Realtors say it's a banner year for those buying and selling million-dollar homes in Edmonton, with the city just two sales away from setting an all-time record.
"As long as those multimillion dollar sales continue to happen, it's going to help boost the average price up slightly," said Greg Steele, president of the Realtors Association of Edmonton. "We don't see that stopping any time soon."
Last year saw a record of 118 multimillion dollar residential sales in the city, up from just 89 in 2012. As of the end of this September, there had already been 116 multimillion dollar homes sold.
Not only are there more multimillion dollar deals happening than ever before, the sale prices themselves are ballooning. The highest priced home sold in 2012 went for just over $3.4 million dollars, down from $5.7 million the year before. This year, one listing has already sold for just under $6 million dollars.
Despite recent predictions threatening to burst Canada's housing bubble, the Realtors Association of Edmonton says the city's real estate market remains steady and strong, and they have the statistics to prove it.
"While bigger markets like Toronto, Vancouver and Calgary have seen great movement, Edmonton has been incredibly stable for the last five years in a row," said Steele.
While residential sales of all property types is up 12 per cent over last year -- with residential properties selling an average five days faster than in 2013 -- inventory of residential properties is down 6 per cent.
"This is a very clear reflection of a healthy, stable and steady market," said Steele.
While Steele said this market climate is fairly balanced between buyers and sellers, competition is thick among those buying properties between $250,000 and $400,000. The average price of a single family home is over $435,000.
"As long as we have great employment, great incomes and a great real estate market, people will buy and sell, and we don't see that slowing down any time soon," Steele said.
But not everyone shares Steele's enthusiasm for the future of Edmonton's real estate market, with Hilliard MacBeth -- a local investment portfolio manager and author -- predicting as much as a 50 per cent correction in the national housing market.
"If everything keeps going, if the price of oil stays above $100 a barrel and the incomes stay high and there is never another recession, and if the builders don't build too many houses, maybe it can keep going forever," said MacBeth sarcastically. "But, in my mind, that's too many ifs."
MacBeth said his concerns arise in part from rising debt loads among younger generations who, should interest rates increase or another recession hit, would be unable to pay them back.
Prime Minister Stephen Harper publicly dismissed claims that Canada is on the verge of a housing crisis last week, but Bank of Canada governor Stephen Poloz has said he sees high home prices as a risk, but expects a soft correction.