Two names stand out in the Edmonton luxury market: Kerri-lyn and Jason Holland. The professional and married partners have cornered the market for years now, leading in sales and becoming sought-after agents for clients seeking their dream home in Alberta’s capital.

“In the last five years, they’ve basically dominated the luxury space, with sales almost double the next agent,” says John Carter, broker/owner of Re/Max River City, out of where the Hollands operate in Edmonton. “They’ve hit a significant milestone. They’ve been top agents and deserve real recognition for overall performance in a five-year span.”

Alberta has been calling since the pandemic began, with more people leaving the big city in search of greater space and better value. While Calgary gets a lot of attention, Edmonton, with plenty of land and relatively low prices, has also seen an influx of residents. Carter says the luxury market, which comprises properties priced at $1 million and up, has been growing steadily over the last five years as well.

How Canadian luxury markets are faring

Indeed, there are opportunities to be had, as these sentiments are reflected in industry studies on Edmonton and other Canadian locations.

For example, the 2024 Royal LePage Carriage Trade Luxury Market Report, released last month, showed luxury sales were up this year, with strong demand in the prairies. Edmonton specifically saw a large gain in the first two-thirds of this year, with a 39.7 per cent increase in sales activity year over year.

Also, according to Sotheby’s Top-Tier Real Estate: 2024 Mid-Year State of Luxury Report, population growth for the year ending July 1, 2023, in both Calgary (5.9 per cent) and Edmonton (4.1 per cent) drove Alberta’s conventional and luxury markets to significant highs.

But luxury sales are up all across Canada, too: Engel & Völkers 2024 Mid-Year Luxury Real Estate Market Report highlights Toronto, Ottawa, Halifax, and Vancouver all performing better than expected in their respective luxury markets.

Success from diligence & discretion: Educational approach to all that’s buying, selling & building homes

The Hollands credit their luxury market success to their diligence and discretion, understanding everything that comes with not just buying and selling homes, but building them as well.

“Our approach is based on education,” says Kerri-lyn. “Educating clients on luxury value, dirt value, construction value, end value and resale value.”

The depth and breadth of the pair’s knowledge, she says, helps create trust and allows the buyer to make informed decisions for themselves and their family. Together, they’ve earned the MLS Medallion Award (for the top 5.0 per cent in MLS sales in the Edmonton area), the Re/Max Hall of Fame Award and the Re/Max Platinum Award.

Their journey into the luxury space

The Holland’s work in the luxury sector grew organically. Both wanted to work with clients who were respectful and kind, while potential clients took note of their professionalism and hard work. “Everyone gets the same customer service across the board, whether they’re luxury or not. Every possible detail from land investment or construction is fully understood by the client,” says Kerri-lyn.

Jason points out the opportunity was available, as agents who had operated in the luxury market were either starting to retire or simply not adjusting to current methods and the latest trends. “We did recognize the group of realtors was aging out, and they were of a more traditional manner — (things were) more done with just putting a sign on the lawn.”

“We started to apply the modern approach with the marketing, knowing all the details and features, and being able to explain these homes that were more complicated than a typical house,” he adds. “People in business for 30 years were just doing the same thing over and over again. They never adapted.”

Many agents want in but Edmonton lacks comparables & luxury comes with high up-front costs

Carter notes dealing with luxury homes takes specialized knowledge and requires assuming some risk. “Pricing luxury is a real skill; a lot of judgment goes into it. The irony is they’re much harder to sell and market,” says Carter.

“Lots of agents want to break into luxury, but they don’t understand the average costs upfront to properly promote it. There’s a lot more lead time, upwards of a year of preplanning, working with the builder a year-plus in advance, consulting, strategizing, dealing with layout changes — all for free.”

Because Edmonton is growing, pricing and selling luxury is more difficult, particularly compared to Toronto or Vancouver where so much is established. “Here, you’re getting a property that’s never been on the market — there’s nothing to compare it to,” says Jason.

Edmonton: A different ‘quieter’ wealth, where confidentiality is ‘huge’

Experience is also required to appreciate what clients are looking for when they’re seeking out a home in Edmonton. “It’s different money here, wealth is quieter,” says Carter. “You really need to understand the clientele and their needs. Confidentiality is huge.”

These particular clients include notable Oilers, like Connor McDavid and Ryan Nugent-Hopkins. Jason, a former professional hockey player with experience in the NHL and Europe, didn’t seek to use his connections but instead was discovered by interested Oiler buyers.

“I started before Jason and made it part of my business plan to not covet hockey players,” says Kerri-lyn. “I wanted to grind it out, make sure I established the business, developed a good work ethic, and if they came to us, that would be great.”

And they did.

A niche that came to them

“The reason why the players are so comfortable with us is that we understand the hockey life, going to new places, re-establishing everything from a new school to finding groceries. We lived that life.”

Lauren Kyle, founder of Kyle & Co Design Studio and wife of McDavid, worked with the Hollands to find the perfect spot for their ideal, custom-built home in Edmonton.

“It was our first time doing a project this big,” she says. “They were really involved in the process to make sure things were done perfectly.” Kyle is among many who have moved from the Toronto area out west, finding a lot more value for the money — and more sunny days.

“We really love the location,” she says. “(The Hollands) were definitely valuable for finding a good spot and good value for the home. They knew the neighbourhoods and our lifestyle. They helped us find a place where we could be close to our friends and start a family.”

The luxury real estate market around the world is becoming increasingly compelling to many, with reality shows detailing the dealings and drama from agencies out of Los Angeles, London and even Toronto. With high-profile clients, pricey transactions and custom-built homes, it seems Kerri-lyn and Jason would be well-suited for such an experience.

“We were approached,” says Kerri-lyn when asked, somewhat jokingly, if they’d want their own reality show. “I love to watch the houses on those shows. I would do it, but not if it’s about the drama. They’d have to keep it about the houses.”

Century 21 Masters of Edmonton was honoured with Century 21’s Franchise of the Year award this month in Calgary at OneC21 2023, the brand’s national network conference.

The award is given by the company’s head office to a franchise that’s consistently shown record success, contributed to their local community and helped fundraise for the brand’s national charitable partner, Easter Seals.

This was the first time the brokerage earned the title since opening in 2004.

“It meant so much to accept the award in a room full of fellow C21 network members who I respect and admire,” says co-owner Geneva Tetreault. “Rarely do we get to truly say thank you to the people who have helped us, and we are so proud to work with an amazing and inspirational group of agents who help us to be better each and every day.”

Tetreault has been with Century 21 Canada since 2004, while the brokerage’s other owner, James Mabey, has run his company since 2006. They joined forces in 2018. “Over the last five years we have been able to find a new level of drive, growth, passion and success,” Tetreault explains.

“Geneva and James have really brought out the best in their team, they’re an incredible pair of leaders, and they continue to take their brokerage to new heights,” says Todd Shyiak, Executive Vice President of Century 21 Canada. “They’ve come so far in five years and we can’t wait to see what the future holds for them. We’re committed to supporting their growth every single step of the way.”

Being a realtor is a lot like being a boy scout – you must always be prepared. After all, you never know where a potential buyer’s interest will lie. It could be in anything from a kitchen they think looks pretty, to the minutiae of a property’s mechanical systems.

That’s why Kerri-lyn Holland and co-listing agent Jason Holland of ReMax River City in Edmonton studied every inch of the more than 7,370-square-foot home at 9020 Valleyview Dr. N.W.

Most expensive Edmonton listing, #15 in Canada: Point2

At $5.995 million, their listing has the distinction of being the most expensive house currently for sale on MLS in the mature neighbourhoods of Edmonton.

The residence ranks 15th on the list of Most Expensive Homes For Sale in Canada’s 25 Largest Cities, a report prepared by Point2 Analysis at the end of September. Properties on the list range from the top price in the country ($59.8 million for a home in Vancouver) to $1.495 million for a house in Regina.

Kerri-lyn and Jason were referred to the owners, who were planning to build a new house and wanted to know the value of their Valleyview home.

Discovering the home’s story

The realtors helped the owners understand market conditions and what happens with the level of marketing for a house of this calibre.

Kerri-lyn and Jason kept their team tight to ensure privacy for the sellers, then worked to discover the home’s story. “Every house has a story,” Kerri-lyn points out. “Professional photography and videography were arranged and a book was carefully crafted, with the help of a public relations company, to depict the true value, pride and emotion of the house.”

The book tells a story to help buyers understand the value of their investment dollar.

“I’m old school,” she says. “There is an electronic version but I printed the book, which has a semi-hard cover. Each buyer who comes through has a tangible piece to take with them.”

Kerri-lyn recommends that potential buyers study the book before scheduling a viewing because “it’s a unique property and can be overwhelming. The whole main level is devoted to entertaining. The second storey houses family space and the third floor is devoted to the primary suite and a rooftop patio.”

She mentions how rare it is for a home of this type to come to market in Edmonton. “Owners tend to keep the properties in the family,” she says.

A unique and special layout + multiple views

The Valleyview property offers a specific layout designed to capture the views, from the time the occupants wake up until the time they go to sleep. The heart of the home is the kitchen, and by having it on the second floor, a full view can be enjoyed while prepping, cooking or enjoying a meal. Spectacular views can also be enjoyed from the family room, living room and bedrooms.

Kerri-lyn mentions, “The number one point is that there are only so many “view properties” (views of the river and skyline) available.”

Comparables and prep

Understandably, comparables are difficult to find. When determining the asking price, the agents considered land value, as well as the value of the beautiful commercial-grade concrete-and-steel residence. It was custom-built in 2002 by Rescom Construction, which worked with the homeowners to design the interior and exterior of the home.

It took one year to prep the property. The sellers were not in a hurry, which “allowed us to capture the property in spring, summer and fall,” notes Kerri-Lyn.

A professional stager proposed a plan that would accommodate the sellers, who want to live in the home while it’s for sale. The sellers were given a to-do list that included some minor repairs, purchasing new furniture and repositioning existing furniture.

There’s so much to look at, both inside and out, that tours of the property take between 60 and 90 minutes.

Balancing privacy with the right amount of exposure

Kerri-Lyn mentioned that although the listing is on Realtor.ca for the public to see, there are no public or realtor open houses because of privacy and the exclusivity of the home. Open houses can jeopardize privacy, although there are exceptions.

The agent says they once held a realtor open house with a curated guest list at a $4-million home. It was successful because it was a new home with no occupants. “To protect the owners’ privacy, we don’t hold open houses in occupied houses.”

Privacy concerns are always top of mind. If a media request comes in for an interview, the realtors recommend that the owners do not participate. Instead, she suggests the builder be interviewed.

“You have to anticipate everything, first and foremost privacy, and determine how to market just enough. It’s a fine balance between marketing and overexposure.” She says you can’t keep changing up the marketing and putting the house back out there. “It’s not exclusive if it’s overexposed.”

Progress so far

The Hollands do regular market updates for the sellers to keep them informed about what’s going on in the luxury market, new listings, price reductions, solds and other stats. The latter, Kerri-Lyn says, “helps us to ensure the right eyes are on the property.”

The home has been on the market since March and has attracted a “good number of showings.” However, at this price point, potential buyers take their time.

“They want to know more before they come forward with an offer. People see it and research the address. With Valleyview and Riverside (another Edmonton street), it’s all about the view. Once (potential buyers) see it, they want to know what they get other than the view,” she says. Since these potential buyers are busy, they’re more inclined to want new or newer homes that are move-in ready.

About the house

This massive five-bedroom, six-bathroom home has a long list of features, from radiant floors to floor-to-ceiling windows that span the length of the home on every floor to a curved face of the home that’s framed by landscaping, believed to have been designed to mimic the adjacent river.

There is a “joyful front door plated with steel and colourful handmade glass inlay. A third-floor skylight floods the living space with light. A 28-foot-high waterfall is flanked by granite and features a handmade glass centre in colours of the ocean.”

Construction features a cantilever design. The purposefully laid-out main floor offers multiple seating areas. The formal dining area accommodates a table for 12, while the chef’s kitchen is designed for large-scale events.

The main level has walkouts to a patio that overlooks landscaped grounds and a patterned heated driveway descends to a four-car garage.

The list goes on.

“There is this notion that you have to go to New York, L.A. or Paris to get high-end and unique finishes, fixtures and art, and I think it really does Edmonton a disservice,” says the owner, in the book about the property.

“When you look, there is such a large bank of talent right here in our city, and these artists are certainly not less than any international talent. They understand our climate (and) our local needs and we have proudly cultivated work from so many local artists and makers to create this home.”

Images courtesy of Re/Max River City / Holland & Associates

Online searches on the company’s website for homes in these cities have significantly increased since 2019, with out-of-province buyers driving the demand for more budget-friendly markets.

Edmonton leads the way with quadrupled search interest

Edmonton has emerged as a top destination for Canadian homebuyers seeking cost-effective properties. Unique searches for homes in Edmonton have quadrupled since the pre-pandemic times, accounting for 2.0 per cent of total site searches between January and June, compared to 0.5 per cent during the same period in 2019.

Calgary not far behind with doubled search interest

Calgary, Alberta’s largest city, has also experienced a surge in online home searches. Unique searches for homes in Calgary made up 1.9 per cent of total site searches between January and June, more than doubling the numbers recorded in 2019.

Canadian homebuyers seeking affordability 

With high home prices and rising interest rates posing challenges for Canadian homebuyers, many are exploring options in more affordable regions. 

“Since the beginning of the COVID-19 pandemic, Edmonton has been a popular destination for out-of-province buyers looking for a change,” says Tom Shearer, broker/owner, Royal LePage Noralta Real Estate, Edmonton. 

“This demand has stayed consistent over the last year and a half, as qualifying for a home in high-priced provinces like Ontario and British Columbia has become even more challenging as a result of rising interest rates.”

Interest in Alberta’s major cities has gained momentum since the start of the pandemic. In the first six months of 2023, Edmonton was the top-searched city on Royal LePage’s website, followed by Calgary. Last year, Calgary was the most searched city, with Edmonton ranking second. Both cities were among the top 10 most searched locations in 2021 and the top 20 in 2020. Typically, according to Royal LePage, densely-populated cities in southern Ontario have held the top spots. 

Interprovincial migration jumps

Statistics Canada reports Alberta has experienced a positive net interprovincial migration for the first time since 2014-2015. In 2021-2022, the province welcomed over 21,000 net new residents, with many coming from Ontario (85,625 in-migrants versus 63,965 out-migrants). 

Since the start of 2019, there have been only three quarters where Ontario has reported a higher number of people migrating into the province versus those moving out. Meanwhile, Alberta has recorded 11 quarters where in-migration levels outpaced out-migration.

Housing market and prices

As of the second quarter of 2023, the aggregate price of a home in Edmonton was $434,400, while in Calgary, it stood at $643,200. Nationally, the aggregate price of a home was $809,200 in the same quarter.

Last Thursday, I got a call from prospective buyers from Edmonton (I’m in Calgary). They’ve lived in Edmonton for years, but their kids (and grandkids) all live in Calgary now, so it’s time to move closer to their family.

I’m talking to her, and she lets on that I’m the second realtor she’s talked to, but they weren’t very impressed with the first guy. Apparently, he was “very negative,” saying something along the lines of:

“The market is insane in this price range. Everything is selling in multiple offers way above asking. It’s super-difficult for buyers, especially when you’re not in the city and unable to react quickly — blah, blah, doom, gloom.” 

So, she asks me, “What do you think?”

The journey to securing the perfect home

I tell her, “Well, the market is what it is. There’s nothing much we can do about that. But here’s what we can do: I’ll set you up on a web portal so that you can see all the listings on the market in your price range and geographical area and be notified whenever there is a new listing, a conditional sale, or a firm sale. This way, you’ll start to learn the market a bit. 

“Next, I recommend that you come down on a Saturday, and I’ll set aside two to three hours, and we’ll drive around and look at several listings. By doing this, you’ll learn more, and hopefully, you’ll be ready to react quickly when the right property comes on the market. When it does, I’ll give you all the benefits of my experience to increase your odds of getting it for a reasonable price. I can even FaceTime you if you’re in Edmonton and if I think it’s a good one. 

“How does that sound? I can set you up on the web portal right away.”

She’s satisfied, “Super! Please do that, and we’ll be in touch soon. Perhaps we can come down this Saturday.”

Within an hour, they let me know they could come, and I set up six showings for Saturday afternoon.

Well, you wouldn’t believe what happened next! On Friday, she emails me about a new listing, “This house looks perfect. It’s in the exact area we want to be in, and the price seems reasonable. It’s got everything we want.”

I went to add that to our tour on Saturday, but unfortunately, the listing agent had the entire day on Saturday blocked out. I checked in with the buyer, and they were staying over Saturday night, so I tried to book it for Sunday morning.

No can do! The tenant apparently had Zoom meetings on Sunday morning and couldn’t accommodate showings then, either.

Well, this is getting stupid. You can predict what’s going to happen. The showings get backed up to Sunday afternoon and all day Monday, and then it sells way over asking on Monday evening. 

Luck, preparation and a positive outlook: A winning combination in a competitive market

I contacted the agent and resisted the urge to give him hell about listing a property that could not be shown within 24 hours (breaking our board rule). Instead, I had a friendly chat with him. Apparently, the tenant kept the house impeccable, but she was also very particular about when the house could be shown or not. The owner went along with it because she was such a great tenant overall. I should also say that it was apparent this agent was new — super enthusiastic but lacking experience in this crazy market.

I conveyed all this to my client, and she asked, “Well, is there anything we can do? We really feel like this is the perfect house!”

So, I told her the only possible chance of getting it before it went into multiple offers would be to write a strong offer sight unseen but with a home inspection condition.

Now, understand I’m not in the habit of making these types of suggestions to my clients, and I explained all the risks, up, down, and sideways. But they were so convinced this was the right house that they decided to try it.

Turning challenges into opportunities

I wasn’t holding out much hope because, honestly, if they were my sellers, I would have convinced them never to accept such an offer. But due to the right combination of circumstances (difficult tenant/motivated seller/inexperienced agent), I figured it was worth a shot.

And it worked — we got an accepted conditional contract in place before any other agent could even see the property! And for a very reasonable price which is difficult to accomplish in this market.

But now, the scary part: The buyers came down on Sunday at 1:00 pm to see the home, keeping our original appointment. 

Well, what a pleasant surprise — the house was even better than it looked in the listing, and the buyers were thrilled! We had the home inspection yesterday, and it’s now a firm deal. 

This was the easiest transaction I’ve done for as long, albeit with a fair amount of luck on our side. However, the point of this story is that I landed these buyers as clients when the other agent did not because he was so negative. Even if we hadn’t been so lucky, I would have eventually found these folks home. 

I didn’t make light of the market challenges, but at the same time, I focused on how they could succeed, giving a few examples of my recent success with buyers in the same market.

Always show some positivity to your clients. Show them some light. Be on their side. Don’t be a bummer!

RBC Economists Robert Hogue and Rachel Battaglia looked at the country’s largest markets. They found that buyers retreated in cities such as Toronto, Hamilton, Ottawa and Vancouver. While they remained seemingly undeterred in the Fraser Valley, Calgary, Edmonton and Montreal, according to early reports from real estate boards. 

The contrasting responses may be attributed to strong price gains observed in the spring, particularly in Toronto, Vancouver, and other parts of Ontario and British Columbia, which the economists believe might have “spooked” some buyers.

Increase in supply across markets

The good news, however, is that the supply of homes for sale continues to rise across major markets. RBC Economics’ estimations indicate that more homes became available for sale in every major market last month, following substantial increases in May. 

Despite the growing supply, upward price pressure has yet to be significantly eased. If sustained, experts expect the pace of property appreciation to slow in the coming months.

“We’ve been surprised by the speed with which some markets (e.g., Toronto and Vancouver)rebounded this spring,” stated Hogue. “Our view had been—and in fact remains—that the initial stage of the recovery would be gradual in the face of massive ongoing affordability challenges. Buyers retreating in key markets in June could be a sign that the future trajectory will be more measured.”

Here’s a closer look at RBC Economics’ analysis of the state of housing markets in key Canadian cities:

Toronto re-sales fall in June

The Great Toronto Area witnessed a loss of momentum last month. Home resales, which soared 32 per cent in April and May, fell by 6.9 per cent month-over-month in June. This retreat in buyer activity occurred despite an increase in properties available for sale, marking a departure from the previous two months when upticks in new listings significantly stimulated market activity. 

The rebalancing of demand-supply conditions resulted in a slower pace of appreciation, but home prices in the area continue to rise. The MLS HPI composite benchmark price climbed by 2.5 per cent compared to May to $1.16 million in June. 

“Since reaching a cyclical bottom in February, the benchmark price is up an astounding 8.9 per cent or nearly $96,000—reversing almost half of the decline in the previous year,” Hogue writes. “But more balanced conditions point to a slower pace of appreciation in the months ahead.”

Montreal sees accelerating resales

The Montreal area continues to see upward momentum, with home resales estimated to have climbed by approximately 11 per cent month-over-month in June. This growth in demand follows increases of 3.9 per cent in April and 8.1 per cent in May. A growth in supply, including a 12% increase in new listings (seasonally adjusted) last month, has facilitated these advances. 

As both demand and supply recover, price pressure remains relatively muted. The median value for a single-detached home remained unchanged between May and June, with a slight decrease observed for condo apartments. RBC economists predict a gradual appreciation in the period ahead, although the Montreal market remains soft, with resales roughly 15 per cent below pre-pandemic levels.

Supply increases in Vancouver

June saw an influx of sellers moving supply in better alignment with demand in the Vancouver area. New listings rose for the third consecutive month, increasing by more than 15 per cent month-over-month, based on RBC’s calculations. However, purchase transactions remained relatively stable compared to May. This pause in activity may indicate that the latest interest rate hike and the spring’s price upturn are starting to deter buyers. Despite this, property values continued to appreciate, with the MLS HPI for Vancouver rising by 1.3 per cent from May, adding to the cumulative 3.1 per cent increase in the previous two months. 

Economists anticipate buyers will increasingly push back on further price appreciation in the coming months.

Buyers “quickly absorb” growing supply in Calgary 

The Calgary area has experienced a significant increase in the number of homes available for sale in the past two months. This surge in supply has helped unlock some of the pent-up demand and drive up market activity. Home resales in June are estimated to have jumped nine per cent month-over-month, following a solid six per cent increase in May. 

Hogue writes, “Still, the increase in supply has come well short of demand, leaving the market heavily tilted in favour of sellers.” As a result, prices continue to rise at an accelerating rate, with a year-over-year increase of 4.4 per cent. 

“Calgary’s impressive population growth and relatively affordable position (compared to other major Canadian cities) will likely keep this trend going over the back half of the year.”