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.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Portland, Bristol's Hope, Freelton, Saint-Bruno-de-Guigues, Coalmont
Edmonton investors are feeling confident about the economy, as the number of $1 million homes purchased continues to rise.