The Rise Of Luxury Condos In Calgary

Calgary’s real estate market has evolved dramatically over the past decade, with luxury condominiums emerging as a noteworthy segment for homebuyers and investors. While Toronto and Vancouver have long been known for higher-end, luxury real estate, Calgary now offers an appealing alternative, characterized by strong economic fundamentals, affordable pricing, and the value-boosting effects of extensive urban renewal initiatives.

Why Are Calgary’s Luxury Condos in Demand?

Investing in luxury condominiums in Calgary offers many advantages, as they blend urban sophistication with practical benefits. 

Convenience and Lifestyle

According to Jesse Davies, leader of the Jesse Davies Team with Century 21, “One of the biggest reasons people are looking to buy luxury condos in Calgary is their prime location; many luxury condos in Calgary are situated in desirable areas close to entertainment, restaurants, and parks, providing them with unparalleled access to the city’s vibrant amenities.” 

Exclusive condo amenities further enhance the appeal of these luxury properties. Features such as rooftop pools, private gyms, concierge services, and enhanced security systems are often standard, elevating the living experience beyond that of standard housing options. 

Easy Living

Maintenance-free living is another significant benefit. Condominium associations handle external upkeep, including lawn care and snow removal, allowing residents to enjoy their homes without the burdens of traditional home maintenance. 

Investment Value

Financially, luxury condos can be a sound investment. Calgary’s real estate market has shown consistent growth, and owning a luxury condo in a sought-after neighbourhood can lead to substantial appreciation over time. 

Touches of Luxury

The sophisticated design and high-end finishes of luxury condos also contribute to their allure. From premium appliances to thoughtfully designed layouts, these residences offer a level of comfort and elegance that enhances daily living. 

Community

An often overlooked advantage of condo living, especially in premium facilities, is community living. Condos often foster a sense of community through shared spaces and organized events, providing opportunities for social engagement and connection among residents. 

Market Trends

Luxury condominiums in Calgary are on an upward trajectory. Over recent years, the demand for upscale living spaces has increased as Calgary’s urban core has experienced revitalization and continued population growth. Data from market reports indicate that while the overall condo market in Calgary remains balanced, the luxury segment has witnessed noticeable growth due to several interlocking factors.

While overall condo apartment prices are climbing, with average prices around $352,799 and a year-over-year increase of 4.7%, showing steady demand, luxury options are on a steeper incline. Calgary’s $1 million-plus residential sales have experienced a rise of 31% year-over-year in July and August, 2024, and an increase of 15% year-over-year in September.

Factors Driving the Growth of Luxury Condos

In addition to more people appreciating the benefits that quality condo living has to offer, there are a few additional key factors leading to the rise of luxury condos in Calgary. 

Population Growth With the Rising Appeal of Luxury Condo Living

A major factor is not only the population growth fueled by immigration, but also Calgary’s thriving job market that attracts professionals seeking high-quality housing. Moreover, more people are interested in the lifestyle that premium condos have to offer. 

“Although Calgary’s detached homes are traditionally more expensive, the luxury condo segment is catching up with strong price appreciation driven by quality construction, desirable locations, and premium amenities.”, Davies notes. “A diverse pool of buyers, including first-time luxury buyers, downsizers, and investors, is fueling growth. Many are attracted to the low-maintenance lifestyle and access to high-end amenities typical of luxury condos.”

As a result, while inventory in the condo market remains stable overall, highly sought-after luxury buildings tend to sell quickly, often with multiple offers in competitive neighbourhoods. 

Urban Renewal and New Developments

Urban redevelopment initiatives have transformed Calgary’s downtown and surrounding areas, making luxury condo living in these areas increasingly attractive. Modern developments feature state-of-the-art amenities, sustainable design elements, and expansive views, which resonate with today’s affluent buyers. Projects that integrate mixed-use spaces and green infrastructure have added to the allure of these properties, offering residents a blend of convenience, lifestyle, and environmental consciousness.

Relative Affordability and Investment Appeal

Calgary’s luxury condos provide excellent value. As Davies notes, “Calgary buyers can get more for their dollar, enabling them to enjoy truly luxurious living with superb amenities for less.” 

Despite the impressive quality and high-end finishes available in many luxury properties in the city, the price points remain more accessible, offering both first-time luxury buyers and seasoned investors an opportunity to secure upscale properties without the prices expected in Toronto or Vancouver. Moreover, the prospect of property appreciation and rental income in a city with a growing population adds to the investment appeal. 

Policy Environment and Infrastructure Improvements

Government policies and infrastructure investments have also played a role. Relaxed zoning regulations and incentives for urban development have encouraged the construction of high-quality, high-density luxury projects. These policies ensure that new builds are designed with both functionality and luxury in mind, further spurring market growth. Additionally, improvements in public transit and urban connectivity have made luxury condos in prime locations even more attractive to buyers looking for convenience and a dynamic lifestyle.

Key Considerations for Luxury Condo Purchases

For buyers entering the luxury condo market, understanding the unique aspects of these properties is essential. 

Location

Although location is always crucial, it plays an especially significant role in determining the value of a luxury condo. Even if the unit offers upscale living, being situated in an undesirable area can substantially hinder its ability to reach its full market potential, according to Davies. With a premium property, this shortfall is particularly pronounced.

In Calgary, prestigious neighbourhoods such as the downtown core, Beltline, and areas near the Riverfront or Mount Royal offer both vibrant lifestyles and potential for future appreciation. Look for condos that offer easy access to fine dining, boutique shopping, cultural venues, and excellent transit options to support long-term resale value. Research the community’s demographics and future development plans. Areas experiencing urban renewal or with planned infrastructure projects can provide an extra boost in value.

Views and surroundings are integral to the luxury property experience. When investing in a high-end property, it is essential that the nearby area and sights outside the window are as compelling as the interiors and architecture. A property featuring breathtaking views of the city skyline, river, or the Rockies can significantly enhance your enjoyment of the condo and increase its resale potential. Additionally, be sure to consider any future developments that could compromise these views, access to green areas, or other location benefits.

Features and Amenities

A luxury condo should stand out, through superior design and a wide range of premium amenities. Look for modern, high-quality finishes, open floor plans, and innovative design elements that maximize natural light and space. Many luxury developments offer premium facilities such as 24/7 concierge service, fitness centers, rooftop terraces, spa facilities, and secure parking. They also often include integrated smart home systems for convenience, security, and energy efficiency.

Condo Fees and Board

Monthly condo fees cover the maintenance of common areas, building insurance, and amenities. In Calgary, luxury condo fees typically range from $300 to $700 per month, depending on the building’s age and amenities. Always review what is included in the fees and be aware that they may increase over time.

Ensure that the condo board maintains a healthy reserve fund to cover future repairs and unexpected expenses. Even with a new, luxury condo building, regular maintenance and repairs need to be done, so the fund needs to be able to support all required work. Special assessments can arise if the fund is insufficient, so review the building’s financial statements carefully.

Expert Advice and Due Diligence

Given the complexity of luxury condo investments, engaging with experienced real estate professionals is critical. Before finalizing a purchase, conduct a comprehensive review of the condo documents—including financial statements, board meeting minutes, and bylaws—to ensure you fully understand the property’s condition and any potential liabilities. Working with a real estate attorney or a professional condo document review service can help mitigate risks and avoid unforeseen costs.

Future Outlook

Calgary’s luxury condominium market is poised for continued growth, driven by factors such as sustained population increases, urban development initiatives, and a diversified economy. Compared to markets like Toronto and Vancouver, Calgary offers more accessible entry points into the luxury real estate sector, attracting both local and interprovincial buyers seeking upscale living without the higher price tags.

The city’s economic resilience further bolsters this positive outlook, with a strong job market and ongoing urban revitalization projects enhancing the appeal of luxury condos. As Calgary continues to develop and diversify, the demand for high-quality, amenity-rich condominiums is expected to remain robust, presenting attractive opportunities for both homeowners and investors.

Davies confirms, “The rise of luxury condos in Calgary is not just a trend. It’s a reflection of the city’s economic growth and development. There are more excellent options available, so anyone can find the perfect condo and embrace the advantages of quality condo living. Meanwhile, on the other hand, consistent demand ensures ongoing value.” This is promising news for buyers seeking a modern, upscale lifestyle in one of Canada’s most vibrant and dynamic cities.

Those interested in Calgary’s luxury condo market can benefit from the expertise of Jesse Davies, a Certified Condo Specialist with over 16 years of experience. As the leader of the award-winning Jesse Davies Team at Century 21 Bamber Realty Ltd., Jesse offers in-depth knowledge of Calgary’s real estate market and a proven track record in luxury condominium transactions.