Luxurious gross sales are having a stellar yr throughout Canada, together with Edmonton

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In Alberta’s capital, most home sales in six years are over $1 million

Edmonton luxury home sales increased in 2021. Edmonton luxury home sales increased in 2021. Photo by Tom Braid /mail media

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Luxury real estate in Canada is booming, a new report shows, and Edmonton is no exception, says a local agent.

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“It was easily the best year for luxury goods in the last decade,” said Ron Dickson, senior vice president of sales for the Dickson Amyotte Group at Sotheby’s International Realty Canada.

In the Edmonton metropolitan area, 281 homes priced at $1 million or more were sold in 2021. That’s an increase from 168 sales in 2020 in this price range.

The number is the highest tally for the price segment in six years, says Jeremy Amyotte, real estate agent and partner at Dickson Amyotte Group.

“The highest number since 2015 was 185 in 2018,” he says, adding he can’t confirm whether the 2021 sales figures marked an all-time record, although he suspects it might have. (The Journal contacted the Realtors Association of Edmonton to confirm whether 2021 was a record, but was unable to confirm as of press time.)

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However, last year resulted in two high watermarks for the city’s luxury market, Dickson says.

He points to Edmonton, which has seen the most expensive home sold in the past decade (about $5 million) and the most expensive bungalow ever sold (about $4 million) in 2021.

More broadly, Sotheby’s recently released Top Tier Year End Real Estate Report for 2022 highlights that 2021 was a record year for luxury home sales in Canada.

The report only includes operations in Toronto, Vancouver, Montreal and Calgary, but all four major metro areas – which account for the bulk of luxury sales in Canada – posted triple-digit percentage growth year over year.

Vancouver saw 2021 sales growth of 240 percent for homes priced at $10 million or more over 2020. Greater Toronto saw similar growth in the highest price segment, while the price range of $4 million to $10 million saw growth of 224 percent recorded.

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Calgary, a much smaller luxury market, had no sales over $10 million and very few sales over $4 million (three). Still, the luxury market, which started at $1 million, still recorded more than 1,100 sales in 2021.

“A lot of this interest has had to do with the fact that the economy is showing signs of strengthening,” said Don Kottick, president and chief executive officer of Sotheby’s International Realty Canada.

He notes that Edmonton — long an overlooked luxury market in Canada — has had a similar evolution to the Calgary market, offering luxury buyers more value for their dollar.

“From an average price perspective, both markets are among the cheapest areas in Canada,” he says.

That goes for their luxury segments as well, with high-end homes in Edmonton and Calgary starting at $1 million. This bargain price compared to larger markets is attracting the attention of buyers from outside Alberta, Dickson says.

“There are a lot of migrants coming back to Alberta,” he says. Many buyers come from markets like Vancouver and Toronto — often in the medical space — and can afford homes in the Edmonton market, which sell for $1 million to $2 million, which is upwards of $4 million in these larger centers would cost.

“These are people who moved to these markets 20 years ago for work,” he says. “Now they have equity in these properties to come back and buy luxury in Edmonton with cash.”

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