Delta, BC, boasts the highest percentage of homes selling for $1 million or more in the Canadian market, according to a study conducted by Point2Homes. Four-fifths of Delta residential listings could be classified as luxury homes, according to a press release. Point2Homes said Delta’s benchmark price was $1.16 million. The number of residential listings in Delta was 303. Of the 303 residential listings, 244 cost at least $1 million. While Delta came out on top, Vancouver came in second place (70.5%). Vancouver’s benchmark price was $1.25 million. The number of residential listings in Vancouver was 2,730. However, 1,924 homes were listed at $1 million or more. Point2Homes went on to say Oakville, ON, came in third place (69.1%). It added Oakville’s benchmark price was $1.29 million. In Oakville, people can choose from 682 listings. Four hundred seventy-one listings were priced at at least $1 million. After Oakville was Richmond Hill, ON (63.5%). This was followed by Richmond, BC (63.2%); Newmarket, ON (61%); and North Vancouver, BC (60.7%). Point2Homes continued by saying Vancouver had the largest percentage of listings at $4 million or more (12.7%). Of Vancouver’s 2,730 listings, it said 347 were ultra-luxury homes. Oakville came in second place (7.8%). In Oakville, 53 listings could be classified as ultra-luxury homes. Richmond Hill finished in third place (7.2%). In Richmond Hill, 31 listings had this designation. After Richmond Hill was Vaughan, ON (6.8%). This was followed by Milton, ON (6.4%); Markham, ON (5.7%); and Richmond (5.6%). Prices in luxury home markets in Canada’s four largest cities started to take a beating in the start of 2023 compared to the first three months of 2022, according to an April report conducted by Sotheby’s International Realty Canada. READ MORE: THOMAS: Luxury home market see precipitous year-over-year declineHomes priced at $1 million or more saw declines averaging 46% in Vancouver, Calgary, Toronto and Montreal. Sotheby’s said the precipitous drop was due to “a shortage of housing supply across every spectrum of the market, which compelled real estate sellers and buyers to delay market engagement to the second quarter.”The study considered the 70 most populous Canadian cities based on recent data from Statistics Canada. To determine the shares of luxury and ultra-luxury listings, Point2Homes looked at the number of $1 million-plus and $4 million-plus residential properties for sale of the total number available in each city.
Delta, BC, boasts the highest percentage of homes selling for $1 million or more in the Canadian market, according to a study conducted by Point2Homes. Four-fifths of Delta residential listings could be classified as luxury homes, according to a press release. Point2Homes said Delta’s benchmark price was $1.16 million. The number of residential listings in Delta was 303. Of the 303 residential listings, 244 cost at least $1 million. While Delta came out on top, Vancouver came in second place (70.5%). Vancouver’s benchmark price was $1.25 million. The number of residential listings in Vancouver was 2,730. However, 1,924 homes were listed at $1 million or more. Point2Homes went on to say Oakville, ON, came in third place (69.1%). It added Oakville’s benchmark price was $1.29 million. In Oakville, people can choose from 682 listings. Four hundred seventy-one listings were priced at at least $1 million. After Oakville was Richmond Hill, ON (63.5%). This was followed by Richmond, BC (63.2%); Newmarket, ON (61%); and North Vancouver, BC (60.7%). Point2Homes continued by saying Vancouver had the largest percentage of listings at $4 million or more (12.7%). Of Vancouver’s 2,730 listings, it said 347 were ultra-luxury homes. Oakville came in second place (7.8%). In Oakville, 53 listings could be classified as ultra-luxury homes. Richmond Hill finished in third place (7.2%). In Richmond Hill, 31 listings had this designation. After Richmond Hill was Vaughan, ON (6.8%). This was followed by Milton, ON (6.4%); Markham, ON (5.7%); and Richmond (5.6%). Prices in luxury home markets in Canada’s four largest cities started to take a beating in the start of 2023 compared to the first three months of 2022, according to an April report conducted by Sotheby’s International Realty Canada. READ MORE: THOMAS: Luxury home market see precipitous year-over-year declineHomes priced at $1 million or more saw declines averaging 46% in Vancouver, Calgary, Toronto and Montreal. Sotheby’s said the precipitous drop was due to “a shortage of housing supply across every spectrum of the market, which compelled real estate sellers and buyers to delay market engagement to the second quarter.”The study considered the 70 most populous Canadian cities based on recent data from Statistics Canada. To determine the shares of luxury and ultra-luxury listings, Point2Homes looked at the number of $1 million-plus and $4 million-plus residential properties for sale of the total number available in each city.
