The Glenora neighbourhood in Edmonton, Alberta, Canada, is a beautiful area filled with luxury homes. About 35% of the residents earn more than $100,000 annually, and there are many luxury homes for sale in Edmonton.
The Royal Alberta Museum and Alberta Governor House are both located in Glenora, which also features many upscale shops and restaurants. It’s a popular place to live for many Western Canadians, and most potential buyers seek large, luxury homes, outpacing the number of homes for sale by a significant margin.
The Glenora real estate market has continuously trended upward and is expected to continue to do so for the foreseeable future. Luxury home buyers are eager to own a piece of real estate in the coveted area of Glenora. This neighbourhood has seen numerous trends and various types of buyers, but the latest trends in Glenora have caused excitement among luxury homeowners looking to sell their property.
Rising residential property prices
The Canadian Real Estate Association reports that house sales, including luxury homes for sale in Edmonton, increased by 50% in the first quarter of 2022. Due to a greater demand than supply, the Glenora real estate market strongly favours sellers.
This remains the case despite a growth of 7.6% more homes for sale. The expectation is that the average price of homes will increase by an additional 5% by the end of 2022.
Different types of buyers purchasing homes
The latest trends show that three categories of buyers are mostly purchasing Glenora real estate.
1. Luxury home buyers
Many buyers are seeking new builds. The desire for new construction and detached homes bodes very well for sellers of luxury homes and is sure to keep prices up.
2. Out-of-province buyers
3. First-time home buyers
Increasing average home prices
Townhouse average prices have jumped 12% to $389,321 with 441 sales. Even condos have seen a significant increase, with 852 units sold at an average of $245,070, a 7% increase. The breakdown of average home prices in Edmonton by neighbourhood for April 2022 clearly demonstrates the desirability of Glenora.
The chic area has an average home price of $806,000, nearly 50% more than second-place Aspen Gardens, where the average price is $535,000. Glenora is where people seeking homes in Edmonton want to live, and with an inventory shortage, prices are sure to remain high and most likely increase further.
A lack of Glenora inventory
Smaller two- and three-bedroom houses have been the most scarce. This points to the trend of owners of large, luxury homes selling more than those living in modest dwellings. A Glenora home for sale spends an average of 67 days on the market. Buyers are moving quickly, and this is another factor in rising prices. In fact, 93% of homes for sale in Glenora are being purchased at or above the asking price.
Favourable odds for sellers
The expectation of higher interest rates is another factor pushing buyers to complete their purchases quickly. When a new listing hits the market, showing appointments are booked out for days, and most receive multiple offers. Buyers are offering the asking price or higher to beat their competition and secure the home of their choice.
Real estate markets everywhere are booming and very much favouring sellers. This is certainly true in Canada. Although the highest prices and increases are happening in Ontario and British Columbia, the province of Alberta and the city of Edmonton are experiencing the same trends.