Edmonton luxury home market booms in 2021, sales nearly double
The number of people investing a million dollars or more to buy a home in Edmonton is on the rise.
RE/MAX River City realtor Jason Holland says that over the past year, luxury home sales have nearly doubled. Between Oct. 1, 2020, and Oct. 1, 2021, 239 homes with a price tag of more than a million dollars have sold. That’s compared to 140 in the previous year.
According to Holland, more buyers are not just wanting a place to sleep, but a home with a unique experience to offer.
“Whether that’s a sports court, whether that’s a large yard, whether that’s a rooftop patio or view, or golf simulator room,” Holland said. “The main driver is people are taking more stock in what their home has to offer them.”
Other popular wish ticket items include wine cellars and spa rooms.
Interior designer Lauren Kyle says the trend has lead to more high-end product options available to meet the demand.
“It’s really interesting to see these companies come and really have an interest in the luxury market in Edmonton,” Kyle said.
“As we know, we all just went through a pandemic and it’s become really important that people are comfortable in their home and have an environment that’s really special and liveable.”
Holland shared how more and more buyers hope to find that luxury in mature neighbourhoods.
“What people are looking for is proximity to amenities, downtown, and then you also have the luxury of mature trees, established neighbourhoods, and community centres,” he added.
“Edmonton is a city of quiet wealth. Surprisingly, you don’t really think people are worth money or have that kind of luxury money to afford those properties. But we have noticed there’s no shortage of interest in these types of (homes).”
Within the last year, Holland said more people are interested in buying turn-key homes that are ready as opposed to waiting for a new build.
“Most of the time, (these transactions) involve people who are very busy, owning businesses or careers that just don’t offer the time to build.”
Over the past year, 128 infill homes sold for more than a million dollars. That’s compared to only 72 in the year before.
“Two, three years ago there was nothing like that on the market or even being built,” Holland said. “When some of these products come available, they go very quickly and that depends on what that property is offering, how unique the design is.”
Thirteen properties sold for at least $2 million compared to five in the last year. In 2019, nothing sold for over $3 million. To date, five sold this year.
While a million-dollar property is far out of reach for many Edmontonians, Holland said a lot of people are upgrading.
“With good interest rates, people essentially can move up into a different price point category and essentially their mortgage prices are the same,” he said. “We’re seeing that across all price points.”
CTVNews.ca Top Stories
NEW Keeping these exotic pets is 'cruel' and 'dangerous,' Canadian animal advocates say
Canadian pet owners are finding companionship beyond dogs and cats. Tigers, alligators, scorpions and tarantulas are among some of the exotic pets they are keeping in private homes, which pose risks to public safety and animal welfare, advocates say.
NEW Life got in the way of one woman's reunion with her father, but a DNA test gained her a family
Anne Marie Cavner was the closest she'd ever been to meeting her biological father, but then life dealt her a blow. From an unexpected loss to a host of new relationships, a DNA test changed her life, and she doesn't regret a thing.
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
Quebec farmers have been protesting since December. Is anyone listening?
Upset about high interest rates, growing paperwork and heavy regulatory burdens, protesting farmers have become a familiar sight across Quebec since December.
'Catch-and-kill' strategy to be a focus as testimony resumes in Trump hush money case
A veteran tabloid publisher was expected to return to the witness stand Tuesday in Donald Trump's historic hush money trial.
Quebec Health Department reports 28 cases of eye damage linked to solar eclipse
Quebec's Health Department says it has received 28 reports of eye damage related to the April 8 total solar eclipse that passed over southern parts of the province.
Psychologist becomes first person in Peru to die by euthanasia after fighting in court for years
A Peruvian psychologist who suffered from an incurable disease that weakened her muscles and had her confined to her bed for several years, died by euthanasia, her lawyer said Monday, becoming the first person in the country to obtain the right to die with medical assistance.
Diver pinned under water by an alligator figured he had choice. Lose his arm or lose his life
An alligator attacked a diver on April 15 as he surfaced from his dive, nearly out of air. His tank emptied with the gator's jaws crushing the arm he put up in defence.
How quietly promised law changes in the 2024 federal budget could impact your day-to-day life
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.