The average price of a home in Canada now stands at an all-time high of $816,720. According to a new report released by real estate company Re/Max, it seems as though a key driver of growth has been the recent boom in Canada’s luxury home market.
Data revealed that 18 of the 19 local markets assessed in the report saw significant year-over-year increases in the sale of luxury homes worth more than $1 million, ranging from detached and attached units, to condominium properties.
The Greater Toronto Area and Metro Vancouver remain red-hot markets, seeing considerable growth in the sale of homes worth more than $3 million, with increases of 112.8 per cent and 75.8 per cent, respectively. Based on data gathered by the Canadian Real Estate Association, the average price of a home in both Ontario and British Columbia has recently exceeded $1 million.
Several other markets also saw notable gains in the sale of luxury homes at over $1 million year-over-year. In Barrie, Ont., 278 units were sold for more than $1 million in 2021, an increase of about 518 per cent compared to the year before. Meanwhile, Saint John reported the sale of 15 units above $1 million each in 2021, an increase of 1,400 per cent when compared to a single sale made in 2020.
Only one market reported a drop in the sale of homes worth more than $1 million; Charlottetown saw a 42.9 per cent decrease in sales from 2020 to 2021.
With considerable demand for luxury homes across the country, CTVNews.ca has compiled a list of Canadian properties currently on the market for at least $1 million.
METRO VANCOUVER
(Lawrence Lu / Jerry Wang, Macdonald Platinum Marketing)
(Lawrence Lu / Jerry Wang, Macdonald Platinum Marketing)
Type: House
Price: $2,888,000
Year Built: 2013
Property Size: 334 sq. m
Lot Size: 0.67 hectares
Located in the Metro Vancouver area, this European-style home welcomes its guests with six-metre ceilings over the foyer, living and family rooms. Floor-to-ceiling windows offer stunning views while allowing natural light to pour in. The luxury property has five bedrooms, six bathrooms, a home office and a private media room. Its 73-foot yard and covered patio are ideal for enjoying outdoor activities all year long.
KELOWNA
(Kevin Arnason / Todd Simpson, Royal LePage Kelowna)
(Kevin Arnason / Todd Simpson, Royal LePage Kelowna)
Type: House
Price: $6,249,000
Year Built: 2010
Property Size: 948.35 sq. m
Lot Size: 0.27 hectares
With its custom-built pool featuring mosaic tiling, an adjacent sports court and a sunken trampoline, this Mediterranean-inspired home is ideal for entertaining. Complete with seven bedrooms and eight bathrooms, the property spans nearly 950 square metres in total. The interior boasts sky-high 6.7-metre ceilings and luxury brand finishes, while an outdoor covered kitchen and pergola give this estate its resort vibe.
CALGARY
(Sona Visual and Zoon Media / Heather Waddell, Sotheby’s International Realty Canada Calgary)
(Sona Visual and Zoon Media / Heather Waddell, Sotheby’s International Realty Canada Calgary)
Type: House
Price: $4,425,000
Year Built: 2009
Property Size: 437.82 sq. m
Lot Size: 0.1 hectares
This luxury home in Calgary is an architectural marvel, with floor-to-ceiling windows that offer stunning views of nearby mountains and valleys. The open-concept kitchen comes with oak plank flooring and a central island. On the upper level is the master bedroom with a private balcony, large dressing room and closet. With three bedrooms and five bathrooms, the home also has a yoga room and wine cellar.
Initially built in 1925, this Edmonton luxury home has been completely rebuilt for a more contemporary look and feel. Four bedrooms and five bathrooms span across 2.5 storeys, amounting to more than 4,000 square metres of living space. The master bedroom also comes with its own balcony. Meanwhile, a loft and ensuite bathroom occupy the top floor, and a home theatre fills the lower level. The home also has its own wine cellar and vault for tasting.
TORONTO
(Hooman Aliary, The Agency Development Group Toronto)
(Hooman Aliary, The Agency Development Group Toronto)
Type: House
Price: $9,700,000
Year Built: 2006
Property Size: 929 sq. m
Lot Size: 0.42 hectares
Near Toronto’s Bridle Path community is this timeless luxury home with its own grand foyer and piano lounge. The gourmet kitchen comes with chef-grade appliances and a walk-in fridge, while the master ensuite features its own steam shower and boudoir. A wood-panelled grand family room also offers views of a nearby ravine. On the lower level is a wine cellar, billiard room and exercise lounge with direct access to the inground pool.
GREATER MONTREAL
(Studio Point De Vue / Joseph Montanaro, Re/Max Action Westmount)
(Studio Point De Vue / Joseph Montanaro, Re/Max Action Westmount)
Type: House
Price: $7,900,000
Year Built: 2005
Lot Size: 0.09 hectares
Located in Greater Montreal, this luxury estate with stone exterior sits high on Upper Bellevue, offering extensive views of the metropolitan area below. The custom-built home has five bedrooms, four bathrooms, and a home office. An open-concept chef’s kitchen leads directly into a spacious den for easy access. The property also has an integrated double garage, as well as a landscaped garden surrounding a private pool.
ST. JOHN’S
(Amanda Ryan / Rob Moore, Re/Max Realty Specialists)
(Amanda Ryan / Rob Moore, Re/Max Realty Specialists)
Type: House
Price: $1,695,000
Year Built: 2016
Property Size: 459.87 sq. m
Lot Size: 0.22 hectares
This lakeside property located on a cul-de-sac in St. John’s comes with private access to Virginia Lake. On the main floor is a great room with windows that span from the floor to its cathedral ceilings, maximizing the outdoor view. The gourmet kitchen features a large island with labradorite granite countertops, a gas cooktop and a walk-in pantry. On the top floor is a loft area overlooking the great room, as well as three bedrooms and a spa-inspired master bathroom.
HALIFAX
(Studio Royale / David Dunn, Royal LePage Atlantic)
(Studio Royale / David Dunn, Royal LePage Atlantic)
Type: House
Price: $3,499,000
Year Built: 2011
Property Size: 423.45 sq. m
Lot Size: 0.2 hectares
With four bedrooms and four bathrooms, this Halifax home comes with spectacular views of the Northwest Arm, a key part of Nova Scotia’s coastline. Located lakeside, the property also features its own dock, as well as a putting green. Inside, its kitchen comes with granite countertops, built-in appliances, a breakfast bar and a butler’s pantry. On the top floor is the master bedroom with a walk-in closet and private deck overlooking the water.
CHARLOTTETOWN
(Patty Campbell, Powerhouse Realty PEI)
(Patty Campbell, Powerhouse Realty PEI)
Type: House
Price: $1,149,000
Year Built: 2020
Property Size: 389 sq. m
Lot Size: 0.17 hectares
Just a 14-minute drive from the heart of Charlottetown, this corner lot property has five spacious bedrooms and just as many bathrooms for a total area of nearly 400 square metres. The kitchen features custom cabinets, a stone backsplash, and a double sink, while the living room has a stone propane fireplace. A soaker tub and large glass shower can be found in the master bathroom, while a recreation room is found in the basement.
FREDERICTON
(Matthew Gorveatte / Larry Booker, Re/Max East Coast Elite Realty)
(Matthew Gorveatte / Larry Booker, Re/Max East Coast Elite Realty)
Type: House
Price: $1,195,000
Year Built: 2016
Property Size: 435.62 sq. m
Lot Size: 0.21 hectares
Located in Fredericton, this custom luxury home is as spacious as it is stunning. On the upper floor is the master bedroom, with access to an elevated patio with a hot tub and seating area to view the backyard. The main level features an open-concept living space with a two-sided gas fireplace separating the family room from the kitchen. An oversized sunroom overlooks the backyard, while an entertainment room and exercise area fill the lower level.
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.
