Are you looking to buy a home or condo in Edmonton? Not sure how far your budget can stretch? In many cities across Canada, $1 million is a robust budget that can buy a whole lot of house. This is especially true in Edmonton, where many prices are lower than the rest of the country and the value is high.
So what can you get for $1 million in Edmonton? Let’s take a closer look:
What is the Average Price?
In Edmonton, the average price for a home is climbing. Although it’s a slow climb, we’re seeing a slight increase over last year and it’s expected to continue. The average price for a two-story home in Edmonton is $449,234, which is lower than the Canadian average of $748,049.
Knowing this, let’s take a look at some of the details for million-dollar properties in Edmonton.
Most of the million-dollar homes in Edmonton are featured in affluent neighbourhoods like Crestwood, Pleasantview, and Windermere, for example. Many similar properties are also located on the edge of the city or in rural areas, with large, expansive yards, and exclusive privacy and tranquility.
This is a little different than places like Victoria or Vancouver, where a $1 million price tag garners a home in a more urban area with smaller lots and less privacy.
Million-dollar properties in Edmonton include a variety of property types, but the most popular are single-family homes or estates with lots of land. Depending on your taste, you can find a $1 million home with traditional architecture, luxurious amenities, and opulent finishes. Grand staircases, columns, vaulted ceilings, and wine cellars are common in these types of homes.
However, there is also a million-dollar market for modern new construction homes. These properties feature things like frosted glass garage doors, clean lines, big, bright windows, energy-efficient appliances, and minimalist features and décor. Sleek marble counters, spa-inspired bathrooms, and industrial kitchen appliances are popular for the more modern million-dollar homes.
In Toronto or Vancouver, a $1 million home is less spacious and can include anything from a modern row home to an upscale, modestly-sized condo high in the sky.
Amenities and Scenery
Although $1 million homes in coastal cities like St. Johns or Halifax often feature waterfront properties with docks and stunning ocean views, the amenities and scenery in million-dollar Edmonton homes is just as valuable. Panoramic city views overlooking ravines, lakes, and rivers are common. In cities like Vancouver and Montreal, most expensive properties include city views only; homeowners in these cities pay a larger premium for beautiful scenery and close amenities.
Homes in Edmonton that sit at or exceed the $1 million range offer amazing value, comfort, and luxury compared to other cities, where the average real estate cost is higher. Essentially, you can stretch your $1 million farther in Edmonton than many other places in the county.
To learn more about the real estate market in Edmonton, contact the experts at Ryan Dutka Real Estate Solutions. Our experts can show you the best homes Edmonton has to offer.