Wondering what a million dollars will get you in Atlantic Canada’s increasingly hot real estate market?
Some online research shows that those with the cash to splash on a new home have a plethora of choices in all four Atlantic provinces.
On Cape Breton Island, a region well-recognized for its reasonably-priced housing market, a mere $2,390,000 can get you an 11-bedroom, 11-bath, 5,800 square foot luxury home located on the world-famous Cabot Trail. Oh, it also offers breathtaking vistas of the Atlantic Ocean.
Sydney-based realtor Valerie Sampson said there are lots of people with deep pockets coming or at least considering a move to the island.
“There are lots of people coming from Ontario – people there are selling their homes for much more than they will pay for a comparable home in Cape Breton,” said Sampson, who operates RE/MAX Park Place Inc.
“They are selling and coming here where they can buy a waterfront home and still have money in the bank to enjoy their retirement in Cape Breton. The island has always been beautiful, so it is not that alone.
“I think the news hype that we live in a safe place and that we still have affordable housing is the biggest draw. The fact that there are few, if any COVID cases in Cape Breton, is attracting people.”
Valerie Sampson operates RE/MAX Park Place Inc. in Sydney. – David Jala
Current listings show six Cape Breton houses on the market with asking prices of more than $1 million. A dozen more are just under that mark.
Further evidence can be found in Inverness where several high-end housing developments around the Cabot Links and Cabot Cliffs golf courses quickly sold out after their initial listings.
This five-bedroom, four-bath, 6,115 sq.-ft. dwelling in Coxheath has an asking price of $980,000. CONTRIBUTED – David Jala
Across Atlantic Canada
The most expensive single-family dwelling currently on the Prince Edward Island market is listed at $4,750,000. The five-bedroom, eight-bath, 12,997 sq.-ft. house overlooks the Mill River in the western part of the province and includes three kitchens, a wine cellar, a billiards room guest house, boathouse and an in-ground pool.
In New Brunswick, the historic Seabright estate in St. Andrew’s is the province’s highest-price listing at $3,295,000. Restored and enlarged in 2005, the 11,000 sq.-ft. stately edifice features 11 bedrooms, 10 baths, four staircases, an elevator, a great room and an observation tower.
The most expensive house now for sale in Atlantic Canada is the 280-acre Shangri-La Ranch estate on Robert’s Island near Yarmouth. The $7,890,000 price tag includes an 8,454 sq.-ft. house with six bedrooms, nine baths, water views on three sides, multiple decks, an indoor pool and expansive gardens that feature a labyrinth maze and fishponds. CONTRIBUTED – David Jala
Like the other top-of-the-list properties, it enjoys fabulous views of the water, in this case that being Passamaquoddy Bay.
It turns out that Newfoundland and Labrador’s real estate market goes far beyond the famous brightly-painted homes of St. John’s.
The priciest listing currently is an 11,044 sq.-ft. house overlooking the ocean just a short drive from the Newfoundland capital. The $2,995,000 home is located in Portugal Cove-St. Philip’s on the north section of the Avalon Peninsula.
The four-bedroom, six-bath mansion comes with a great room featuring a floor-to-ceiling stone fireplace, a theatre, a master suite with fireplace, sauna and whirlpool, a wine cellar and a detached garage with a 1,205 sq.-ft. loft.
But, by the far the most expensively priced estate in Atlantic Canada is the aptly named Shangri-La Ranch estate on Roberts Island on the South Shore near Yarmouth, N.S. The $7.89 million price tag includes an 8,454 sq.-ft. house with six bedrooms, nine baths, water views on three sides, multiple decks, an indoor pool and expansive gardens that feature a labyrinth maze and fishponds.
It should also be noted that the annual property taxes for the exclusive estate are about $33,000 a year.
Affordability
Since it is a given that the average east coast Canadian home buyer cannot afford a million-dollar home, the question arises as to who is in the market for a luxury estate.
The most expensive house now on the market in Prince Edward Island is located along the Mill River and costs $4,750,000. CONTRIBUTED – David Jala
According to Michael Poczynek, a Charlottetown-based realtor who specializes in high-end and waterfront properties, most people looking at luxury homes on the island are from Canada’s most populous region – southern Ontario.
“We have never really seen too many million-dollar-plus home sales in P.E.I – I don’t think there has been more than 20 in the history of real estate in this province and most of those would have been in the Charlottetown area,” acknowledged Poczynek, who is originally from Ontario.
“But now, we’re getting all the baby boomers from southern Ontario, who I would say make up about 98 per cent of that market, and from what I understand they had a couple of really bad (financial) quarters during which they saw their home values max out and so many are looking to sell.”
Michael Poczynek, a Charlottetown-based realtor, specializes in high-end and waterfront properties. – David Jala
However, Poczynek said the P.E.I. housing market, in which the average home now goes for about $286,000, gets a bit thin at around the $500,000 mark.
“If we get a buyer spending more than that then they are like Bill Gates – we are generally not moving multi-million (dollar) homes,” he said, while acknowledging that east coast prices do represent quite a bargain to prospective home buyers from hot real estate markets.
“For example, I was looking at a 40-year-old, modest, three-bedroom bungalow in my hometown of Burlington and it was $1.2 million. How many first-time home buyers can afford that?”
Most expensive homes on the market in Atlantic Canada (by province)
New Scotia
$7,890,000
Shangri-La Ranch, Roberts Island, Yarmouth Municipal District
Six bedrooms, nine baths, 8,454 sq.-ft., water views on three sides, multiple decks, indoor pool and expansive gardens featuring a labyrinth and fishponds.
Constructed: 1962
Prince Edward Island
$4,750,000
Mill River East Road, Prince County
Five bedrooms, eight baths, 12,997 sq.-ft., river views, three kitchens, wine cellar, billiards room, guest house, boathouse and in-ground pool.
Constructed: 2009
New Brunswick
$3,295,000
Seabright, Brandy Cove Road, St. Andrews, Charlotte County
11 bedrooms, 10 baths, 11,000 sq.-ft., four staircases, elevator, great room, observation tower with views of Passamaquoddy Bay
Restored and enlarged in 2005
Newfoundland and Labrador
$2,995,000
Tolt Road, Portugal Cove – St. Philip’s, Avalon Peninsula, four bedrooms, six baths, 11,044 sq.-ft., great room with floor to ceiling stone fireplace, theatre room, master suite with fireplace, whirlpool and sauna, games room, wine cellar and detached garage with 1,250 sq.-ft. loft.
Constructed: 2007
Hot Market
While the luxury home market remains the domain of dreamers and the wealthy, those with their finger on the pulse of the overall real estate industry say the market is continuing to heat up.
Catherine Harvey is owner of Harvey Realty in Baddeck. – Saltwire network
Catherine Harvey, a veteran Cape Breton-based realtor and owner of Harvey Realty in Baddeck, said she has been pleasantly surprised by the upturn in Victoria County’s general real estate market.
“It seems that over the past few years Cape Breton is becoming discovered – the market has been really hot. We didn’t expect it but it’s happening and everybody seems to be talking about it,” she said.
“In the past year since COVID began, the market has been very strong and we are seeing interest from a lot of people in Ontario and other parts of Canada where they may or may not have had an affiliation with Cape Breton to begin with, where they have realized they can work remotely and where they are starting to realize that now is the time to move.”
The Seabright estate in St. Andrew’s is New Brunswick’s most expensive home currently listed on the market for $3,295,000. CONTRIBUTED – David Jala
Safer Communities
For her part, realtor Valerie Sampson said she attributes the interest in Cape Breton to the growing recognition that the island offers two of the most basic human needs – safety and shelter.
“We all know Cape Breton is beautiful, it’s always been pretty but I think the news hype that we live in a safe place and that we still have affordable housing is the biggest draw.
“There is also the fact that there are few, if any, COVID cases in Cape Breton. So, overall, when people see that Cape Breton is safe and that (home buyers) can get a nice home at a reasonable price, this is where they are coming.”
Commercial Real Estate
Sampson also noted that she is seeing more and more off-island investors looking at Cape Breton as a place to invest their money. And she cites the current listing of a 36-unit apartment complex in Sydney as an example.
“I was totally blown away by the number of investors wanting to invest in Cape Breton,” she said, of the interest in the $2.7-million complex on Alexandra Street in Sydney
“I received 12 offers in the span of three days for that property and most were off-island investors looking at properties here in Cape Breton. I am seeing more and more of this.”
The latest figures show Sydney’s median house price to be about $150,000, much lower than the average Halifax house sale price of $450,000, and far below Vancouver ($1,262,000) and Toronto ($1,045,488).
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
