Delta, B.C. has emerged as a noteworthy hub for real estate, surpassing Vancouver in terms of the concentration of homes priced at $1 million or above, according to a recent report by Point2, a prominent real estate analysis firm.
With a significant 80% of homes listed in Delta exceeding the $1 million mark, it stands out as a prime destination for high-end buyers among Canada’s 70 largest cities. Meanwhile, Vancouver, once the leader in this regard, now holds second place, with 70.5% of homes surpassing the million-dollar threshold. However, Vancouver maintains its dominance in the ultra-luxury sector, with nearly 13% of homes priced above $4 million.
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. Astonishingly, more than 80% of properties listed for sale in Delta fetch prices exceeding the $1M mark.
Ontario and BC offer numerous cities with a substantial share of luxury homes, including Oakville, Richmond, Newmarket, and Markham, where over 50% of homes are priced at $1 million or more. Additionally, Montréal, QC (22%), and Calgary, AB (18%), also feature noteworthy proportions of million-dollar residences.
In today’s real estate landscape, a million-dollar home has become synonymous with luxury for many. However, with nearly a quarter of Canada’s listed properties breaching this mark and the national average home price surpassing $700,000, the concept of luxury has evolved. It now encompasses practicality alongside exclusive comfort, reflecting changing consumer preferences.
Point2 conducted an analysis of listings in the 70 largest cities, focusing on properties priced above $1 million and $4 million, revealing a diverse range of locales catering to affluent homeowners.