Real Estate Blog for Buyers & Sellers

Luxury Homes in Edmonton are on Fire!

  February 1, 2014   Karen Stanko

 

Warnings about a potential housing bubblehaven’t held back the wealthy from snapping up homes across the country. Edmonton was among the major centers seeing strong growth in this area. High-end home sales rose 32 per cent with 365 high-end homes, valued at more than $750,000 being sold. The highest-priced single-family home sold in the Edmonton region brought in $3.4 million. The highest-priced condo sold for $1.6 million.

But there’s lots of room for negotiation. Most high-end properties tend to sit on the market for months and usually sell below asking price  — even if there are multiple bids.

What amounts to “luxury” varies dramatically from market to market, from just $500,000 in smaller markets like London, to $750,000 in Edmonton, $1 million-plus in Calgary, and $2 million and above in what remains Canada’s priciest city by far, Vancouver.

 

The demand for showcase homes in most of Canada’s major cities reflects a trend that’s taken hold in major global cities as economies have started to rebound, stock markets have surged and, along with them, the number of the millionaires which now stands at about 12 million people worldwide who have more than $1 million U.S. to invest.

 

Low interest rates have also spurred demand for housing in all areas of the market. Rising mortgage rates are also said to be sending buyers into the market as they look to take advantage of lower, pre-approved rates. If you are thinking about selling a high-end home in Edmonton, call me. I have a proven track record in this area and can assure you that I will get you top dollar, while making the process easy and efficient.