Luxurious condominium gross sales start to select up in Alberta's capital

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Edmonton’s resale actual property market is well-known for being inexpensive, however additionally it is a hidden gem for luxurious condominiums for patrons seeking to get probably the most for his or her {dollars}.

But the section that has typically been missed by well-to-do patrons is beginning to garner consideration as a result of worth it provides, says native realtor Jeremy Amyotte, senior vice-president of gross sales with the Amyotte Group at Sotheby’s Worldwide Realty.

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“General, the condominium market in Edmonton has been much less lively for fairly a while than different housing varieties, particularly in luxurious.”

Condominiums have by no means been a primary alternative for patrons of all stripes in Edmonton the place single-family indifferent houses proceed to make up nearly all of exercise, given the housing sort stays extremely inexpensive with a benchmark worth underneath $450,000, Realtors Affiliation of Edmonton knowledge exhibits. That’s in contrast with Calgary the place the benchmark is approaching $700,000, which can also be thought-about inexpensive relative to Toronto and Vancouver.

In Canada’s largest cities, common costs for all houses exceed $1 million.

As such, Edmonton’s luxurious condominium market, or models priced $1 million or extra, provides patrons a king’s ransom by comparability, Amyotte says.

“Luxurious condominium gross sales at the moment are beginning to decide up, however the tempo is certainly nonetheless lagging behind different markets.”

Condominium gross sales in Edmonton throughout all ranges have been growing 12 months over 12 months since 2019, RAE statistics from July spotlight.

That mentioned, the typical worth — 12 months thus far in July — was the bottom it has been up to now 4 years at about $193,000.

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Nonetheless, July did see a luxurious condominium promote for about $1.73 million. One potential market driver is out-of-town patrons from Toronto — high-income professionals comfy with $1-million-plus worth tags, Amyotte says.

“For them, luxurious condos right here supply great worth.”

He cites one latest Edmonton condominium itemizing close to the Legislature Constructing listed for $1.04 million, and compares it with latest luxurious condominium listings in different main cities — which have been highlighted in a latest Sotheby’s report.

The Edmonton itemizing, situated in Symphony Tower on 106th Road, is a 2,000-plus-square foot house that overlooks the River Valley, has two bedrooms, two and a half baths, and a glass-enclosed workplace area. The constructing was accomplished in 2018, and the house condominium has by no means been lived in, Amyotte says.

In distinction, a listed luxurious condominium in Calgary with 2,000 sq. ft of area with views of the mountains within the Tradition and Leisure District is listed at $1.73 million.

Calgary’s luxurious condominium market has skilled “very sturdy worth development over the previous two years,” Barb Richardson, a realtor within the metropolis with Sotheby’s.

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Out-of-town patrons are a key driver there.

“My guess is that a minimum of half of them are coming from different markets,” she notes, including these patrons see the worth that the luxurious condominium market provides in Calgary.

Because the Sotheby’s report highlights, a latest itemizing for a 1,452-square-foot condominium in downtown Vancouver is priced at almost $2.2 million.

Though out-of-province patrons are much less of a consider Edmonton, Amyotte notes seeing rising curiosity for high-end condominiums in Oliver and Grandin.

Many are patrons later of their careers with luxurious houses in Glenora.

“They’re downsizing from giant houses,” he says. “And people are those who truly can afford to purchase these condos as a result of they’ve a variety of fairness of their home.”

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