Edmonton's luxury real estate looks bright for 2025
The relative affordability of homes makes Edmonton an attractive destination.

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Edmonton is coming off a strong year for luxury home sales, providing plenty of optimism for the segment heading into 2025.
“People can move from Toronto to Edmonton and upgrade their home quite substantially,” says realtor Ron Dickson, senior vice-president of Sotheby’s International Realty in Edmonton.
In short, they get more for their dollar here, especially at the $1-million-plus entry-point for the city’s luxury market. In contrast, Sotheby’s Top-Tier Real Estate: 2024 State of Luxury Annual Report points out that the Greater Toronto Area’s luxury sales — starting at $4 million — grew 21 per in 2024, a rebound from 2023 and 2022.
Its sales growth aside, the GTA market illustrates just how much value Edmonton’s high-end market — which is not included in the Sotheby’s report — offers luxury buyers.
The past year was also among its strongest ever for the segment.
The Greater Edmonton Area (including surrounding areas like Sherwood Park) saw 414 sales for single-family detached homes priced $1 million to $1.5 million, which make up the lion’s share of high-end sales in the region, Realtors Association of Edmonton statistics reveal.
Another 136 single-family home sales had price tags exceeding $1.5 million, including six in 2024 that exceeded $3.5 million.
Seven condominiums, three semi-detached units and one row home also for price tags of $1 million or more, RAE numbers show.
Overall, 561 luxury sales occurred last year, marking an increase of about 47 per cent year over year.
“The Edmonton market had a great 2024 right up there with Calgary,” says Don Kottick, president and chief executive officer of Sotheby’s International Realty Canada.
The report found that Calgary was Canada’s top luxury market by percentage year-over-year growth. Residential sales for homes priced $1 million or more grew 42 per cent.
“Calgary sees more activity for sure than Edmonton, but that activity often trickles over to us,” says Dickson.
“They’re coming here because of what they’re getting for a place to live.”
More good things are expected for the market this year, as the recent RAE forecast predicts for the broader resale market.
It forecasts total residential sales will grow about three per cent while prices will climb nearly 2.5 per cent. Perhaps, most notable is that new listings are expected to expand. Supply could grow by 4.1 per cent for all housing types. And for the most in-demand, single-family detached homes, RAE predicts listings could increase 5.5 per cent.
That’s good news for home-hunters given inventory has been low, especially for single-family homes across most price ranges, even in luxury, says Dickson.
“Our inventory is just so low right now.”
Many luxury buyers are, in turn, expanding their scope to homes under $1 million, and then injecting hundreds of thousands of dollars to renovate them.
“When listings are low, people will buy a property and put improvements into it often in more mature neighbourhoods,” he says, pointing to pricey but not exorbitant communities like Riverbend and Windermere.
As long as Edmonton’s economy remains strong — which given the current U.S.-Canada trade climate is not an ironclad premise — the luxury resale market is likely to have another banner year, driven by migration. Dickson notes that many professionals moving from Vancouver, Victoria, Kelowna and the GTA — who were not luxury buyers in those markets — find themselves able to buy into Edmonton’s high-priced segment, even without a mortgage.
“The work-from-home trend has really made people think ’If we can live anywhere, then why don’t we just go where we can get the most house for our money?’” he says.
In Edmonton, they can do just that after selling a more modest home in the GTA, for example, for about $1.8 million or more, Dickson says.
“To me, that’s what’s going to help fuel Edmonton’s luxury market this year — it’s relative affordability.”
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