Home Canada Real Estate Gilded Gates Galore: Canadian Cities With Lavish Shares of Luxury Homes for Sale

Gilded Gates Galore: Canadian Cities With Lavish Shares of Luxury Homes for Sale

Step aside, Vancouver. BC’s Delta emerges as the nation’s top high-end market with most homes for sale for $1 million+

by Alexandra Ciuntu
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1 min. read
  • In Delta, BC, a whopping 80% of homes on the market are priced above $1 million — the highest high-end home concentration among Canada’s 70 biggest cities.
  • Dethroned, Vancouver has the second-highest share of $1M+ homes at 70.5%. Still, the city dominates the ultra-luxury sector (homes priced above $4 million) with nearly 13%. 
  • In the luxe living lands of Ontario and British Columbia, 15 major cities boast more than 50% of homes selling for at least $1 million, including Oakville, Richmond, Newmarket, and Markham.
  • Outside of BC and Ontario, Montréal, QC (22%) and Calgary, AB (18%) exhibit the most significant shares of residences selling for at least $1 million.

 

A home worth over $1 million spells luxury to most of us. But gone are the days when such opulent listings barely scratched the surface of a market’s for-sale offers.

With nearly one-quarter of properties for sale in Canada going for at least $1 million and the nationwide average home price well above $700,000, the meaning of luxury seems to have shifted: From the fusion of grandeur and sophistication to the intersection of practical and comfortable exclusivity.

 

 

Considering $1 million as the minimum price point for what luxury entails, Point2 analyzed the number of homes listed for sale. Specifically, we looked at the 70 largest cities to uncover where most of Canada's wealthiest hang their designer hats. Moving up the extravagance ladder, analysts looked into the concentrations of $4 million homes that embody the true meaning of ultra-upscale living.

After determining the local shares of high-end properties priced above $1 million and $4 million, it’s not just the usual upscale suspects that made the elite cut.

 

ON & BC: Perpetual Pinnacles of Pricey Properties

In 15 big Canadian cities, more than 50% of homes sell for at least $1 million

Beyond conventional criteria — such as a $1 million+ price tag, spaciousness, lavish decor, and a prime location — lie deeper insights into the fabric of the markets that showcase Canada’s most expensive homes for sale. These communities offer more than just luxurious residences. Rather, they embody a certain lifestyle and ethos that contribute to their exclusivity and desirability — some more than others.

Check out the 15 large cities where 50% to 80.5% of homes for sale cost at least $1 million:

As far as luxury homes in Brampton or  Surrey go, about half of the listings go for at least $1 million.  Richmond Hill, ON, and Richmond, BC, advertise around 63% of all their respective active listings at $1M or more. Similarly, in Oakville, more than 69% of homes for sale fall in the $1 million-plus category.  In fact, even benchmark prices can give you whiplash in most of these cities, with pricey averages ranging from $1,000,400 in Whitby, ON, to $1,404,200 in nearby Richmond Hill.

If you're keeping score, you'll notice that all of them are in either Ontario or British Columbia. And, the belle of the ball is:

 

Delta, the BC Golden Enclave

Delta boasts the highest percentage of homes selling for $1M or more in the Canadian market. This is no small feat, especially for a city competing head-to-head with Vancouver in the province with the nation's highest cost of living. Astonishingly, more than 80% of properties listed for sale in Delta fetch prices exceeding the $1M mark.

 

... But $1M+ Options Still Reign Supreme in Vancouver

Vancouver is expensive. This “earth-shattering” news means that more than 70% of all homes for sale go for more than $1 million — which is not particularly surprising given the $1,247,700 local benchmark price. The luxury real estate market here remained steady throughout last year, despite high interest rates that might have rattled less affluent buyers.

 

The Toronto Paradox: Highest Number of $1M+ Listings, Smaller Concentration of Luxury

Toronto’s status as the heart of Canada's economy and a hub for professional migrants is what makes it a top destination for upper-echelon buyers and investors. Yet, perhaps surprisingly, less than 38% of homes advertised in the city go for $1 million or more — eye-watering million-dollar benchmark price and all. Despite the contrasting high-end ratios, both Toronto and Vancouver count almost the same number of $1M+ residences for sale (around 2,000).

 

Capital Lack of Luxury in Ottawa

At $621,600, Ottawa's benchmark price might not hint at in-your-face opulence as much as some of its Ontario sisters. Although the nation's capital doesn't rub shoulders with the big players yet, make no mistake: Almost 400 homes in Ottawa are up for sale for at least $1 million. And, last year, a few high-end properties even made headlines by selling for a wallet-wrenchingly amount for the first time in a decade.

 

 Lots of Listings in Montréal, Select Share of Them Luxury

Outside of British Columbia and Ontario, the city with the highest share of homes selling for $1 million or more is Montréal, QC (22%). Montréal also happens to boast the highest number of listings overall out of Canada's 70 largest cities — more than 7,000 (1,500 of which are priced above $1 million). Despite a small concentration of homes selling at $1M or above, experts expect a gradual rise in interest in high-end properties as overbidding slows and newcomers on the market start dipping their toes in million-dollar Montréal.

 

No Luxury? No Problem for Calgary's Ascendant Appeal

Calgary has the highest benchmark price beyond British Columbia and Ontario, standing well above $500,000. In fact, the city's luxury market thrived in 2023 as it emerged as one of Canada’s most robust luxury markets in terms of sales. Attractive for both investors and out-of-towners, Calgary proves to be an appealing destination for buyers from pricier markets such as Vancouver and Toronto

Check out the table below to see what the luxury concentration is in each of Canada's 70 largest markets:

 

 

Multimillion Ultra-Upscale Listings Make Us Rethink the Real Meaning of Luxury

Prestige picks above $4 million make up 13% of homes in Vancouver, but a clean 0% in one-third of the country’s big cities

Certain areas stand as the pinnacle of ultra-luxury homeownership, advertising sprawling estates, endless skyline views, and extravagant design elements. But we need to look beyond $1 million for what has come to define Canada's premium housing markets: An acceptable price point that represents the true upgraded, multi-million definition of luxury in terms of opulence, exclusivity, and grandeur is $4 million.

To that end, in Vancouver, almost 13% of properties are priced at $4 million or more. The city is again followed by Oakville and Richmond Hill, ON, this time with around 7% of their respective inventories made up of $4M+ listings.

Notably, Toronto has a smaller share of ultra-luxury homes for sale compared to Milton, Markham, and Mississauga, ON; as well as Richmond, and Surrey, BC, at 4.5%.

However, the Canadian real estate landscape is reminiscent of the vast and diverse expanse of the nation itself.

In a country where benchmark home prices in the big city go from $266,500 to more than five times that, it’s no wonder that luxury varies in meaning depending on location. So, at the other, less sumptuous end of the spectrum, we have most of the other cities analyzed where these ultra-luxe, $4M+ homes are barely there.

Namely, 23 big Canadian cities — including Saskatoon, SK; Longueuil, QC; Windsor, ON; and Regina, SK — display absolutely zero listings selling for $4 million or more. Similarly, Ajax and Pickering, ON, are among the cities with no shares of these capital-“L” Luxury listings, despite more than 40% of all of their homes for sale going for at least $1 million.

With so few of the country's major cities displaying bombastically priced listings, here's how those that bear witness to the lavish side fare:

 

 

As luxury real estate is regaining momentum across Canada, these areas aren't just about flashy homes; they represent a blend of refinement and modern living. With interest rates predicted to drop this year, we're likely to see more listings priced over $1 million hitting the market — and perhaps more Canadians embracing the finer things in life.

 

Methodology

As one of the top real estate listing portals for the Canadian market, Point2Homes.com connects real estate agents with buyers looking for the perfect home or real estate investment. Point2 is a trustworthy source of news for professionals and journalists covering real estate topics across Canada.

  • The study considers the 70 most populous Canadian cities, according to the most recent data from StatCan.
  • To determine the shares of luxury and ultra-luxury listings, we looked at the number of $1 million-plus and $4 million-plus residential properties for sale of the total number of residential properties available for sale in each city (homes, townhouses, single-family homes, condos, co-ops, manufactured homes, mobile homes, and apartments).
  • The study was based on active listings on realtor.ca at the time of the analysis (February 19, 2024).
  • Benchmark home prices sourced from CREA and local realtor boards as of January 2024.

 

Fair use and redistribution

We encourage and freely grant permission to reuse, host or repost this article. When doing so, we only ask that you kindly attribute the authors by linking to Point2Homes.com or this page, so that your readers can learn more about this project, the research behind it and its methodology.

 

 

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