MLS sales for properties over $1 million have tracked higher than in 2011.

According to the Calgary Real Estate Board, there were 56 luxury home sales in March.

In March 2011, there were 45 transactions in that high-price category.

And for the first quarter of this year, CREB has registered 114 sales in the luxury market, up from 106 for the first three months of 2011.

The overall MLS market in the city has improved since a year ago including luxury home sales.

Not surprising considering the upbeat mood in Calgary consumers these days. The oilpatch is humming along at a good pace. The economy has followed suit which in turn has led to more employment, net migration, wages and disposable income.

All those positive economic indicators play an important part in propping up the housing industry in the city.