Edmonton Market Update November 2020

As 2020 begins to wind down and winter closes in, many people this year are re-thinking their work and their day-to-day lives. This was bound to happen right about now. There are so many baby boomers exiting the workforce and settling into retirement (early or otherwise), but the trend has certainly been accelerated by this global pandemic we’re in. 

As your agent, I can tell you that many people are re-considering their primary homes and their real estate portfolios at the moment. Because almost everyone has been forced to work from home, you’ve all been spending far more time there than usual and, now, many of you are wondering if this is the way it’s going to stay. As a result, you’re asking: “Is now a good time for us to sell our current property and search for a new one – with more space and more privacy… for health and safety's sake?” You’re not alone. 

This last summer and into the fall, luxury properties (distanced, and with more square footage for home offices and gyms) have been selling extremely well. Check out our first feature article for more details. 

As your agent, it’s my job to help you get the timing right and list your home when there’s a good chance it’ll sell quickly at a decent price. I also see it as my responsibility to help you keep your dreams alive… including finding that perfect property for the next phase of your life. 

I’m here for you -- even (or especially) during these unprecedented times – to help you make the right decisions for you and your family when it comes to one of the biggest investments in your lives: your real estate. Please don’t hesitate to reach out to me this fall.

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! 

“The Canadians who went off to war in distant lands went in the belief that the values… enjoyed by Canadians were being threatened. They truly believed that "without freedom there can be no ensuring peace and without peace no enduring freedom."

You’ll find these words on the Veterans Affairs Canada website, which also reminds us to pause in a silent moment of remembrance on November 11 for the men and women who have served and continue to serve our country during war, conflict and peace. More than 2.3 million Canadians fought in World War I (1914 to 1918), WWII (1939 to 1845), the Korean War (1950 to 1953) and other conflicts. More than 118,000 Canadians have died. We often say they made the “ultimate sacrifice.” This Remembrance Day, let us remember again that our fallen soldiers went into battle to win. Let us reflect on the reality that, in World War victory -- not defeat -- those we honour with our “silent moment of remembrance” have ensured the survival of Canada’s values and our freedom. 

In Many Canadian cities, you’ll find sizable, upscale neighbourhoods close to downtown with mature trees and large homes on expansive properties. Many of the homes are historic, built when these areas were near the edge of town before the suburbs sprang up. Glenora in Edmonton is one of these communities. 

With quick access to the city centre, it’s also very close to the North Saskatchewan River valley with its miles of unspoiled natural beauty, hiking trails and bike paths. MacKinnon Ravine Park (in the river valley) features all of this nature… and picnic sites, too! There’s plenty of good shopping nearby, just down Stony Plain Rd NW. And there are four schools in the neighbourhood: Glenora Elementary, Westminster Junior High, St. Vincent Catholic Elementary and the Progressive Academy. 

Glenora runs east-west from Groat Rd to 142 St and north-south from 107 Ave to the North Saskatchewan River Valley and the MacKinnon Ravine. Adjacent neighbourhoods include Westmount, North Glenora, McQueen and Grovenor and Crestwood.