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Geneva Tetreault, chair of the Realtors Association of Edmonton, talks about the growing number of houses over $1 million for sale in the Edmonton area. Video by Larry Wong, Edmonton Journal.

 

Geneva Tetreault remembers the time three years ago when she first sold an Edmonton house for more than $1 million.

 

“It was an exciting day. It’s nice to be able to satisfy the clients,” says Tetreault, president of the Realtors Association of Edmonton.

“At that price point, they’re looking for the perfect home. People at lower price points, they say ‘I can live with that.’ If you’re going to spend $1-million plus, you don’t want to settle.”

It was only 15 years ago that the first seven-figure house was sold in the city, according to the association’s Multiple Listing Service records.

Since then, 708 additional properties have joined that exalted club, which started to expand substantially around the 2006-08 boom.

The increase is spurred by such factors as inflation and the region’s economic growth, Tetreault says.

“We have definitely seen a lot more people coming as this city is growing. We have seen more people with money to spend calling Edmonton home,” she says, adding many high-end places are found in new southwest neighbourhoods, particularly along the river valley.

“We have a hard time even as Realtors keeping up with these areas.”

The city recently added 2015 property assessment information to its open data catalogue, allowing people to check which of the 364,000 homes, commercial/industrial/institutional sites, farms and other locations are the most expensive in Edmonton.

These figures are estimates based on conditions as of July 1, 2014, and might be different from current sales figures, but they indicate 3,097 houses with garages are assessed in excess of $1 million.

The top dog is owned, not surprisingly, by one of the city’s top dogs — Oilers owner Daryl Katz and his wife Renee Gouin-Katz, who built the sprawling mansion overlooking the river valley at 4 Valleyview Point assessed at $13.1 million.

Other names on the Top 10 list include Bruce Saville, founder of an international telecom software/services company sold to a U.S. company for $700 million, and criminal lawyer Jake Chadi and his wife Wisam.

In the long term, Tetreault expects local real estate values will continue to grow.

“It used to be quite a high-end home was $500,000, $550,000. Now that’s much more commonplace,” she says.

“Just when you think you have seen the biggest one, another one even bigger comes in.”

 

10 most valuable Edmonton houses

4 Valleyview Point
Assessed value: $13.1 million
Owners: Daryl Katz and Renee Gouin-Katz
House built: 2004
Lot size: 2,758 square metres
Estimated annual property taxes: $101,153

Bruce Saville's house on 108 Westbrook Dr. has an assessed value of $9.3 million and is one of the 10 most expensive houses in Edmonton.

108 Westbrook Dr.
Assessed value: $9.3 million
Owner: Bruce Saville
House built: 1998
Lot size: 3,190 square metres
Estimated annual property taxes: $72,086

13703 Summit Point
Assessed value: $8.4 million
Owner: Kim Joanne Wheaton
House built: 2004
Lot size: 4,360 square metres
Estimated annual property taxes: $65,466

5440 Whitemud Rd.
Assessed value: $8.4 million
Owner: University of Alberta (donated by former owners Sandy and Cecile MacTaggart)
House built: 1966
Lot size: 3.2 hectares
Estimated annual property taxes: $64,722

64 St. George’s Cres.
Assessed value: $7.5 million
Owners: Jamel (Jake) and Wisam Chadi
House built: 2007
Lot size: 1,612 square metres
Estimated annual property taxes: $58,420

13707 Summit Point
Assessed value: $7 million
Owner: Connie Rosa Proznik
House built: 2000
Lot size: 2,220 square metres
Estimated annual property taxes: $54,669

68 Windermere Dr. SW
Assessed value: $6.1 million
Owners: Manjinder and Saranjeev Singh Lalh
House built: 2010
Lot size: 3,126 square metres
Estimated annual property taxes: $47,127

18510 8A Ave. SW
Assessed value: $6 million
Owners: David and Barbara Zerbin
House built: Listed as 2013, but still under construction
Lot size: 1.8 hectares
Estimated annual property taxes: $46,266

24 Riverside Cres.
Assessed value: $5.7 million
Owners: Ronald and Phyllis Bryant
House built: 2002
Lot size: 2,828 square metres
Estimated annual property taxes: $44,546

4529 Donsdale Dr.
Assessed value: $5.7 million
Owners: Ion and Elizabeth Stanomir
House built: 2002
Lot size: 2,812 square metres
Estimated annual property taxes: $44,026

10 most valuable commercial/institutional properties

West Edmonton Mall (8882 170th St.)
Assessed value: $1.527 billion
Estimated annual property taxes: $28.8 million

Main campus, University of Alberta (11404 89th Ave.)
Assessed value: $736 million

Legislature and grounds (9804 107th St.)
Assessed value: $548 million

Walter C. Mackenzie Health Sciences Centre, outpatient residence and garages (11305 83rd Ave.)
Assessed value: $537 million

Southgate Centre (5015 111th St.)
Assessed value: $467 million
Estimated annual property taxes: $8.8 million

Kingsway Mall (1 Kingsway Garden Mall)
Assessed value: $403 million
Estimated annual property taxes: $7.6 million

ATB Place (10025 Jasper Ave.)
Assessed value: $371 million
Estimated annual property taxes: $7 million

Manulife Place (10180 101st St.)
Assessed value: $338 million
Estimated annual property taxes: $6.4 million

Canada Place (9700 Jasper Ave.)
Assessed value: $327 million
Estimated annual property taxes: $6.2 million

Commerce Place (10155 102nd St.)
Assessed value: $310 million
Estimated annual property taxes: $5.8 million

(Based on assessed value for residential properties with garages; some locations with higher values were excluded because they appear to be land set for redevelopment or multi-family buildings rather than mansions. Property taxes were calculated with the city’s property tax estimator. Hospitals and other public properties aren’t taxable, although governments make payments to the city in lieu of taxes.)

Geneva Tetreault, president of the Realtors Association of Edmonton, is pictured in a house at 508 Callaghan Point in southwest Edmonton she has listed for over $1 million.

Geneva Tetreault, president of the Realtors Association of Edmonton, is pictured in a house at 508 Callaghan Point in southwest Edmonton she has listed for over $1 million. LARRY WONG / EDMONTON JOURNAL

BY THE NUMBERS

$5.75 million: Cost of the most expensive home sold in Edmonton, a gated 6,728-square-foot Windermere luxury pad purchased last year.

$5.695 million: Highest current asking price for a home, also in Windermere. It includes 13,000 square feet on four levels, six bedrooms, eight bathrooms, an elevator and two four-car garages.

$2.985 million: Highest condo asking price, in Oliver’s Carlisle building, overlooking the river valley with 2,587 square feet, two bedrooms and 2.5 bathrooms.

31: Number of Edmonton condos that have sold for more than $1 million. The first was purchased in 2006 in the Icon Towers.

(Source: Realtors Association of Edmonton)

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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.