The number of people who have invested a million dollars or more to buy a home is on the rise in Edmonton, the capital of the Canadian province of Alberta.
Jason Holland, of RE/MAX River City Real Estate, said that over the past year, luxury home sales have almost doubled in Edmonton. Between October 1, 2020 and October 1, 2021, 239 homes costing more than $1 million were sold, which is 140 more than the previous year.
According to Holland, more and more buyers don’t just want a place to sleep, but a home that can offer them a unique experience. “Whether it’s a sports court, a large backyard, a patio, a rooftop view or a golf simulator room, the main driver is that people are paying more attention to what their future home has to offer.
Sales are mostly in the more upscale residential areas of Edmonton. According to Jason Holland, “People are looking for proximity to amenities, proximity to downtown, proximity to greenery. They want to live close to quiet residential areas but also close to community centres.
The Covid-19 pandemic has also caused a drop in real estate sales and construction, leading to a drop in prices and, above all, interest rates, which have still not returned to their pre-crisis level, thus favouring the sale of luxury homes to business owners who do not have the time to build their homes clique aqui. It is essentially these historically low interest rates that have enabled this strong recovery of the luxury real estate market in Edmonton.
