Edmonton Real Estate: 2024 Spotlight on Luxury

Edmonton’s luxury market continues to fire on all cylinders as both local buyers and those migrating from Ontario and British Columbia spark home-buying activity over the $1 million price point. Sales of high-end homes are up 32 per cent year over year, with 33 single-family and condominium properties sold between January and February of 2024, up from 25 sales during the same period one year earlier.

Detached homes in the $1 million to $1.5 million range remain the sweet spot in the market, with the vast majority of sales occurring between these price points. Demand has been greatest in infill core areas of South University, near the University of Alberta and the opposite side of the North Saskatchewan River, including neighbourhoods such as Crestwood, Laurier, and Glenora. The suburban outskirts have also experienced a surge in demand, given new construction in areas like Windemere and acreage properties offering homes with considerable square footage. Condominium sales, on the other hand, are fewer and farther between, with just two sales occurring this year, compared to three one year ago.

Large families, multi-generational families, professional athletes, and high-income professionals are behind the push for luxury product in Edmonton. Equity gains have played a role as prices have edged upwards in recent years. Downsizing, lateral moves, and life events have also prompted movement in the market.

The upward momentum in the high end is driven by in-migration and relative affordability, where buyers’ dollars stretch further. An adequate supply of homes is currently available for sale in Edmonton, with many new builds under construction. The landscape is also changing in many established neighbourhoods as tired, older homes are renovated, or if need be, demolished and replaced by custom builds as investors and builders move to meet the demands of today’s buyer.

Continued strength and growth are forecast for Edmonton’s luxury sector, where the high end represents approximately one per cent of total sales. There are 20 properties pending at present, which foreshadows the strength of the overall market heading into the spring. With lower interest rates on the horizon, there’s little doubt that Edmonton’s housing market will continue to thrive throughout the remainder of the year.

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About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in over 9,000 offices with a presence in more than 110 countries and territories. RE/MAX Canada refers to RE/MAX of Western Canada (1998), LLC, RE/MAX Ontario-Atlantic Canada, Inc., and RE/MAX Promotions, Inc., each of which are affiliates of RE/MAX, LLC. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides.

RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit remax.ca. For the latest news from RE/MAX Canada, please visit blog.remax.ca.

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