Calgarians on the hunt for opulent abodes are not rushing to snap up homes with $1 million-plus price tags, but the market for luxury dwellings appears to be stabilizing, according to a fall forecast by Sotheby’s International Realty Canada

Soft Sales Continue in April
 Prices steady, but struggles in Alberta economy weighs on housing
  
Changes to the lending industry and a challenging economic recovery are weighing on sales activity in Calgary's housing market.
  
Supply levels have not adjusted to the weaker demand environment, and that is preventing price recovery.
"Slower sales do not come as a surprise, given the economy has not yet improved enough to offset the impact of changes in the lending industry," said CREB [®]  chief economist Ann-Marie Lurie.

The first-half of 2017 marked a shift in Alberta's economy from recession to recovery, with conditions supporting stability rather than expansion.

"Economic challenges continue to exist, as high unemployment rates, weak migration levels and more stringent lending conditions are weighing on the housing market," said CREB® chief economist Ann-Marie Lurie.