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Edmonton Luxury Real Estate is Forecasted to Boom in 2024

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Canada’s luxury real estate market remained relatively quiet throughout 2023. However, this year, experts are predicting that luxury homes will start to pick up the pace in terms of sales in the months to come. With interest rates at all-time highs last year, it’s no surprise that several Canadians put a pause on purchasing luxury assets. Now that interest rates are steadying, and rumours of decreases are circulating, eager buyers and investors are looking to make their move on high-end properties. Edmonton, Toronto, Montreal, Calgary, and Vancouver are among the cities looking promising for luxury property transactions in 2024. In this article, I will focus on the Edmonton luxury real estate market and provide some advice for those considering entering the market this spring. Follow along below to learn more!

The 411 on Edmonton Luxury Real Estate

During the bulk of 2023, luxury market sales struggled. Now that mortgage rates are stabilizing, Edmontonians who have been waiting for the right opportunity to purchase, are impatiently waiting to capitalize on the potential upswing in luxury property transactions. 

According to data from the REALTORS® Association Edmonton, the activity in this sector of the market was the lowest it’s been since 2020. This is in part due to the fact that many luxury property buyers were moving away from investing in condos. Rising fees associated with condos led to a perceived increase in value for single-family homes. Consequently, buyers found it more appealing to invest in detached houses than condominiums. 

Edmonton’s neighbour and rival to the south, Calgary, saw tremendous growth in its luxury sales during 2023. Homes with values over $1,000,000 saw sales increases of 13% year-over-year. All the while, properties valued at $4,000,000 and above witnessed a 50% jump in sales year-over-year. Not surprisingly, 88% of these purchases were single-family homes. Although, condo sales in Calgary also remained fairly steady, growing 16% year-over-over. It’s worth noting that the majority of the activity in this sector occurred during the latter half of the year. 

Similar to Calgary, Edmonton also recorded strong activity from the second half of the year onward in the luxury market. This is mainly due to the fact that the luxury market in Edmonton starts at $1,000,000. As a result, it is much easier for buyers to purchase high-end properties compared to cities like Vancouver or Toronto. 

The affordable price tag on luxury properties in Edmonton has been an attractive factor for out-of-province buyers and investors. For those used to the cost of housing in B.C. or Ontario, the value of real estate in Edmonton seems like a bargain. 

Tips for Investing in Luxury Properties

  1. Find Your Limit

When investing in luxury properties, it is critical that you know your limit in terms of price. Having a clear-cut budget is essential as you work towards marking a purchase. Luxury properties are often more expensive to maintain than your average single-family property. This is because many come with additional amenities and features that you wouldn’t normally have with homes in the regular market. Not to mention the average listing price will also be higher than usual. Getting pre-approved for a mortgage is a great first step to take. 

  1. Choose a Great Location

Location is paramount with luxury real estate. Especially, if you have plans of reselling or operating a business out of your home. You’ll want to ensure that your luxury property is zoned in accordance with your intended uses and in a place where future buyers would consider it to be an attractive investment. Choosing a home that’s near great shopping, dining, educational institutions, or a recreational experience is ideal. Talk with a real estate agent to determine what area is best for you!

  1. Work With a Trusted Agent

One of the best things you can do when investing in luxury real estate is to work with a REALTOR®. A trusted agent is going to know the ins and outs of the local market. This can ensure that you get the best deals, information and advice as you work toward accomplishing your goal. When buying a luxury property, it is often hard to determine a fair price. With the help of an agent, you can guarantee that you are getting the best value for your money. 

Contact me Today!

Choosing to invest in Edmonton luxury real estate is an exciting endeavour. Contact me today to learn more about the luxury market in this area. I’d be happy to answer any questions you have about how to achieve your 2024 real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information. I look forward to working with you in the near future.

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Should You Renovate or Buy Houses for Sale in Edmonton South?

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Choosing whether to renovate or to buy new is an age-old question that many homeowners often face. Deciding to move is no easy task. However, renovating doesn’t always sound overly appealing either. In order to make the best choice for your family, it’s important to weigh the pros and cons of both options. Asking yourself key questions about your current living situation and your needs can also be of benefit. To help you determine what the best course of action is, we are going to be going through some of the advantages and disadvantages that come with buying houses for sale in Edmonton South Vs. renovating. Follow along below to learn more!

To Renovate or Not to Renovate…

Renovating is a good alternative to buying for some homeowners. However, to figure out if you are a good candidate for renovation, you should consider what you want to change. If it’s simply aesthetics that you’re looking for, renovating is usually a feasible choice. This is especially true if you already love the area you are in, you enjoy the layout of your home, and there is room for you to grow. 

On the other hand, if you’re not satisfied with the neighbourhood you’re in and you have other concerns about the physical qualities of your home, moving could be the most favourable option. If you need things like additional square footage or you’ll have to make major repairs along the way, renovating may not be worth it. 

Making changes to the appearance of your home is usually straightforward and can often be done on a budget. However, structural changes are much more complex. They generally require building permits, a higher budget, more time and the help of an expert. Moreover, when homeowners make big changes to their existing homes they will often uncover problems that need to be addressed before the renovations can be completed. For example, out-of-date electrical systems, rotting wood, and other factors that may not meet the present-day building codes. 

Another thing you need to think about when renovating is your living arrangements. Living in your own home while renovations are underway presents a unique set of challenges and risks. This is only heightened, if you have young children. As your home gradually becomes a construction site, it’s important to plan around this time to ensure that you remain comfortable during the renovation process. 

Buying Houses for Sale in Edmonton South Instead of Renovating

Moving homes can be easier to navigate when compared with renovating in several cases. For instance, if you are expecting a new baby, but you don’t have enough bedrooms to accommodate their arrival. Or, if you’re not satisfied with the location you’re currently situated in. Homeowners in these situations often find it easier to meet their new demands by moving homes as opposed to renovating. This is because it can be hard, or sometimes impossible to change fundamental aspects of your current home. 

Additionally, by relocating, you’ll get the benefit of avoiding the stress of renovations. This alone is enough of a reason for many Canadians to choose to buy over renovate. Furthermore, by moving you’ll get a fresh start, potentially in a new area. A change of perspective could be just what you need to improve your quality of life! Besides, if you have enough equity on your side, buying new could be a worthwhile investment. However, it’s important that you consider the expenses associated with moving, closing the deal and a new (potentially more costly) mortgage. 

Nevertheless, moving houses is not always all sunshine and rainbows. In fact, a lot of sellers find that searching for a new home can be just as challenging as renovating. This is only amplified in the event of poor market conditions or suboptimal lending rates. Because of these factors, it’s critical that if you choose to move, you do your due diligence to determine when the best window is to sell/buy. In moving properties, you also risk not being able to find your “perfect” home. This can lead to buyer’s remorse and overall dissatisfaction. 

Contact me Today!

Choosing to buy houses for sale in Edmonton South Vs. renovating is a challenging decision. Contact me today to learn more about the pros and cons of buying new or renovating properties in Edmonton. I’d be happy to answer any questions you have about how to achieve your 2024 real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information. I look forward to working with you in the near future. 

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Houses for Sale in Edmonton: 2024 Market Outlook

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Happy New Year to everyone! If you’re considering entering the Edmonton housing market this year, you’ve come to the right place. Throughout 2023, Edmonton consistently ranked among the top places to live in Canada in terms of affordability and opportunity. Additionally, it boasted some of the most stable housing prices, as reported by CREA. Now, you might be wondering about the changes expected in 2024. What can buyers and sellers anticipate in this year’s market? In this article, I will provide a market outlook for the New Year, offering insights into the latest trends and projections. Join me below as we delve into what to expect from the housing market in Edmonton in 2024!

Trends to Expect From Houses for Sale in Edmonton in 2024

In 2024, buyers and sellers can expect to see some shifts in the market. One of the predictions outlined by experts this year is that the market will shift from one that is balanced to one that favours sellers. This means lower inventory levels and more demand from buyers. So, for those who have been waiting for the right time to list their homes for sale, now may be your chance. 

In Edmonton, RE/MAX forecasted that the two greatest trends that will impact the area will be rising interest rates and interprovincial migration from Ontario. Interest rates will continue to play a crucial role in shaping the dynamics of the real estate market. As interest rates go up, the cost of borrowing will follow suit which is likely to affect the decisions of both buyers and sellers. Higher interest rates in Edmonton may cause changes in affordability in Edmonton which is something the city has yet to see thanks to its stability over the past year. 

As for new residents migrating from Ontario, this will likely equate to more competition for housing. Thus, influencing the value of property in Edmonton and surrounding areas. With Ontario being one of the least most affordable provinces to live in Canada, it’s no surprise that many will be making the move to Edmonton this year. 

Sellers should be aware that single-family homes will be the most popular in 2024. This prediction suggests that among all property types, single-detached homes will be preferred among buyers. If you’re looking to list your single-family home, be sure to tailor your listing in accordance with this trend. Factors such as a growing desire for more space and a heightened sense of privacy are driving the popularity of this housing type. 

Other Items to Note Going Into the Edmonton Real Estate Market in the New Year

Whether you are a buyer or seller going into the Edmonton real estate market, there are some other items worth noting. For instance, in 2024, the city is expecting to experience a four percent increase in average residential prices and a decline of five percent in regard to sale transactions. 

During 2024, experts envision that the top three most desirable neighbourhoods in Edmonton will be Oliver/Downtown, Rutherford/Heritage Valley, and Terra Losa. Recognizing the desirability of these areas holds value for both sellers and buyers. For instance, buyers may want to begin their search in one of these neighbourhoods, as current popularity often signals a smart investment opportunity. Furthermore, sellers in these locales can enhance their market appeal by highlighting unique characteristics that make their property stand out. Thereby, minimizing their home’s days on the market and attracting prospective buyers!

It has also been noted that similar to national trends, the rising interest rates have had a cooling effect on the Edmonton market. However, despite the growing rates, Edmonton has been able to remain relatively affordable. Thus, reinforcing the province’s resilience. Edmonton’s low housing prices and high household incomes are two of the main reasons driving Canadians from out of province to relocate to this city. 

Contact me About Houses for Sale in Edmonton in 2024!

If you’re looking to jump into the real estate market in Edmonton in 2024, now is the time to begin. 2024 is going to bring plenty of opportunities for sellers and buyers alike. Contact me today to learn more about buying or selling houses for sale in Edmonton this year. I’d be happy to answer any questions you have about how to achieve your New Year’s real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information.

I look forward to working with you in 2024! 

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Houses in Edmonton: A Year-End Blog Recap!

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2023 is quickly coming to an end! In lieu of this, I thought it would be best to keep with our annual theme of writing a year-end blog recap. After all, one of the best ways to move forward is by reflecting on the past! In this post, I’ll go over all of this year’s content so that you can catch up on any missed articles. All of the content will be categorized by the season/month in which it was published. Follow along below to see what was on my blog about houses in Edmonton during 2023!

Houses in Edmonton – Winter and Spring Recap

donwtown edmonton real estate

Jan – Want to Buy Houses in Sherwood Park? Then, here are 5 Goals to set in 2023

When the New Year hit, I kicked off 2023’s blog content with an article that listed five goals to set for those who were looking to purchase a house. Check out the post if you haven’t already to get inspiration for your 2024 New Year’s resolutions!

Feb – Owner’s Rights of Condos in Downtown Edmonton

Buying a condo and buying a house is very different. In this article, I answered your most commonly asked questions about owning a condo. 

Mar – Condos in Edmonton: All About Condo Fees

Often, condos are praised for their affordability compared to traditional homes. However, once you dig past the surface, you might find that condo fees are the catch. If you’re curious about the fees associated with condos in Edmonton, read this article.

Apr – Energy Efficiency & Sherwood Park Homes for Sale!

Energy efficiency is becoming increasingly important. With the rise in climate concerns, a number of homeowners across the country are looking for ways to reduce their carbon footprint. To learn more about how to make Sherwood Park homes for sale energy efficient, check out this April blog post!

May – All About Home Inspections For Properties in Sherwood Park

Having a home inspection conducted by a trusted professional will ensure that your dream home doesn’t come with any costly issues. Although home inspections aren’t mandatory in Canada, they are strongly recommended! In this article, I discussed everything you need to know about home inspections for properties in Sherwood Park. 

Rewinding to Summer and Fall

apartment in Downtown Edmonton

Jun – Apartments in Downtown Edmonton: Creating Your Own Space in a Shared Home

Sharing an apartment with another person can help to significantly reduce your cost of living. In this article, I went over some tips for living in a shared apartment in downtown Edmonton! 

Jul – How Does an Agent Help Buyers of Homes in Edmonton South?

Are you looking to buy homes in Edmonton South in the New Year? If you are, you may be wondering how an agent will help you accomplish your goal. In this post, I wrote about all of the ways that an agent can help a buyer. 

Aug – Closing Costs to Consider When Buying Edmonton South Real Estate

Unfortunately, when you purchase a home, it’s not just the house you have to pay for—there are an assortment of closing costs that must be paid before the home is officially yours. To help you out, I created a list of typical closing costs associated with buying Edmonton South real estate. 

Sept – Real Estate in Edmonton: Pros and Cons of a Cashback Mortgage

Many Canadians have been opting for cashback mortgages to aid in the purchase of real estate in Edmonton. In this article, I discussed the pros and cons of a cashback mortgage. 

Oct – 6 Reasons to Buy a Condo in Edmonton

Living in a condo comes with a variety of benefits. Many of which, most homeowners aren’t aware of. In this blog post, I wrote about six different reasons that you should consider investing in a condo in Edmonton. 

Nov – A Buyer’s Guide to Edmonton Condos for Sale!

Buying a condo is very different from buying a single-family home. To help you out, I compiled a list of tips that you can refer to as you work towards buying your first condo!

Contact me Today!

Houses in Edmonton are a great investment for the new year. I’d like to thank all of my clients for another wonderful year in the Edmonton real estate market. For more information on selling or buying homes, contact me today. I’d be happy to answer any questions you have about how to achieve your real estate goals in 2024. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information. I look forward to working with you in the near future. Happy holidays everyone!

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A Buyer’s Guide to Edmonton Condos for Sale!

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Buying a condo is very different from buying a single-family home. There are several advantages that condos provide that single-family homes cannot. This is a determining factor as to why so many Canadians have made the decision to own a condo. If you’re thinking about making the switch to condo living, there are a few things to understand about the buying process. From rules and fees to the age of the unit, it’s good to do your research about what you’re investing in. To help you out, I have compiled a list of tips to help you as you work towards buying your first condo! Follow along below to learn more.

Edmonton Condos for Sale: Buying New Vs. Resale 

  1. Buying a New Condo

Buying a new condo often means buying a pre-sale condo. Pre-sale condos are condos that have been listed for sale before construction has been completed/started. This usually means that you will have to choose your unit based on a set of floorplans and a visit to the showroom. Buying a presale condo has its advantages and disadvantages. One advantage is that you may be able to request changes. However, the final product may not look like the plan or what you imagined. Additionally, the date of completion could be later than what was initially proposed. 

It’s worth noting that when you buy a new (presale) condo, you typically need to pay occupancy fees—colloquially known as phantom rent. These fees are paid to the developer until the building is registered. According to the Globe and Mail, “[t]he Condominium Act allows a developer to charge tenants for three main expenses in the period between occupancy and condo registration: property taxes, a prorated share of common operating expenses and interest on the unpaid balance of the purchase price”. 

  1. Buying a Resale Condo

While resale condos do not have the same new home feel, you do get the benefit of seeing the unit before you buy it. This makes it abundantly clear how much space there is, the quality of materials, building amenities, noise levels, etc. Additionally, you can get a feel for the condo community to see if the building is in good condition and if the people living there match your lifestyle.

Moreover, when buying a resale condo unit, it’s a good idea to research the building’s operating budget and financial status. You will also want to look into the reserve fund, bylaws, and who manages/maintains the property. 

Understanding the Building

  1. All About the Fees

Before you sign off on buying a condo (new or old), it is important to understand the condo fees and what they cover. Nearly every condo has a monthly, quarterly, or annual fee that must be paid by each resident. These fees are collected so that the building can pay for expenses like insurance and maintenance. However, you should talk with the developer or property manager to get a better sense of what your fees include. Understanding the cost of these fees can make a big impact on whether or not you can afford the unit. Lenders add condo fees to the monthly debts of the buyer. So, if the building has a steep association fee, there’s a good chance that some buyers will be priced out. 

  1. Know the Rules 

In condo buildings, there are often a set of rules and guidelines put in place to keep peace within the community. Unlike living in a single-family home, you cannot always do what you want, when you want to. Finding out about what rules are in place in the building is a good idea. After all, some condos have strict rules against pets, noise, age of residents, smoking, and more. Check to see what these rules are to make sure that they align with your lifestyle. 

  1. What Does the Condo Include?

Although it may seem silly, understanding what your condo comes with is important in the buying process. After all, you don’t want to assume that your unit comes with something it does not—for example, a reserved parking spot! Before you buy make sure you understand what’s available to you. Some common amenities include:

  • Additional storage
  • Guest parking
  • Reserved parking
  • Underground/covered parking
  • Bike storage
  • Pool
  • Gym
  • Outdoor common space

Contact me Today About Edmonton Condos for Sale!

Living in a condo comes with many benefits. From more time to better amenities, you’ll love the lifestyle that a condo affords. Contact me today to learn more about buying Edmonton condos for sale. I’d be happy to answer any questions you have about how to achieve your real estate goals. Feel free to reach out to me at any time! Be sure to check back next month for more real estate-related information. I look forward to working with you in the near future.