The luxury housing market in Calgary and area is expected to slow down along with other real estate sectors in light of reduced energy revenues and some agencies are offering extra incentives to help move inventory.

“Overall this year, we are expecting that sales levels will slow due to the economic conditions and prices at best will stay stable if not somewhat decline however if we are looking at the luxury there are differences depending on what segment you’re operating in so as we’ve said if you’re dealing with various price ranges, in the $1M plus range you have to consider how much inventory is in that segment that you’re operating in as well as what selection there is for competing properties so ultimately what will happen in that $1M plus will depend on the amount of selection that consumers have,” said Anne-Marie Lurie, from the Calgary Real Estate Board.

A new report by Sotheby's International Realty Canada says low oil prices are impacting the Alberta economy more than other parts of Canada and some sellers have had to relax asking prices to keep in line with the direction of the market.

Ghost Lake Manor was built in 1995 and is a 15,000 square foot home that sits on 117 acres, west of Cochrane.

The property is listed at $9.7M and has stunning views of the Rockies and a pond with a private island.

It also boasts a gourmet kitchen, two-storey library with a spiral staircase, an 18-seat theatre and an indoor pool and hot tub with a glass roof.

The luxury home has been on the market before, listed as high as $12M.

“The reality of where the marketplace is now, a home of this calibre is quite attractive to various groups whether it be an individual family, high net worth individuals, developers have looked at this parcel at different times,” said Dennis Plintz, from Sotheby's International Realty Canada.

To entice a buyer, an extra incentive has been added and those interested in purchasing the property can now bid on two adjacent homes as part of the package.

“Adjusting the price on any property is intended to speed up momentum and keep interest there and it’s one of the things that we do as a group and as a company, Sotheby’s International Canada, and it’s also to be creative to think of ways to add value. Although it’s not a public listing yet, adding the adjacent 140 acres with two additional homes on lake-front is really an attempt to make sure the package, if you will, with an attractive price, keeps interest going in a market that needs that,” said  Plintz.

In February 2014, 56 homes in the $1M price range were sold in Calgary compared to just 23 last month.

In the Rocky View area, sales are down from 14 to 11.

“So overall when we look at the activity that’s occurred in both the Calgary and surrounding areas at $1M plus, what we have seen happen is that sales activity has pulled back. Now it hasn’t just happened in the $1M plus sector, we’ve seen this happen across all sectors within the city,” said Lurie. “Part of this is happening just because we’re seeing a lack of consumer confidence in the market and this is causing some of that pull back in sales.”

Realtors say buyers could see even more incentives added to high-end homes to sweeten the deal in the future, like cars or furniture.

(With files from Shaun Frenette)