When you hear the phrase luxury living, many people think New York, California, Toronto and Vancouver – even Calgary. They don’t often think of Edmonton.
But think again!
Most of this luxury moving and shaking is happening inside Edmonton’s mature neighbourhoods on the city’s west-side, where new luxury infills are rejuvenating these mature neighbourhoods and elevating them with high-class design that takes advantage of their epic river valley views.
“Edmonton has quiet wealth. It’s not flashy. There is a lot of wealth in this city but it is understated. It’s not like Calgary or Vancouver or even Toronto,” says realtor Kerri-lyn Holland.
In the last year, Edmonton’s luxury market has exploded. Over the last 12 months it has approximately doubled in sales volume compared to the previous 12 months across the City.
There have been 128 properties that have sold over 1 million dollars on MLS. Compared to the previous 12 months where there were 72 sales. In the same time period, 13 properties sold over 2 million dollars, compared to only 5 sales the year before.
And in 2019 Edmonton did not sell a single home over 3 million dollars. This year, Edmonton has seen 5 homes sell above the 3 million dollar mark.
The Holland Real Estate team of 2, has been standing right in the heat, having either represented the seller, buyer or both with over 50% of the total volume coming through Holland & Associates.
“No one could have expected when COVID hit that this would be how the luxury real estate market would react,” says Kerri-lyn Holland. “But it has been very exciting to be part of, and we’ve had the chance to work on some incredible luxury projects this year.”
So what is driving the luxury market in Edmonton?
“COVID has had a large effect on how much people value their home space,” says Jason Holland. “We have spent more time over the past 18 months in our homes and we now appreciate the value of what experiences our home can or can’t offer. Whether it's sitting in a large backyard surrounded by trees on a half-acre lot, playing on a sports court with your kids, or swinging a golf club in your home golf simulator room, luxury buyers are looking to add more of these experiences into their homes.”
Edmonton’s designers and builders are delivering, taking their cue from other corners of the world where luxury knows no bounds - like California, Spain and New York, and infusing new Edmonton builds with features and selections never before seen in Edmonton.
“We are seeing new luxury infill builds coming up for sale pushing the boundaries on what people thought was possible, “ says Jason Holland. “We are seeing amazing new architecture combined with design influences that are being brought in from around the world that has created a thirst for something new with the luxury buyer.”
Lauren Kyle is an interior designer and the owner of Kyle and Co Design. She is working on numerous luxury home construction projects in Edmonton’s mature neighbourhood of Laurier Heights.
Recently she has worked closely with Neolith Group, the leading sintered stone brand for large format slabs used for kitchen countertops, wall cladding and bathroom surfaces from Madrid, Spain. Her most recently finished Edmonton project at 8516-134 Street, is the first home in Alberta to feature this highly sought after product.
Photo credit: Neolith Group
“I’ve been so lucky to work with companies both local and from abroad who are true artists in what they do,” says Lauren Kyle. “More and more, luxury clients in Edmonton are looking for design features outside the norm. With products from around the world combined with the knowledge of a designer who can put it all together in an attractive package that is truly unique to that home. Neolith has been one of the companies I am so grateful to bring to Edmonton. I love their product and in this home specifically, it really gives the home a modern, contemporary feel while being warm at the same time. And the product is untouchable when it comes to functionality, elegance and durability. It truly is unique and 100 percent luxury.”
Photo Credit: Neolith Group
Edmonton has many selling features like large outdoor spaces with less density - but it also offers all the amenities of many big cities. But by far, it’s most attractive feature is it has more reasonable prices compared to other large market cities in Canada like Vancouver and Toronto.
“Here you can afford to build that larger home with unique features such as large backyard, views, rooftop patios, indoor sport courts, movie rooms, basement bars, wine features, spa rooms, cigar terraces, and elevators – for less than it would cost you in a larger Canadian city,” says Jason Holland. “Edmonton’s luxury market is just far more accessible and with the elevation in design trends, we are seeing buyers jumping at the chance to make Edmonton the place to live their quiet luxury lifestyle.”
Indoor Sports Court
The Holland’s expect luxury buyer’s affection for Edmonton to continue as there is so much room to grow.
“The growth potential of Edmonton’s luxury market is unmatched. There is no ceiling. We believe it is here to stay. With builders, designers, and vendors pushing the limits of what is possible in the luxury market here in Edmonton the growth will only continue to happen. We’re very excited to see it happening and it’s great value for money compared to other large cities. Edmonton’s luxury market is a great investment decision,” says Jason Holland.
If you are interested in luxury properties in Edmonton we encourage you to reach out to Kerri-lyn and Jason Holland with Holland and Associates.
Posted by Kerri-lyn Holland on
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