Million Dollar Market
According to statistics, million dollar home purchases are becoming the norm here in Edmonton. So far in 2014, 125 Edmonton homes sold for a million dollars or more. What’s this mean in the long term? A few things. The first is that Edmontonians are confident about the strength of the Edmonton real estate market. Secondly, those who invest this kind of money into a residence are usually long-term investors. This means that more big-money is settling down in Edmonton for the long run, which is always good for the economy.
In October 2014 alone, 2 percent of the homes sold were worth a million dollars or more – this is a massive jump from the same time last year. While the most popular price-range for Edmonton real estate is still the $350 000 to $400 000 range for family homes, the condo market is still healthy and experiencing gains of its own.
The confidence of Edmonton investors will only serve to strengthen the overall Edmonton real estate market. For those who can recall the height of the economic crisis, back in 2008, you will remember that Edmonton was not affected to the same degree as many other parts of the country. Although the current energy sector may be experiencing some hiccups, the overall state of the city’s economic growth is continuing to keep us strong. If another crisis were to hit, its not unreasonable to suggest that Edmonton would fare well again – however, it does depend on what the source of the crisis is. While the manufacturing sector took a dive in 2008 (effecting the manufacturing hot-spots in Canada, like Ontario), a dive in the energy sector could spell disaster for Alberta.