Sales for high-end residential properties are said to be up by 25 percent in some areas in Calgary, Canada, while its luxury home market shapes its way out of the recession. The city is said to reveal its yearly property assessment notices within this week, showing a total 8,198 residential properties, which includes condominium and single family homes.
Residential properties are assessed more or less $1 million, which are considerable higher than in 2009’s total of $6,496 million properties.
The senior market analyst for Canada Mortgage and Housing Corporation, Richard Cho said, more “million-dollar” homes will be available in Calgary, because of some reasons and as residential properties including luxury homes in the inner-city are being upgraded or constructed on the border of towns, like areas in Aspen and Tuscany.
And, thousands of $900,000-homes and below in 2009 have possibly broken into the million dollar range in 2010.
Cho said, prices for residential properties increased during the third quarter last year, so homes below a million may crossed over the one million barriers last year.
Rachelle Starnes, from a real estate company in Calgary—Royal Lepage Foothills said, the demand for luxury homes is increasing, making her company’s sales record an example, which shows recovery in luxury real estate market.
Sales for over $1.5 million-homes showed a significant 25 percent increase from 2009.
Calgary city assessors released the figures on Tuesday said, the assessments for residential properties, whether high-end or low-income, didn’t see considerable rises or falls, with up to 93 percent of properties declining between plus or minus 10 percent of 2009’s taxes.