Real eState

Calgary real estate: 5 most expensive homes November 2023

Published

11 months ago

November 2, 2023

Though the weather in Calgary is continuing to cool, the city’s housing market remains red hot.

According to the Calgary Real Estate Board (CREB), the city saw 2,171 home sales in October 2023, a 17 per cent year-over-year increase.

“Sales activity has been boosted mainly through gains in apartment condominium sales as consumers seek affordable housing options during this period of high-interest rates,” CREB said in it’s October 2023 monthly statistics report.

“New listings also improved this month compared to last year, reaching 2,684 units, reflecting the highest October levels reported since 2015.”

The unadjusted residential benchmark price for a home in Calgary rose to $571,600 last month compared to $570,300 the month prior, and a 9.7 per cent year-over-year increase.

CREB chief economist Ann-Marie Lurie says it will “take some time” to see a shift toward more balanced conditions and ultimately “more price stability.”

if you fantasize of purchase of a lavish new home, there’s certainly a number for sale in Calgary.

Here’s the city’s five most expensive residential homes for sale as of Nov. 2, 2023, according to Realtor.ca:

$9.9M 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, seven bathrooms, five fireplaces and a heated nine-car garage.

“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.

$8.9M RIVERFRONT HOME IN ELBOW PARK

A look at 300 37 Ave. S.W. in Calgary, Alta. (Realtor.ca)Described as an “exceptionally rare” and “historic” property, this 7,049-square-foot home sits on almost a quarter-acre of land in a cul-de-sac on the Elbow River.

“Taking a leaf from new age minimalism, this home evokes a focus on calm and stillness for a discerning buyer,” says the listing.

“The energy efficient triple glazed windows are situated to shower varied angles of natural light to almost every room, and the sliding wall/window system allows for a seamless indoor/ outdoor experience.”

Inside 300 37 Ave. S.W. in Calgary, Alta. (Realtor.ca)The two-storey home, built in 2016, is located at 300 37 Ave. S.W., and features 12 and 23-foot ceilings.

$8M HOME IN THE UPCOMING COMMUNITY OF PROVIDENCE

A look at 4111 162 Ave. S.W., in Calgary, Alta. (Realtor.ca)This 9,031-square-foot home sits on 18 acres of land in an area that will soon become the new Calgary community of Providence.

Located at 4111 162 Ave. S.W., the home is two storeys and was built in 2011.

A look at 4111 162 Ave. S.W., in Calgary, Alta. (Realtor.ca)It has a sports room, theatre room and a hockey arena.

It has five bedrooms and six bathrooms.

$7.9M BUNGALOW IN EAGLE RIDGE

A look at 40 Eagle Ridge Place S.W. in Calgary, Alta. (Realtor.ca)This gated bungalow 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, Alta. (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.”

$7.5M ESTATE IN UPPER MOUNT ROYAL

A look at 717 Royal Avenue S.W. in Calgary, Atla. (Realtor.ca)This three-storey 5,743-square-foot home in Upper Mount Royal sits on an acre of land.

Fully gated and “very private,” the listing says the home comes with “spectacular city views.”

Called the Sayre Estate, the house is located at 717 Royal Ave. S.W.

It was built in 1910 and is steeped in local history, including a period serving as a convent.

A look at 717 Royal Avenue S.W. in Calgary, Alta. (Realtor.ca)”The house boasts plenty of areas in which to relax, spend some quality time together or unwind in peaceful solitude,” says the listing. “The bright sun filled family room, the sumptuous den with its hotel bar (complete with brass foot rail), the theatre room with 108” screen or the home gym with shower and sauna.

“The primary bedroom is a sanctuary unto itself, complete with a sunken lounge area, a cozy fireplace, a walk-in closet, and a luxurious en suite bathroom.”

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Real eState

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

Published

3 days ago

September 17, 2024

Anne Joseph

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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Real eState

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

Published

4 days ago

September 16, 2024

Anne Joseph

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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Real eState

Two Quebec real estate brokers suspended for using fake bids to drive up prices

Published

1 week ago

September 11, 2024

Anne Joseph

MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.

Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.

Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.

She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.

The two brokers were suspended in May 2023 after La Presse published an article about their practices.

One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.

This report by The Canadian Press was first published Sept. 11, 2024.

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