Calgary’s Luxury Real Estate Market Holds Strong in 2025

Despite growing concerns about potential U.S. tariffs on the oil and gas industry and the looming federal election, Calgary’s luxury real estate market is showing remarkable resilience. Recent data reveals that luxury home sales over $1.5 million have increased by more than 11% compared to the same period last year. A total of 68 properties changed hands in the first two months of 2025, up from 61 sales during the same period in 2024.

The city’s appeal continues to draw buyers from Ontario and British Columbia, a trend that started during the pandemic and shows no signs of slowing down. Between July 1, 2023, and July 1, 2024, Calgary saw a net migration increase of close to 21,000 residents — the highest gain in over two decades. Statistics Canada also reports that Calgary has experienced the fastest population growth rate among all Canadian metropolitan areas in the past 20 years, at 5.8%.

Economic Strength Driving Demand Calgary’s strong economy has undoubtedly played a substantial role in maintaining momentum in the luxury market. While interprovincial migration has contributed to population growth, the city’s economic diversity has had an equally significant impact. The thriving oil and gas industry remains a cornerstone, while an emerging tech sector and ongoing efforts to attract new businesses have bolstered demand for high-end properties.

This combination of factors has led to luxury homes now accounting for 2.2% of the overall market, up from 1.6% during the same period last year. Detached homes dominate the segment, making up nearly 93% of sales, while condominium and semi-detached properties make up the remaining 7%. The bulk of sales so far this year have been priced under the $2 million mark, while inventory remains healthy, with over 200 listings priced above $1.5 million — including 35 ultra-luxury properties priced over $3 million.

Changing Preferences in the Luxury Market While established luxury neighborhoods like Upper Mount Royal, Britannia, and Elbow Park continue to attract buyers, there’s a noticeable shift toward inner-city communities like Altadore and Hillhurst. These areas offer new infill developments on generous lot sizes, ranging from 60 to 80 feet of frontage, appealing particularly to younger, move-up buyers looking for modern, spacious homes.

We’re also seeing downsizing trends among Calgary’s aging population, with 14% of residents now aged 65 and older. Empty nesters and retirees are trading their larger homes for smaller properties or condo apartments, while some are investing in vacation properties in B.C., Arizona, or California. Proximity to Calgary’s international airport makes this lifestyle shift even more appealing.

Multi-generational living is also making waves in the luxury segment. Acreage properties with secondary residences for adult children or older parents are drawing interest. In the city, carriage house suites and apartments over garages are becoming more popular in established neighborhoods, offering flexibility for extended family living.

What Lies Ahead for Calgary’s Luxury Market Given the current landscape, including the potential impact of tariffs and stock market volatility, the future remains uncertain. Yet Calgary’s real estate market has a history of resilience, bouncing back stronger after every challenge. With a strong local economy and the highest number of millionaires per capita in Canada, the city’s luxury market is expected to remain robust.

Most moves in the current market are needs-based, and buyers at the top end tend to be less influenced by market timing, making the luxury segment more resilient. Whether it’s the city’s economic opportunities or lifestyle appeal, luxury real estate in Calgary continues to thrive.

If you’re curious about how these trends might impact your real estate goals, feel free to reach out — I’m always happy to chat and share insights!