The Quebec Professional Association of Real Estate Brokers (QPAREB) recently released its quarterly real estate market statistics, revealing that 20,620 residential sales were recorded across the province in the third quarter of 2024 — marking a 13 per cent increase from the same period in 2023. This level of activity significantly outpaces historical averages for this time of year.

“The Quebec resale real estate market was robust in the third quarter, with transactional activity returning to levels well above the historical average for this time of year in most metropolitan areas and agglomerations. With the key interest rate dropping 75 basis points since the beginning of the summer, there was a sharp rise in the consumer confidence index in regard to major purchases, such as property.

It is also worth noting that the decline in fixed mortgage rates, which have already reached attractive levels, has occurred more quickly than that of variable rates,” notes Charles Brant, QPAREB market analysis director.

Brant also points out that the rapid financing cost decline has helped to curb the growing number of forced sales or repossessions in a market where job losses are increasing.

Sales trends: High-end market rebounds, many repeat buyers & lower entry-level transactions

Brant continues to note that the largest price increases in the single-family home segment involve transactions over $500,000 (29 per cent). Condominiums are in a similar situation. “This price segment is above the provincial median price ($448,550) and accounts for 40 per cent of transactions in this property category. “On one hand, the market continues to be driven by repeat buyers, and on the other, the high-end market, above $1 million, is experiencing a rebound,” Brant points out.

Sales of entry-level product ($300,000 and below) totalled 23 per cent of total transactions and have decreased by 6.0 per cent due to a lack of sufficient listings. “The mid-range price segment, which is seeing slightly above-average growth and despite the drop in interest rates, only allows the more affluent (or strategic) first-time homebuyers to access homeownership in competition with repeat buyers from Quebec or elsewhere,” concludes Brant.

Quarterly highlights for the province

Condominiums saw the highest sales growth in the province, with a 16 per cent increase in transactions. Single-family homes followed with a 13 per cent rise while plexes saw a 9.0 per cent increase.

Sherbrooke led among Census Metropolitan Areas (CMAs) with a 26 per cent rise in sales. Other CMAs such as Montreal, Quebec City and Gatineau saw increases of 12-13 per cent, while Trois-Rivières and Drummondville posted more modest growth.

Rouyn-Noranda and Lachute saw remarkable growth, with sales surging by 53 per cent and 47 per cent, respectively. Other cities like Shawinigan, Thetford Mines and Saint-Georges also posted gains ranging from 37-41 per cent.

Inventory, pricing, market conditions

Active listings increased by 17 per cent in the third quarter of 2024 compared to the same period last year, reaching 36,824 units. However, this remains well below the historical average of 46,645 listings.

The median price for single-family homes rose by 7.0 per cent to $448,550, while condominium prices increased by 4.0 per cent to $379,250. Small-income properties saw a 10 per cent jump in their median price, reaching $583,000. The upward pressure on median prices was driven by growth in sales of properties priced above $500,000.

On average, single-family homes took 60 days to sell in the third quarter of 2024, an increase of eight days compared to the previous year. Condominiums and small-income properties took slightly longer, with selling times of 61 days and 79 days, respectively (an increase for each of five days compared to last year).

Review the full Q3 2024 report, including by CMA.

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.”