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Edmonton sees jump in million-dollar home sales

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Edmonton sees jump in million-dollar home sales
WATCH ABOVE: If you had $1 million or more to spend, what kind of house would that get you in Edmonton? Vinesh Pratap takes a closer look at the latest numbers that show million-dollar home sales are up. – Apr 5, 2017

In the first three months of 2017, 33 properties in the Edmonton area sold for $1 million or more.

Over the same period in 2016, 20 homes sold for at least $1 million.

In fact, more million-dollar homes sold in Edmonton this year than any of the previous five years.

In the first quarter of 2015, 19 homes sold for $1 million or more; 2014 Q1 saw 28 and 2013 Q1 saw 23.

READ MORE: Here’s what $500K homes look like in 14 Canadian cities 

Is it a sign the economy is rebounding?

“It’s not enough to say that it’s statistically significant,” Realtors Association of Edmonton chair James Mabey said.

“But… if people are willing to move into that sort of premium marketplace, it gives us an overall picture that Edmonton is attracting people of that ilk.

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“We have strong indications that is happening at all price points.”

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Realtors Association of Edmonton released its first-quarter report Tuesday.

“This time last year, the association was reporting a 13 per cent decrease in unit sales relative to the prior year. This year we have seen the trend reverse.”

IN PHOTOS: Luxury Edmonton home going to unreserved auction

And, the next quarter tends to be quite active, Mabey said. April and May can see as many as 500 units enter the Edmonton market every week.

“Seasonally, we always see an uptick in sales through the spring months. From what we understand as well, the economic indicators in the employment sector are really going to help us out through the back half of the year.

“Of course, stronger employment means it’s a lot easier for people to start making major purchase decisions like that of  a new house.”

READ MORE: Edmonton’s largest show home looks to attract new generation of buyers 

Home prices have remained relatively stable this spring compared to last March.

The average cost of a single-family home was $439,000 last month, up half a per cent from the same time last year.

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Condos dipped slightly, selling, on average, for nearly $243,000, down about three per cent from March 2016.

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Overall, the association believes consumer confidence is increasing in the city.

Homes are taking a little longer to sell compared to this time last year, sitting on the market for an average of 57 days, compared to 53 days in 2016.

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