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5 most expensive homes in Calgary July 2024

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The Calgary Real Estate Board says June home sales fell 12.8 per cent from last year as 2,738 properties changed hands, driven by declines in lower-priced homes.

Despite the decrease in sales, the board says activity was still 17 per cent higher than long-term trends for the month.

The benchmark price across all home types was $608,000 for June — up 8.5 per cent from a year earlier and roughly 0.4 per cent higher than May.

New listings fell 3.6 per cent year-over-year to 3,798 and there were 3,787 units in inventory, 9.2 per cent higher than last year.

Here are the city’s five most expensive already-constructed residential homes for sale as of July 5, 2024, according to Realtor.ca:

1 – $10M Upper Mount Royal mansion

A look at 1308 Montreal Avenue S.W. in Calgary, Alta. (Realtor.ca) If you’re tired of touring cookie-cutter homes that lack character or personality, there’s a house for sale in southwest Calgary that may pique your interest.

Built in 2015 by Calgary Calgary architect Jeremy Sturgess, “Montreal House” sits in the community of Lower Mount Royal.

The 4,062-square-foot mansion has five bedrooms in total, three of which are above grade, four bathrooms and an urban courtyard.

A look at 1308 Montreal Avenue S.W. in Calgary, Alta. (Realtor.ca) Outside the steel-frame home, 18 cantilevered beams provide shade from the sun for the west-facing windows.

“The house’s layout maximizes privacy with east-facing bedrooms that greet the morning sun and a screened entry set back from the street,” states the listing.

A look at 1308 Montreal Avenue S.W. in Calgary, Alta. (Realtor.ca) The two-storey home is located at 1308 Montreal Avenue S.W.

The home has been listed on Realtor.ca for 11 days.

2 – $9.99M Rosedale mansion

A look at 914 Crescent Road N.W. in Calgary, Alta. (rooneycroninvalentine.com)Built just last year, this 6,148-square-foot home sits along Crescent Road N.W., offering a spectacular view of the city.

The home features four bedrooms, seven bathrooms and three partial bathrooms.

A look at 914 Crescent Road N.W. in Calgary, Alta. (rooneycroninvalentine.com)It has an elevator, a putting green and golf simulator, five fireplaces and six built-in televisions, infrared heaters on all the outdoor patios – including the private hot tub balcony – and a double attached garage plus additional parking for five vehicles.

“New home warranty is in place for this spectacular one-of-a-kind Rockwood-built home,” says the listing.

A look at 914 Crescent Road N.W. in Calgary, Alta. (rooneycroninvalentine.com)The three-storey home is located at 914 Crescent Road N.W.

It has been listed on Realtor.ca for 57 days.

3 – $9.75M Pump Hill home

A look at 19 Pump Hill Close S.W. in Calgary, Alta. (Realtor.ca)This 10,600-square-foot-home in Pump Hill is inspired by the Provence region in France and sits on a 0.6-acre lot.

The home features six bedrooms, 12 bathrooms, five fireplaces and a heated nine-car garage.

A look at 19 Pump Hill Close S.W. in Calgary, Alta. (Realtor.ca)”An architectural masterpiece, this home harmoniously fuses the finest in French and Italian craftsmanship,” says the listing.

“Every corner of this bespoke dwelling is adorned with custom-made chandeliers, exquisite light fixtures, ornate French door handles, luxurious curtains and solid kitchen cabinets with French styling.”

A look inside 19 Pump Hill Close S.W. in Calgary, Alta. (Realtor.ca)The two-storey home is located at 19 Pump Hill Close S.W.

It has been listed on Realtor.ca for 27 days.

4 – $7.9M Estate in Aspen Woods

A look at 44 Aspen Ridge Heights S.W. in Calgary, Alta. (Realtor.ca)This 9,578-square-foot estate sits on a 0.8 acre lot, and is, according to the listing, the largest and only gated property in Aspen Heights.

Entering the estate you’ll see a Swarovski crystal chandelier amid a foyer flanked by sweeping cantilevered stairwells leading to the grand parlour.

A look at 44 Aspen Ridge Heights S.W. in Calgary, Alta. (sothebysrealty.com)”This home redefines luxury living,” says the listing.

Highlights include a fitness room, gourmet kitchen with butler’s pantry, wine wall, home theatre, sports lounge and a games room with full bar.

There are also spa facilities including a lounge, dry sauna, steam room, soaker tub and massage room.

A look at 44 Aspen Ridge Heights S.W. in Calgary, Alta. (Realtor.ca)Built in 2010, this estate is located at 44 Aspen Ridge Heights S.W.

It has been listed on Realtor.ca for 123 days.

5 – $7.25M Eagle Ridge bungalow

A look at 40 Eagle Ridge Place S.W. in Calgary. (Realtor.ca)This gated home in Eagle Ridge sits on a sprawling double lot.

Built in 1971, the home has four above-grade bedrooms and one below grade, plus seven bathrooms.

“Once you step inside past the hand-chiseled walnut doors, you are greeted by a grand foyer that sets the tone for the splendor that awaits,” states the listing.

“The main rooms are nothing short of magnificent, boasting expansive dimensions and exquisite finishes.”

A look at 40 Eagle Ridge Place S.W. in Calgary. (Realtor.ca)The home may be of interest to culinary enthusiasts due to its walk-in cooler, gas cooktop, double ovens and commercial-grade appliances.

“Whether you’re hosting a grand gala or preparing an intimate meal for loved ones, this culinary haven is sure to impress.”

A look at 40 Eagle Ridge Place S.W. in Calgary. (Realtor.ca)The bungalow is located at 40 Eagle Ridge Place S.W.

It has been listed on Realtor.ca for 364 days.

– With files from The Canadian Press

 

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Housing starts up in six largest cities but construction still not closing supply gap

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September 26, 2024

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The Canada Mortgage and Housing Corp. says construction of new homes in Canada’s six largest cities rose four per cent year-over-year during the first half of 2024, but housing starts were still not enough to meet growing demand.

The agency says growth in housing starts was driven by significant gains in Calgary, Edmonton and Montreal.

A total of 68,639 units began construction, the second strongest figure since 1990, however the rate of housing starts per capita meant activity was around the historical average and not enough “to reduce the existing supply gap and improve affordability for Canadians.”

The report says new home construction trends varied significantly across the markets studied, as Toronto, Vancouver and Ottawa saw declines ranging from 10 to 20 per cent from the same period last year.

Apartment starts in the six regions increased slightly, driven by construction of new units for rent, as nearly half of the apartments started in the first half of 2024 were purpose-built rentals.

But condominium apartment starts fell in the first six months of the year in most cities, a trend which the agency predicts will continue amid soft demand as developers struggle to reach minimum pre-construction sales required.

This report by The Canadian Press was first published Sept. 26, 2024.

The Canadian Press. All rights reserved.

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Mortgage rule changes will help spark demand, but supply is ‘core’ issue: economist

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September 17, 2024

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TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.

The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.

The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.

CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.

However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.

Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.

This report by The Canadian Press was first published Sept. 17,2024.

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National housing market in ‘holding pattern’ as buyers patient for lower rates: CREA

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September 16, 2024

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OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.

The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.

On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.

CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”

The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.

The number of newly listed properties was up 1.1 per cent month-over-month.

This report by The Canadian Press was first published Sept. 16, 2024.

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