Edmonton see strong demand for luxury real estate
Edmonton's resale market has led the nation's largest cities in recent months, and its once-sleepy luxury market is no exception.
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'Edmonton's luxury market has done really well with (resales) activity having gone up a lot,' says Jeremy Amyotte, realtor and broker with Amyotte Real Estate, who specializes in the city's luxury market.
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Realtors Association of Edmonton statistics year to date, ending June 30, show an 18 per cent increase in resales of homes $1 million or more with 187 transactions. The levels are at the highest level in the last five years.
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A key activity driver is bottom-up demand with prices in the non-luxury market rising due to high demand.
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It cites declining luxury sales in Toronto — down 28 per cent year over year — and Vancouver — down 51 per cent.
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Calgary saw growth in luxury, up three per cent, with the report noting its market exhibits a balance between supply and demand, much like its entire resale market.
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Only Montreal's luxury market stood out for growth, increasing 26 per cent.
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Both its and Calgary's luxury markets start at $1 million, whereas Vancouver and Toronto's upper echelon's entry price-point is $4 million.
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Edmonton's luxury market also starts at $1 million, and it typically offers more value for buyer dollars than the major cities in the report, which did not include Alberta's capital.
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A particularly hot spot for growth in Edmonton is the custom-built, new homes market, whereby many homes are constructed on spec, says John Carter, broker/owner of Re/Max River City.
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'Some builders are waiting until it's 100 per cent complete before listing on MLS, and those properties for the most part are selling well.'
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Others are sold before completion 'with buyers often purchasing before the final finishing stage that allows for some customization to buyer's choice.'
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Carter adds many buyers in this segment have large families, and a significant share come from out of province.
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Still, much of the demand comes from the local market with move-up buyers getting good value for the homes they are selling, enabling them to jump into luxury, Amyotte says.
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