Edmonton Flooded with Million Dollar Homes

Posted by Gurpreet Ghatehora on Thursday, November 19th, 2015 at 11:55pm.

If you’ve ever dreamed of living in a million dollar home, now might be one of the prime times to look into doing so. The Edmonton housing market, according to The Edmonton Sun, has seen a sharp increase in homes at or above the million dollar mark. As it stands,, there are roughly 250 homes over the $1 million price point in the market, and 30 of those are at $2 million. For the very high rollers, the highest priced house in the Edmonton area currently sits at $6 million.

Unfortunately, the reasons behind such an explosion of high-priced houses in the province’s capital are becoming all too familiar. Low oil prices, coupled with an unstable job market and weakening national economy has all led to people with houses that they can’t afford. The only solution for many is to sell it and downsize into something a little more their now-price range.

According to Edmonton’s chief economist, John Rose, the situation will probably not improve for the high-end market as we head towards 2016. "People may have to re-evaluate their asking price and their strategy in terms of sales,” he said, “We should expect some softness in the upper end of the market as the economy cools.”

But this can actually be good news for people who are somehow immune to the economy’s effects, as lower asking prices could set you up in a luxurious new home for cheaper than you thought. A home in Windsor park has recently slashed half a million dollars off its original $5.3 million asking price. Other homes are sure to start taking similar steps to try and move their homes.

But if you’re trying to sell a higher-priced home, don’t head into panic mode just yet. Patience and optimism can help you stay cool-headed through the buying process, and help you get a price that can help you with your current situation, rather than making it only slightly less worse.

 

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