Here's what's on sale in Canada's luxury home market | Canada News Media
Connect with us

Real eState

Here’s what’s on sale in Canada’s luxury home market

Published

 on

Sales activity among luxury homes in Toronto and Vancouver saw a decline in 2022, according to new data released by Sotheby’s International Realty Canada on Wednesday. However, other major Canadian cities such as Montreal and Calgary saw sales volumes stabilize or even increase throughout the year.

The luxury real estate company’s year-end report points to a 24-per-cent decline in residential sales valued at more than $4 million in the Greater Toronto Area throughout 2022, compared to the previous year. Residential sales of more than $10 million dropped 29 per cent year-over-year.

“Overall, $1 million-plus residential sales saw an annual decline of 28 per cent, despite underlying demand for top-tier housing and housing mobility,” reads the report.

Residents of Vancouver witnessed similar conditions in 2022, with residential real estate sales of more than $1 million falling 29 per cent in 2022 compared to 2021. However, luxury real estate markets in other cities, such as Calgary, rebounded in 2022. Home sales of more than $1 million in the Alberta city increased 16 per cent year-over-year.

“Calgary’s luxury real estate market out-performed that of Canada’s largest major metropolitan areas, as the city’s strengthening economic fundamentals ignited consumer confidence and civic optimism,” reads the report.

A separate report by real estate agency Engel & Volkers also shows a rise in sales volume for luxury homes in Ottawa year-over-year. Among homes priced at $1 million or more, sales activity rose 8.6 per cent in 2022 compared to the previous year. Meanwhile, residents of Montreal saw “more balanced conditions” in the city’s luxury real estate market throughout 2022, according to Sotheby’s International Realty Canada.

The dip in demand witnessed by some of Canada’s major cities has played a role in creating more favourable conditions for prospective luxury home buyers, said Don Kottick, president and CEO of Sotheby’s International Realty Canada, in the report’s executive summary.

“After an era of intense hyperinflation, new post-pandemic benchmarks for Canadian conventional and luxury real estate were established in 2022 as the market processed the impact of aggressive interest rate hikes,” he said. “By the end of the year, luxury housing segments in several major metropolitan areas were on the brink of buyers’ market conditions, while others had very clearly shifted into this territory.”

This comes as conventional home sales continue to drop across Canada on an annual basis. According to the latest data from the Canadian Real Estate Association, sales activity fell 39.1 per cent year-over-year in December 2022. This figure is not seasonally adjusted.

CTVNews.ca has put together a list of properties currently on the market for $1 million or more in major cities across Canada. Scroll down to see what’s available.

VANCOUVER

(Kristin Gill, reAngle Real Estate Marketing / Layla Yang and Frank Peng, Dracco Pacific Realty)

Type: House

Price: $12,990,000

Year Built: 1996

Property Size: 678.29 sq. m

Lot Size: 1,590 sq. m

This private home in Vancouver’s First Shaughnessy neighbourhood has five bedrooms and eight bathrooms across more than 670 square metres. In the main bedroom are vaulted ceilings and a private balcony overlooking mountain views, while hardwood floors run throughout the main level. In the basement is a recreation room with a wet bar and a pool.

EDMONTON

(Phil Stockely, Edmonton 360 Tours / Alan Gee, Re/Max Elite)

Type: House

Price: $1,898,000

Year Built: 2020

Property Size: 262.24 sq. m

Lot Size: 650.17 sq. m

With four bedrooms and seven bathrooms, this updated farmhouse in Edmonton’s Glenora neighbourhood features an open-concept design. On the main floor is a large mudroom with built-in shelving, along with a den, living room, dining room and kitchen area. Attached to the garage is an additional suite with a kitchen and full bathroom.

CALGARY

(Jordan Miller, Calgary Photos / Rachelle Starnes, Coldwell Banker Complete Real Estate)

Type: House

Price: $3,995,000

Year Built: 1995

Property Size: 516.08 sq. m

Lot Size: 0.1 to 0.2 hectares

Sharp peaks and arched windows make up the exterior of this nearly $4-million home in Calgary. The kitchen was recently renovated and includes white cabinetry and quartz countertops. In addition to six bedrooms and six bathrooms is a formal living area complete with a music room, library and a wood-burning fireplace. In the backyard are terraces offering plenty of sitting space, as well as a built-in barbecue.

REGINA

(Hatch Media / Rob Pederson, Realty One Real Estate Services Inc.)

Type: House

Price: $1,499,900

Year Built: 2021

Property Size: 206.99 sq. m

Lot Size: 811.69 sq. m

Built in 2021, this four-bedroom, four-bathroom home in Regina spans about 207 square metres. On the main floor is an open-concept living room and a custom kitchen, while the upper level features a primary bedroom with vaulted ceilings and views of Wascana Lake. The two-storey home also has a finished basement as it situated on a pie-shaped lot.

WINNIPEG

(Artistic Impressions Photography / Natasha Kouk, Royal Lepage Dynamic Real Estate)

Type: House

Price: $1,295,000

Year Built: 1988

Property Size: 349.22 sq. m

Lot Size: 1,100.9 sq. m

Oak floors run throughout the main and upper levels of this contemporary-style Winnipeg home. On the main floor, the professional kitchen has a gas burner as well as a built-in griddle, two dishwashers and a butler’s pantry. In the living room are soaring ceilings and a tiled wall with a fireplace. Next to the main bedroom is a five-piece ensuite and a walk-in closet.

TORONTO

(Cirius 3D / Dave Elfassy, Sutton Group-Admiral Realty Inc.)

Type: House

Price: $3,199,000

Year Built: 1905

Property Size: 260.13 sq. m

Lot Size: 169.82 sq. m

This four-bedroom, five-bathroom home is located in Toronto’s Palmerston neighbourhood. Built in 1905, the house has since been renovated throughout and features custom lighting, along with other upgrades. In the gourmet kitchen are quartz countertops and backsplashes, as well as a centre island. The home also has a walk-up basement and a rooftop terrace.

OTTAWA

(DreamProperties.com / Marilyn Wilson Dream Properties Inc.)

Type: House

Price: $2,250,000

Year Built: 2010

Property Size: 406.36 sq. m

Lot Size: 868.64 sq. m

Spanning more than 400 square metres, this Ottawa home has four bedrooms and four bathrooms, as well as an outdoor kitchen and pool. The main level has an open-concept layout with a foyer that leads into the living and dining areas. In the kitchen are granite countertops, a walk-in pantry and stainless steel appliances. Meanwhile, the basement has a family room and additional work space.

MONTREAL

(Studio 360 Solutions / Marie Sicotte, Groupe Sutton – Centre-Ouest Inc.)

Type: House

Price: $8,250,000

Year Built: 1928

Property Size: 632.86 sq. m

Lot Size: 1091.3 sq. m

With six bedrooms and four bathrooms, this home located in Montreal’s Westmount neighbourhood was completely renovated in 2017. On the main floor is a living room with large windows, high ceilings and a gas fireplace surrounded by marble. In addition to a library and dining room is a gourmet kitchen, with French doors leading to an outdoor patio area, as well as an office.

NOVA SCOTIA

PHOTO] (Chris Dickson / Margaret Craig, Engel & Volkers Halifax)

Type: House

Price: $2,100,000

Year Built: 2019

Property Size: 408.77 sq. m

Lot Size: 0.4 to 1.21 hectares

Situated about 30 minutes away from downtown Halifax by car, this $2.1-million house overlooks Nova Scotia’s McCabe Lake. A modern farmhouse, the home features five bedrooms and four bathrooms across 408 square metres of space. The living room has exposed beams, a fireplace and floor-to-ceiling windows offering lake views. A formal dining room and home office complete the main level.

CHARLOTTETOWN

(Simon Reid / Kelly Lantz, Century 21 Colonial Realty Inc.)

Type: House

Price: $1,950,000

Year Built: 1998

Property Size: 342.07 sq. m

Lot Size: under 0.2 hectares

This custom-built waterfront home has five bedrooms and three bathrooms, as well as a two-storey foyer. On the upper floor is the main bedroom, which overlooks the Brighton Lighthouse and has a full ensuite. On the main floor is an open-concept kitchen with granite countertops, as well as a sunroom. The home itself is a short drive away from downtown Charlottetown.

FREDERICTON

(New View Designs by Laurie Cole / Rebecca Steeves Realty Team, Re/Max East Coast Elite)

Type: House

Price: $1,389,900

Year Built: 2022

Property Size: 315.4 sq. m

Lot Size: 1292 sq. m

Built in 2022, this Fredericton home has a modern farmhouse style with high ceilings and numerous windows throughout. The open-concept floor plan features a double-sided fireplace to separate the living and dining areas on the main floor. In addition to the kitchen are four bedrooms and four bathrooms. Located nearby is the West Hills golf course and other amenities.

NEWFOUNDLAND

(Matt Grandy / Tim Crosbie, Royal LePage Property Consultants)

Type: House

Price: $1,000,000

Year Built: 2011

Property Size: 659.05 sq. m

Lot Size: 0.4 to 1.21 hectares

With five bedrooms and four bathrooms, this ranch-style bungalow is situated in the town of Paradise, N.L., a 20-minute drive from downtown St. John’s. The house has seen a number of renovations over the last eight years, including to the main bedroom and ensuite, which has a large shower, double vanity and soaker tub. In the finished basement are theatre, exercise and recreation rooms.

Adblock test (Why?)

Source link

Continue Reading

Real eState

Here are some facts about British Columbia’s housing market

Published

 on

 

Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Real eState

B.C. voters face atmospheric river with heavy rain, high winds on election day

Published

 on

 

VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.

Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.

The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.

Wednesday was the last day for advance voting, which started on Oct. 10.

More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.

Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.

An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

News

No shortage when it comes to B.C. housing policies, as Eby, Rustad offer clear choice

Published

 on

 

British Columbia voters face no shortage of policies when it comes to tackling the province’s housing woes in the run-up to Saturday’s election, with a clear choice for the next government’s approach.

David Eby’s New Democrats say the housing market on its own will not deliver the homes people need, while B.C. Conservative Leader John Rustad saysgovernment is part of the problem and B.C. needs to “unleash” the potential of the private sector.

But Andy Yan, director of the City Program at Simon Fraser University, said the “punchline” was that neither would have a hand in regulating interest rates, the “giant X-factor” in housing affordability.

“The one policy that controls it all just happens to be a policy that the province, whoever wins, has absolutely no control over,” said Yan, who made a name for himself scrutinizing B.C.’s chronic affordability problems.

Some metrics have shown those problems easing, with Eby pointing to what he said was a seven per cent drop in rent prices in Vancouver.

But Statistics Canada says 2021 census data shows that 25.5 per cent of B.C. households were paying at least 30 per cent of their income on shelter costs, the worst for any province or territory.

Yan said government had “access to a few levers” aimed at boosting housing affordability, and Eby has been pulling several.

Yet a host of other factors are at play, rates in particular, Yan said.

“This is what makes housing so frustrating, right? It takes time. It takes decades through which solutions and policies play out,” Yan said.

Rustad, meanwhile, is running on a “deregulation” platform.

He has pledged to scrap key NDP housing initiatives, including the speculation and vacancy tax, restrictions on short-term rentals,and legislation aimed at boosting small-scale density in single-family neighbourhoods.

Green Leader Sonia Furstenau, meanwhile, says “commodification” of housing by large investors is a major factor driving up costs, and her party would prioritize people most vulnerable in the housing market.

Yan said it was too soon to fully assess the impact of the NDP government’s housing measures, but there was a risk housing challenges could get worse if certain safeguards were removed, such as policies that preserve existing rental homes.

If interest rates were to drop, spurring a surge of redevelopment, Yan said the new homes with higher rents could wipe the older, cheaper units off the map.

“There is this element of change and redevelopment that needs to occur as a city grows, yet the loss of that stock is part of really, the ongoing challenges,” Yan said.

Given the external forces buffeting the housing market, Yan said the question before voters this month was more about “narrative” than numbers.

“Who do you believe will deliver a better tomorrow?”

Yan said the market has limits, and governments play an important role in providing safeguards for those most vulnerable.

The market “won’t by itself deal with their housing needs,” Yan said, especially given what he described as B.C.’s “30-year deficit of non-market housing.”

IS HOUSING THE ‘GOVERNMENT’S JOB’?

Craig Jones, associate director of the Housing Research Collaborative at the University of British Columbia, echoed Yan, saying people are in “housing distress” and in urgent need of help in the form of social or non-market housing.

“The amount of housing that it’s going to take through straight-up supply to arrive at affordability, it’s more than the system can actually produce,” he said.

Among the three leaders, Yan said it was Furstenau who had focused on the role of the “financialization” of housing, or large investors using housing for profit.

“It really squeezes renters,” he said of the trend. “It captures those units that would ordinarily become affordable and moves (them) into an investment product.”

The Greens’ platform includes a pledge to advocate for federal legislation banning the sale of residential units toreal estate investment trusts, known as REITs.

The party has also proposed a two per cent tax on homes valued at $3 million or higher, while committing $1.5 billion to build 26,000 non-market units each year.

Eby’s NDP government has enacted a suite of policies aimed at speeding up the development and availability of middle-income housing and affordable rentals.

They include the Rental Protection Fund, which Jones described as a “cutting-edge” policy. The $500-million fund enables non-profit organizations to purchase and manage existing rental buildings with the goal of preserving their affordability.

Another flagship NDP housing initiative, dubbed BC Builds, uses $2 billion in government financingto offer low-interest loans for the development of rental buildings on low-cost, underutilized land. Under the program, operators must offer at least 20 per cent of their units at 20 per cent below the market value.

Ravi Kahlon, the NDP candidate for Delta North who serves as Eby’s housing minister,said BC Builds was designed to navigate “huge headwinds” in housing development, including high interest rates, global inflation and the cost of land.

Boosting supply is one piece of the larger housing puzzle, Kahlon said in an interview before the start of the election campaign.

“We also need governments to invest and … come up with innovative programs to be able to get more affordability than the market can deliver,” he said.

The NDP is also pledging to help more middle-class, first-time buyers into the housing market with a plan to finance 40 per cent of the price on certain projects, with the money repayable as a loan and carrying an interest rate of 1.5 per cent. The government’s contribution would have to be repaid upon resale, plus 40 per cent of any increase in value.

The Canadian Press reached out several times requesting a housing-focused interview with Rustad or another Conservative representative, but received no followup.

At a press conference officially launching the Conservatives’ campaign, Rustad said Eby “seems to think that (housing) is government’s job.”

A key element of the Conservatives’ housing plans is a provincial tax exemption dubbed the “Rustad Rebate.” It would start in 2026 with residents able to deduct up to $1,500 per month for rent and mortgage costs, increasing to $3,000 in 2029.

Rustad also wants Ottawa to reintroduce a 1970s federal program that offered tax incentives to spur multi-unit residential building construction.

“It’s critical to bring that back and get the rental stock that we need built,” Rustad said of the so-called MURB program during the recent televised leaders’ debate.

Rustad also wants to axe B.C.’s speculation and vacancy tax, which Eby says has added 20,000 units to the long-term rental market, and repeal rules restricting short-term rentals on platforms such as Airbnb and Vrbo to an operator’s principal residence or one secondary suite.

“(First) of all it was foreigners, and then it was speculators, and then it was vacant properties, and then it was Airbnbs, instead of pointing at the real problem, which is government, and government is getting in the way,” Rustad said during the televised leaders’ debate.

Rustad has also promised to speed up approvals for rezoning and development applications, and to step in if a city fails to meet the six-month target.

Eby’s approach to clearing zoning and regulatory hurdles includes legislation passed last fall that requires municipalities with more than 5,000 residents to allow small-scale, multi-unit housing on lots previously zoned for single family homes.

The New Democrats have also recently announced a series of free, standardized building designs and a plan to fast-track prefabricated homes in the province.

A statement from B.C.’s Housing Ministry said more than 90 per cent of 188 local governments had adopted the New Democrats’ small-scale, multi-unit housing legislation as of last month, while 21 had received extensions allowing more time.

Rustad has pledged to repeal that law too, describing Eby’s approach as “authoritarian.”

The Greens are meanwhile pledging to spend $650 million in annual infrastructure funding for communities, increase subsidies for elderly renters, and bring in vacancy control measures to prevent landlords from drastically raising rents for new tenants.

Yan likened the Oct. 19 election to a “referendum about the course that David Eby has set” for housing, with Rustad “offering a completely different direction.”

Regardless of which party and leader emerges victorious, Yan said B.C.’s next government will be working against the clock, as well as cost pressures.

Yan said failing to deliver affordable homes for everyone, particularly people living on B.C. streets and young, working families, came at a cost to the whole province.

“It diminishes us as a society, but then also as an economy.”

This report by The Canadian Press was first published Oct. 17, 2024.

Source link

Continue Reading

Trending

Exit mobile version