$1M home sales on the rise in Edmonton

Edmonton investors are feeling confident about the economy, as the number of $1 million homes purchased continues to rise.

In 2014 so far, there have been 125 homes sold at a price of $1 million or more, compared to 94 at this time last year and 75 in 2012.

Greg Steele, president of the Realtors Association of Edmonton, says: “We have seen this trend throughout 2014. Almost two per cent of the single-family dwellings sold last month were over a million dollars.

“Compare that to last October where less than one quarter of one per cent of the sales was over a million.”

Todd Millar, investor relations at Glenn Simon Inc., adds: “Buyers of $1 million homes feel that the economy is strong –or was at the beginning of the year and are long-term buyers – and that they see value for a $1 million and/or feel affluent enough to purchase one. Sentiment is stronger this year than last.”

Other trends include:
  • Condos gained a bit of momentum, going up 2.6 per cent month-over-month and 9.75 per cent year-over year.
  • Residential property listings were up 18.6 per cent from last year.
  • The demand for single-family homes in the $350,000 to $400,000 remains high, with 185 properties selling in this range in October alone.

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