Would-be luxury property investors looking at Calgary need to take a long, hard look at the city\u2019s prevailing economic weakness, Sotheby\u2019s International Realty warned.<\/p>\n
In its recent analysis, Sotheby\u2019s cited the long-running sub-par performance of the Canadian petroleum segment \u2013 coupled with the delay in oil pipeline development \u2013 as one of the major factors influencing the city\u2019s economic woes.<\/p>\n
\u201cThere are just so many headwinds pushing back against that the Calgary market right now,\u201d Sotheby\u2019s International Realty Canada president Brad Henderson said, as quoted by the Calgary Herald.<\/em><\/p>\n \u201cOne could argue that\u2019s because the market has been challenged already for a number of years because of the reduction in oil prices.\u201d<\/p>\n In 2018, Calgary\u2019s high-end housing sales fell by 10% year-over-year in the $1 million and above price bracket. More crucially, only one home valued at more than $4 million was sold in the city last year.<\/p>\n Read more: <\/p>\n Other factors that that have made themselves felt in 2018 were the city\u2019s unemployment levels and the widespread rejection of the city\u2019s Olympic hosting aspirations \u2013 factors that have essentially nullified the optimism brought about by the Calgary luxury segment\u2019s 11% annual gains in 2017.<\/p>\n Together, these elements have engendered a prevailing wariness among investors regarding the market\u2019s long-term prospects and stability.<\/p>\n \u201cWe\u2019re not surprised the statistics exemplify what people may be feeling about the Calgary market,\u201d Henderson stated. \u201cIt\u2019s a case of one step forward last year and one step back.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Would-be luxury property investors looking at Calgary need to take a long, hard look at the city\u2019s prevailing economic weakness, Sotheby\u2019s International Realty warned. In its recent analysis, Sotheby\u2019s cited the long-running sub-par performance of the Canadian petroleum segment \u2013 coupled with the delay in oil pipeline development \u2013 as one of the major factors […]<\/p>\n","protected":false},"author":5,"featured_media":20844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8213"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=8213"}],"version-history":[{"count":1,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8213\/revisions"}],"predecessor-version":[{"id":21727,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8213\/revisions\/21727"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/20844"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=8213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=8213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=8213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}