Score another win for Calgary. Its oil-fueled economy has been sending the city’s real estate market into the stratosphere, recording the strongest price gains of any city over the past year.
And in another sign that Calgary is Canada’s latest hot housing market, the most expensive house for sale through Canada’s Multiple Listings Service in the last week of June was located in the foothills west of the city -- a $37.8-million property.
In the three years HuffPost Canada has surveyed the most expensive houses for sale in Canada, this marks the first time that the most expensive house was a property outside Toronto or Vancouver.
And the party is probably just beginning. Luxury real estate agency Sotheby’s recently announced it’s doubling its presence in the city. As recently as two years ago, it didn’t have an office there at all.
“Calgary’s just been awesome for us,” Ross McCredie, head of Sotheby’s Canadian business, told the Globe and Mail.
“A year ago, $1-million-plus in Calgary was actually a pretty high-end home, now that same home is $2-million. Literally, I would say it has doubled.”
Check out the most expensive houses for sale in Canada, by province, as of the last week of June, 2014.