In the last couple of years, Edmonton’s population has continued to grow at a rapid pace and so have the Real Estate sale prices for luxury homes. From January to November 2014 there were a total of 125 properties in Edmonton that sold in the million dollar price range, whereas in 2012 there were 75 properties that sold for similar pricing. Alberta’s energy industry has provided a stronger economy and greater opportunities for employment to the ever growing population, which in turn allows more people to upgrade to higher priced luxury properties. Also the fact that we have half of Canada’s top 10% earners living in Alberta, becomes another reason we are seeing this rise in million dollar properties sales in 2014. The highest demand in Edmonton is for the condominiums and single family homes that are in the medium to high price range and continue to increase in market value from month to month, but with this new trend of million dollar sales prices it’s bound to impact the market value of the homes in their neighbourhood.
What do you think about the rise of the million dollar homes in Edmonton?
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