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2mo ago

US Housing Markets Stall as Alberta Luxury Homes Surge

US housing sales along with new-home starts have hit multi-year lows under 7% mortgage rates; Edmonton’s million-dollar resales reached five-year highs alongside Calgary’s rollout of lock-and-leave stacked bungalows.

Multi-family building activity is up nearly 30 per cent month over month in the United States.
When downsizing from the family home, many high-end buyers maintain a key interest in large kitchens. Courtesy, Snap Squad
Much of the demand for luxury real estate in Edmonton comes from the local market with move-up buyers getting good value for the homes they are selling, enabling them to jump into luxury.

Overview

  • US existing home resales fell 3% in June, single-family starts dipped 5%, and multi-family activity drove a 5% overall rise in housing starts, according to TD Economics.
  • US housing inventory remains about 16% above last year’s levels and average mortgage rates near 7% continue to restrict affordability.
  • Realtors Association of Edmonton statistics show an 18% year-to-date increase in resales of homes priced $1 million or more, marking the strongest performance in five years.
  • Calgary’s luxury market posted a 3% increase in million-dollar home sales and introduced lock-and-leave “stacked bungalows” priced between $3 million and $4 million for downsizers.
  • Alberta’s strong local demand and innovative high-end products are sustaining luxury home growth even as broader Canadian markets stabilize and US housing activity remains subdued.