Edmonton’s luxury market entry point is $1.5 million. Photo by Greg Southam /Postmedia

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The city’s real estate market has a reputation for being among the most affordable major markets in the nation, but a new report suggests Edmonton’s luxury segment is one of the hottest in Canada. Re/Max Canada’s 2026 Spring/Summer Spotlight on Luxury Report shows that Edmonton has had the largest year-over-year percentage sales growth for homes priced $1.5 million or more in Canada at nearly 48 per cent.

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The report measured sales activity from Jan. 1 to April 30, finding Edmonton saw 65 luxury sales versus 44 last year.

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Its growth is representative of a broader trend in Canada whereby secondary markets are seeing more luxury activity, says Don Kottick, president of RE/MAX Canada.

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“The major metropolitan centres are lagging behind, whereas markets like Edmonton and similarly sized cities have been carrying the weight in the luxury space.”

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He points to the report finding percentage declines in Greater Vancouver (-19.8 per cent) and the Greater Toronto Area (-16.9 per cent). In contrast, smaller markets like Saskatoon (27.3 per cent) and Ottawa (17.5 per cent) have seen strong luxury demand this year.

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“It’s really unique growth in areas not really known for their luxury markets,” Kottick says.

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Notably, luxury is much more affordable in these markets, he adds.

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Saskatoon’s luxury market starts at $900,000, versus Vancouver’s threshold at $3 million.

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Edmonton’s luxury market entry point is $1.5 million, a reflection of inflation for the segment over the last decade.

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Just two years ago, $1 million was seen as the starting point for luxury in the city.

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Today, it’s not unusual to see much more activity for multi-million-dollar homes, says Ryan Debler, an Edmonton realtor and senior vice-president of sales at Sotheby’s International Realty Canada.

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“We’ve seen a lot of sales that a couple of years ago would have caused sticker shock, but they’re transacting quite frequently now.”

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In the past few years, when inter-provincial and international migration was high, some of the luxury activity was driven by buyers arriving from high-priced markets like Vancouver where the average-priced single-family detached home is close to $2 million.

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These buyers saw Edmonton’s entire market as a bargain. Debler says overall demand for homes and rising values over the last few years, however, have generated more local demand for luxury.

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“Our home values have climbed so much, and that’s put them into that upper tier market.”

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He points to individuals doing “significant move-up” purchases after selling their existing home for $800,000, allowing these buyers to purchase homes in the $2.5 million price range.

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Simply, the demographic of luxury buyers has grown, Debler says.

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“We’re seeing a lot of buyers that have sold their businesses, for instance, and now they’re purchasing their forever homes and not really sparing any expense.”

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One notable trend, in part driven by the growth of luxury infill, is a preference for quality over quantity, Debler says.

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“At a certain point people just don’t see the value in the extra square footage.”

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Still, Edmonton’s luxury market is turning heads by offering high-end living for less, Kottick says.

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“Luxury buyers get more in markets like Edmonton.”

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