People ask me all the time…
“How’s the market?”
And honestly — it’s one of the hardest questions to answer simply. Because which market? Entry-level? Condos? Acreages? Luxury?
One of the most interesting (and telling) shifts we’ve seen in Calgary – over the past 10 years – is what’s happened in the $1M+ price range — and the numbers tell a pretty incredible story!!!!! Over the past decade, Calgary’s real estate market has undergone a significant shift — particularly in the number of homes selling above the $1 million mark. FUN FACT – we track these weekly/monthly/annually!
Looking at the data, the change is clear.
From 2016 through 2020, the number of $1M+ sales remained relatively stable:
2016: 606 total sales over $1M
2017: 679
2018: 613
2019: 526
2020: 497
Then something changed……
Starting in 2021, the market began to accelerate rapidly:
2021: 1,100 total sales over $1M
2022: 1,280
2023: 1,436
2024: 2,042
2025: 2,058
*2026 we are already at 389 to date!!!! That’s more than tripling the number of million-dollar sales compared to just a few years prior.
So what’s driving this?
1. Price Growth Pushed More Homes Into the $1M Category
One of the biggest factors is simple: price appreciation.
Homes that would have sold for $750,000–$900,000 in 2016–2019 are now commonly selling above $1 million. This is especially true for:
– Inner-city detached homes
– New infills
– Larger family homes in established communities
The $1M price point today often reflects what used to be considered “mid-to-upper” market, not just luxury! While $3M+ sales have also increased (from 12–17 annually pre-2020 to 55–63 recently), the most significant growth has been in the $1M–$2M segment!
2. Migration Into Calgary Has Changed Buyer Profiles
Since 2021, Calgary has seen a significant influx of buyers from:
– Ontario
– British Columbia
These buyers often arrive with:
– Larger down payments
– Higher budgets
– Different expectations of value
Compared to Toronto or Vancouver, Calgary still offers relative affordability, even at the $1M+ price point. This has increased competition and pushed more transactions into higher price brackets!
3. Limited Supply of Move-Up and Inner-City Homes
There is a finite supply of:
– Well-located inner-city properties
– Updated or newly built homes
– Larger family homes in desirable communities
– Country Residential Acreages close to Calgary
As demand increased – particularly from move-up buyers and relocating professionals, prices were pushed upward – moving more homes into the $1M+ range.
4. The Rise of the “Move-Up Buyer”
Many Calgary homeowners who purchased between 2015–2019 built significant equity during the market growth cycle.
Meaning more buyers CAN move up into the $1M–$1.5M range! This has increased activity specifically in the $1M–$2M category, which saw the largest jump in sales.
5. New Construction and Replacement Cost
Construction costs have increased dramatically over the past several years due to: Labour shortages, Material costs, Regulatory requirements.
6. Lifestyle and Space Became More Important
Post-2020, buyer preferences shifted!!!!
– More space
– Home offices
– Outdoor living
– Quality finishes
Buyers became more willing to STRETCH BUDGETS – for homes that better supported their lifestyle — often pushing them into the $1M+ range. Plus they travelled less during that timeframe and had more disposable income! Houses became not just a place to sleep/eat – but truly a place to live – and workout – and work – and study – and play!
7. Financing Changes Expanded Buyer Power
Another major shift – and one that often gets overlooked – is financing access.
FUN FACT: Buyers can now put as little as 5% down on homes valued up to $1.5M, which has significantly changed accessibility to the $1M+ market!!! Buyers who previously capped out around $700K–$900K can now stretch their budgets.More first-time and move-up buyers are entering this price bracket! Increased competition at this level has naturally driven up sales volume. The barrier to entry into the $1M+ market has lowered – bringing more buyers into a price point that was once far less accessible.
8. Generational Wealth Is Playing a Bigger Role
Another factor contributing to the rise in $1M+ sales is the increasing role of generational wealth in Calgary. More buyers, especially younger purchasers, are receiving financial support or gifted down payments from family, helping them enter the market – at HIGHER price points than they could on their own! The ability to purchase at this level – is no longer based solely on individual income – but also on access to family-supported capital!!!
What This Means TODAY….the numbers tell a VERY CLEAR STORY (I love proof sources!):
– The $1M price point is no longer niche
– It represents a much larger portion of the Calgary market
– Demand remains strong, particularly for well-located, move-in-ready homes
Calgary hasn’t just seen more luxury sales — it has redefined what $1M represents. What was once considered a premium price point is now, in many cases, the entry point for inner-city detached homes and high-quality properties. Understanding this shift is key for both buyers and sellers navigating today’s market.
And keep in mind…our parents bought their first homes for under $20,000 years ago………when I bought a home 24 years ago for $400,000 – my mom didn’t sleep for a week she was so worried!!!!! It’s all relative…..
Call us today to discuss in greater detail!