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.
TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
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.
