Kelowna 
Gone are the days when a house costing $1 million was considered a luxury.
A recent analysis conducted by Point2, a real estate firm, focusing on the 70 largest Canadian cities, revealed that the landscape of “luxury” real estate in Canada is evolving, with a significant portion of homes now selling for over $1 million.
Here are the findings:
- In 15 major Canadian cities, over 50% of homes are listed at $1 million or above, showcasing a concentration of wealth in specific areas.
- The British Columbia city of Delta has over 80% of its listings surpassing the $1M mark.
- Vancouver follows with 70.5%, and Oakville in Ontario stands at 69.1%.
- Other cities with more than 50% of listings with homes more than $1 million include Richmond Hill, (63.5%), Richmond, BC (63.2%), and Newmarket (61.0%). Additionally, North Vancouver (60.7%), Maple Ridge (59.9%), Vaughan (58.6%), and Markham (58.3%), Coquitlam, Surrey (both at 54.0%), Abbotsford (53.9%), Brampton (51.6%), and Whitby (50.3%).
- Despite its economic significance, Point2 says Toronto presents a paradox with less than 38% of its homes listed over $1 million, a stark contrast to its high benchmark price of $1,050,300.
While Calgary has only 18% of listings above $1 million, Point2 says the city has the highest benchmark price beyond British Columbia and Ontario, standing well above $500,000, thereby attracting attention from investors and buyers looking beyond the traditional hotspots of Vancouver and Toronto.
$4 Million Homes:
While a significant portion of Canadian cities, however, show no listings at all in the $4M+ range, underscoring the varied landscape of luxury real estate nationwide.
Vancouver leads in the ultra-luxury category ($4M+ listings), with nearly 13% of its homes in this bracket, highlighting the city’s status as a hub for premium real estate.
Following Vancouver are the Ontario cities of Oakville (7.8%) and Richmond Hil (7.2%). Other notable cities include Vaughan (6.8%), Milton (6.4%), Markham (5.7%), Richmond (5.6%), Surrey (4.9%), Mississauga (4.6%), and Toronto (4.5%) rounding out the top 10 cities.
Point2 says the study was based on active listings on realtor.ca as of February 19, and benchmark home prices were sourced from CREA and local realtor boards as of January 2024.
