Luxury home sales are on an upswing in Edmonton and this is what's selling
Luxury home sales have been on an upswing this past year in Edmonton, according to Royal Lepage’s most recent report on Canada’s luxury home market.
The real estate company reported that in the first eight months of this year, the median price of a luxury property in the city rose by 0.9% annually to $1,589,900.
However, during the same time period, sales activity increased by nearly 40%. Royal Lepage says that the entry-level price of a luxury property is $1,250,000.
“There appears to be two primary luxury buyer types shopping in Edmonton these days – those who are interested in remodelling older, custom-built homes, and those who prefer to completely rebuild from the ground up in more central locations closer to downtown, such as the city’s River Valley neighbourhood,” said Ed Lastiwka, associate broker with Royal LePage Noralta Real Estate.
“Another subset of luxury buyers will look to the outer city’s newer communities where the land value tends to be less, where they can find a suitable property or build the house of their dreams from scratch.”
Homes sold over the entry-level price this year have contained an average of 4.3 bedrooms and 3.8 bathrooms.
Lastiwka expects activity to remain strong, particularly as interest rates continue to come down.
Royal Lepage
Sales of luxury homes were up nearly everywhere in Canada in the first eight months of 2024, with the exception of Vancouver, Toronto and Halifax.
The prairie provinces recorded some of the highest gains in sales activity, with Winnipeg leading the way, followed by Edmonton and Calgary.