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

Inventory increases and sales drop in September, but overall sales for the year remain higher than last year.
 
Strong gains in the first-half of 2017 has put the Calgary year-to-date sales at seven per cent above last years' levels and 11 per cent below long-term averages, but challenges remain with easing sales and rising new listings.

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.