
December 2020 - Edmonton Market Update

Affluent buyers seeking more land and more privacy.
Western Canada’s 2020 luxury property market continues to exceed expectations with all kinds of activity, ironically, as a result of the times we’re in. Yes, it’s a financially challenging year for most of us. But with the call for social distancing and the work-from-home trend, people who can afford it are buying larger homes in the suburbs, away from the urban density. Mortgage rates are low at the moment in Canada and these affluent buyers usually have no problem qualifying.
Across the country this summer and fall, there has been increased demand for expensive vacation homes and large, suburban properties with more land and more privacy. Properties in the “luxury” category sell at about three times the average home price in the market. Calgary and Edmonton luxury properties start at about $1.5 Million right now. What does that get you?
In any of these markets a detached, single family home in the “entry-level luxury category” has at least twice the square footage, extra space for gyms and spas, home offices and sprawling, restaurant-grade kitchens with (for example) Molteni, Sub-Zero, Wolf or Gaggenau appliances. The kitchen will almost certainly feature an island, possibly topped with Italian Carrara marble and a sink boasting crystal faucet handles (or no handles at all). Your bathroom might feature a tub carved by Japanese company Stone Forest from a block of granite! For the luxury price, you’ll get an expansive, open floorplan with beautiful hardwood, tile or marble floors, standalone indoor fire features, soaring ceilings, modern chandeliers and massive, high-end windows with tint control or automated blinds. In Edmonton, luxury property views feature might be the North Saskatchewan River Valley. All of the above is pretty much a given at the low end of the luxury category! If you’ve got the cash, you might like a spec-built mega mansion with wraparound deck and infinity pool plus two-lane tunnel to the underground supercar garage with elevator to the rooftop helicopter pad.
These abodes do exist in Western Canada. They’re priced in the tens of millions of dollars. Worldwide, in the hottest markets, that price skyrockets into the hundreds of millions!
There’s a nice curve in the North Saskatchewan River that runs through southeast Edmonton, close to ravines. On the south shore of the bend, you’ll find Gold Bar, a residential area named after gravel bars where prospectors panned for gold in the 1800s. Beautiful Gold Bar Park is on the east side of this community, connecting further south with another gorgeous greenspace called Goldstick.
The community runs east from 50th St. to the ravines of these parks and south to 101 Ave. It boasts off-leash areas for dogs, networks of urban trails and cross-country skiing in the winter. Single-family homes -- many built during the 1950s when the area developed rapidly -- typically run from the 300’s to the 600’s, averaging out somewhere in the middle. It’s peaceful and full of beautiful views.
For shopping, there are businesses at 50th St and 101 Ave and Capilano Mall is nearby, in the community of Ottewell. There are two schools here: Gold Bar Elementary (run by the Edmonton Public Schools Division) and Mount Carmel Bible School, a private Catholic post-secondary school.
Selling a home is not always easy if you have pets. In fact, some experts warn that owning a pet can reduce your home's value. Not if you’re proactive. Here are five tips on making the sale while you and your pet are out for walk in the park!
Always leave – with your pets – during showings. Let your agent make the sale and then return with all people and pets refreshed and relaxed.
Hire a handyman to replace structural elements of your home that your pets might have trashed. Start by inspecting baseboards, floors and doors for scratches and bite damage.
Bring in the movers! You might not have sold yet, but you need to get any chewed-up furniture out the door and into storage… pronto!
Replace carpets and subfloors if they’ve been soaked by your pet. Talk to a carpet retailer about replacement solutions.
Paint the place neutral with odor-free primer. Make it look and smell like new, free of any offensive stench!
If your list of essentials for your next Edmonton neighbourhood includes “close to downtown” plus access to public transit, the Commonwealth Stadium, a top library and many restaurants, take a closer look at Alberta Avenue, one of the city’s older areas (dating back to 1894). It’s currently undergoing a revitalization.
Property prices here are still reasonable and the neighbourhood has recently been ranked very high for investment by local real estate writers. What types of properties are here? In terms of single family detached homes, there’s everything from small “starter” bungalows to enormous two-storey character houses. The lots might be small (the community was developed shortly after WWII), but the trees aren’t (they’re huge), so it feels calm and private.
The Community of Alberta Avenue is bordered by 122 Ave (north), 111 Ave (south), 89 St (east) and 97 St (west). It’s a great community for families with children. There are two local schools here and it’s easy to get to just about anywhere, especially the 111 Ave, 118 Ave and 95 St retail corridors.