In just over a month, Sotheby's International Realty Canada is set to celebrate the grand opening of a new landing pad in Calgary, Alberta.
The recent move into the new office — located at 5111 Elbow Drive Southwest, in the well-established neighbourhood of Britannia — comes on the heels of a decade spent in the former location on 17th Avenue, and, as such, marks a big step for the company’s Alberta operations.
“Our grand opening is going to take place this fall and, thus far, we've been received with open arms,” says Mary-Ann Mears, Managing Broker for Alberta, who has been immersed in Calgary real estate since 2001, and has been with Sotheby's since 2012.
“I am amazed at how friendly and connected this community is. Every shop I go into, everybody wants to get to know you, and [everybody] has been very excited to hear that Sotheby's International Realty Canada is now in the area.”
The new Sotheby's International Realty Canada office in Calgary, at 5111 Elbow Drive Southwest.
The entire Alberta team is working out of the Britannia office, and they’re “exceptionally talented,” Mears shares. “They're deeply committed to always achieving outstanding results for their clients. A lot of our agents work collaboratively together and ensure that they support each other, and deliver great service to clients.”
It’s a good time for the brand to make a big-ticket move in Calgary. A recently-released, mid-year report from the brokerage shows that booming population growth — from both immigration and interprovincial migration — have led to “brisk price gains and a surge in $1M-plus property sales that outstripped the pace of growth in other major metropolitan markets.”
As far as the stats go, Sotheby's International Realty Canada reports that benchmark prices of single-family homes and condominiums saw annual rises of 12% and 17%, respectively, to $767,600 and $344,70012 in June 2024. As for residential sales over the $1M mark, those surged 46% in the first half of this year compared to the same period in 2023.
Meanwhile, sales of attached homes priced over $1M spiked a staggering 133%.
Mary-Ann Mears, Managing Broker for Sotheby's International Realty Canada Alberta.
Mears explains that, as affordability has become squeezed by higher interest rates and inflationary pressures, Calgary has seen increased demand from buyers in Toronto and Vancouver who are seeking better bang for their buck, lower property taxes, and a better quality of life.
Of course, Calgary’s market is not without challenges — expanded demand means that housing supply is swiftly being snatched off the market — but overall, Mears forecasts that the fall will bring more inventory, and that conditions will approach a place of better balance while remaining seller favourable.
“We're watching the inventory and we’re watching the number of new builds, because those will have effects, but… Calgary, I think, is going to stay one of the hot markets,” says Mears. “And I can't explain how excited I am about where we are currently [in Britannia], and how we'll have the ability to grow as one of the pillars within the community.”
Sotheby's International Realty Canada | Calgary
Address: 5111 Elbow Drive Southwest
Hours: 9am - 5pm, Monday to Friday
Grand opening: September 2024
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This article was produced in partnership with STOREYS Custom Studio.
