Real estate: Which B.C. cities have the highest share of $1M homes?

Real estate: Which B.C. cities have the highest share of M homes?

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Delta has the highest share of homes listed for more than $1 million in Canada, topping a list of 70 cities with the largest concentration of “luxury” homes.

That’s according to a recent Point2Homes analysis of residential properties for sale in the 70th largest municipalities, based on listings on Feb. 19.

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The real estate listing site’s report found that the top 30 cities with the most million-dollar-plus homes are in B.C. and Alberta. In 15 cities, including eight in B.C., these pricey homes make up more than half the inventory.

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But it’s Delta, not Vancouver, that tops the list, with 244 out of 303 listings, or 80.5 per cent, going for at least $1 million.

Vancouver has the second-highest percentage of homes selling above that threshold, at 70 per cent, or 1,924 out of 2,730 listings. That’s not surprising, said the study, given the nearly $1.248-million benchmark price of a home in the city in January.

Oakville, Ont., was third with 69 per cent, while Richmond Hill, Ont., was fourth with 63.5 per cent of listings topping the million-dollar threshold, respectively. Richmond rounds out the top five at 63.5 per cent.

Other B.C. cities with at least half of their listings hitting the $1-million mark include North Vancouver, Maple Ridge, Coquitlam, Surrey and Abbotsford.

At the other end of the spectrum, Kamloops, Saanich, and Nanaimo have the lowest concentration of such listings, at less than 25 per cent, said Point2Homes spokeswoman Sabina Boboc.

“Still, this is significant, especially when compared to the nationwide minimum of under two per cent,” she said.

Nationally, St. John’s, N.L., has the smallest share out of the 70 cities in the report, at 1.5 per cent. Saguenay, Que., has 1.8 per cent and Red Deer, Alta., has two per cent.

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However, with the rapid escalation of housing prices in the last decade,  $1 million isn’t what it used to be, and may not buy something considered luxurious in hot housing markets such as Vancouver and Toronto.

Luxury varies in meaning depending on location, noted the study, which also looked at properties above $4 million, which it defined as “ultra-luxury.”

Using that threshold, Vancouver tops the list, with almost 13 per cent of properties listed for sale priced at $4 million or more. It’s followed by Toronto suburbs Oakville, Richmond Hill, Vaughn, and Milton.

In B.C., Richmond has the second-highest share of ultra-luxury homes at 5.6 per cent, or seventh in Canada. Surrey is eighth, at nearly five per cent.

Toronto has a smaller share of $4-million-plus homes for sale, at 4.5 per cent, placing 10th.

About 23 cities, or a third of cities surveyed, had no listings that reach $4 million, including Saskatoon and Regina; Longueuil, Que.; and Windsor, Ont.

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