Sales of million dollar luxury homes in Kitchener Waterloo doubled year-over-year in the first half of 2014. There were 10 sales for $1 million or more versus 5 in the first half of 2013.
Regular readers of this Kitchener Waterloo real estate blog know sales of million dollar homes are rare. I've also often stressed that markets are local and here's an example.
My colleagues from the Century 21 Home Sweet Home Team in Calgary report that 452 homes sold for $1 million plus in the first half of 2014. That represents an increase of 18% year-over-year.
How can we explain this disparity? The Alberta economy is the one bright spot in Canada currently. Using census data from 2011, the median household income in Calgary was 18% higher than Kitchener Waterloo and this gap has likely widened in the meantime. The energy boom combined with low interest rates has increased demand for million dollar homes in Calgary.
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