Vancouver developer Ledcor Properties Inc. has sold the most expensive condominium in Calgary's history – an $8 million suite in a 38-unit project called The River along Cowtown’s Elbow River, Ledcor COO Chris Bourassa told Business in Vancouver January 13.
The most expensive condominium that sold in Vancouver in 2011 went for $10.1 million, according to a recent Macdonald Realty report. The highest ever paid for a condo in Canada was in Toronto: $28 million.
“Calgary is not that mature yet,” Bourassa said. “It’s not quite there yet on the condo side.”
Other Vancouver developers, such as Bosa Properties Inc., has built projects in Calgary. But the city is less of a condominium town than either Vancouver or Toronto.
Ledcor launched sales for its Calgary project, which has 11 townhomes and 27 condominium units, in November. So far, Ledcor has sold eight condos and no townhomes.
The most expensive suite in the complex is $9 million; the second most expensive unit is $8.3 million. Ledcor is in negotiations with potential buyers of both those suites, he added.
Ledcor has also had a hand in building high-end condominiums in Vancouver. It not only built the the Shangri-La Residences and the Shaw Tower, it also co-owns them with Westbank.
Glen Korstrom
@GlenKorstrom