While Calgary's overall resale real estate is experiencing declining sales and prices, its luxury market is going strong.

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Sliding sales and home prices over the summer may seem like a bad omen for Calgary’s resale real estate market this fall, but pockets of strength point to the market being more resilient than it appears.

Veteran local realtor Tim Jones notes growing sales in August in the city’s luxury segment.

“If that part of the market was tapping the brakes right now, I’d have more concern about the health of real estate in Calgary,” says the broker/owner of Empowered Real Estate.

“But it’s growing with really strong numbers in August.”

Calgary Real Estate Board market statistics show sales for homes $1.5 million or more grew nearly 53 per cent year over year, ending Aug. 31 year to date. By comparison, resales for all housing types were down 16 per cent.

Another positive is that the threshold for “luxury” has grown in the last five years from $1 million to $1.5 million, Jones says.

“That growth is sort of a bellwether for confidence in the economy.”

More broadly, however, Calgary’s resale market is slowing from its previous record heights a few years ago.

CREB numbers reveal that the aggregate benchmark did rise slightly in August, about one per cent, year over year, to $569,800.

That is despite supply of homes growing nearly 17 per cent.

Multi-family resales are driving the decline in activity. This segment has been most affected by new construction, from purpose-built rental apartments to townhomes for purchase, adding new supply, Jones says.

Apartment condominiums continue to be the market’s sorest spot from a seller’s perspective.

Sales in August fell 26 per cent year over year — the highest percentage decline among housing types. As well, the benchmark price fell to $295,400, an eight per cent drop — also the largest percentage decrease.

Yet demand in the city remains robust for homes priced between $500,000 to $650,000. This price range continues to see the highest sales levels in Calgary.

“It’s just affordable for buyers,” explains Richard Fleming, realtor with Re/Max Real Estate Mountain View.

For about $500,000 to $550,000, for example, buyers can purchase a semi-detached dwelling or a single-family home with a detached garage.

For $600,000 to $650,000, they can buy a single-family home with an attached garage.

Demand for these homes also fuels activity in the higher price ranges, including luxury, he adds.

“People with equity are seeking to move up.”

Still, even the busiest parts of the market are experiencing falling sales and even prices. Yet Jones notes this is more a result of the market returning to normal sales and supply levels after historically high activity in the post-pandemic years, driven by record-low borrowing costs and high migration.

More recently, different market headwinds have emerged: political and economic uncertainty.

“Right now, there is a lot of angst with the referendum and the tariff fight with the States,” Jones says.

First-time and move-up buyers with growing families are generally more sensitive to headlines than higher-end buyers, he adds.

This sentiment is likely to loom over the market this fall, though Jones forecasts an uptick in the middle market after the referendum.

“There should be a lot of pent-up demand because people right now are holding off decisions, but eventually, they will have to jump into the market.”