When you think of million-dollar high-end homes, neighbourhoods like Shaughnessy in Vancouver or the City of West Vancouver might come to mind, but one BC city actually has Vancouver beat.
According to a new report from Point2Homes, Delta, BC, has the highest share of high-end homes priced within certain parameters, with a whopping 80.5% of listings priced at (or slightly above) the $1 million mark, beating out both Vancouver and Toronto.
While a home priced at $1 million or more might scream luxury to most average-income earners, it’s more a reflection of the state of the housing market than it is the number of homes that look or feel “luxurious.”
While Vancouver has way more residential listings, the actual share of homes from the available stock priced at or above $1 million (but below ultra-luxury listings at $4 million or more) is higher in Delta.
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Point2Homes’ study looked at the 70 most populous Canadian cities according to the most recent data from Statistics Canada. Benchmark home prices were sourced from the Canadian Real Estate Association as of January 2024, while actual listings were sourced from Realtor.ca as of February 19, 2024.
“If you’re keeping score, you’ll notice that all of them are in either Ontario or British Columbia,” the study says.
It might be surprising to some that Delta is ahead of Vancouver when it comes to Canadian cities, where more than half of the homes for sale cost $1 million or more, but that is the reality.
The Point2Homes study states, “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.”
Still, Vancouver has no shortage of high-end homes.
“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.”
North Vancouver and Richmond are among the top high-end real estate spots.
Point2Homes
If $1 million or more is high-end or luxury, you also need to consider ultra-luxury.
“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.”
On that note, Vancouver has the highest share of homes for sale listed at $4 million or more.
Click here for the full report.
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