Canada's housing market is under severe pressure, particularly the markets in Toronto and Vancouver. Sales of new homes in Toronto fell nearly 70 per cent in August from a year earlier, while overall home sales in Vancouver fell 32.5 per cent, year over year, in September. Prices in Toronto are still holding up, for the moment, but in Vancouver they are decidedly coming down.
Yet you wouldn't know it by looking at the prices of top-end homes in the greater Vancouver area. While home sales listings Toronto are exhibiting some noticeable downward pressure, in Vancouver the asking prices for top-end properties are as astronomical as ever.
Vancouver homes right now represent nine of the 10 most expensive houses for sale in Canada. That's up from seven of the top ten spots in February, and five of the top ten spots in June. Toronto, which captured two of the top ten spots in the past few surveys, didn't even place this time around. (A lakefront mansion in Oakville, Ontario, took the tenth spot.)
So does that mean that Vancouver's wealthiest are avoiding the slowdown? Probably not. The most expensive house for sale in Canada right now -- a waterfront estate in West Vancouver -- is the same property as the last time we surveyed the market in June (see slideshow below). So, if anything, Vancouver's elite haven't quite caught up to the new reality, and we're likely to see some price-slashing in the weeks and months ahead.
But with B.C. dominating the list so thoroughly, we decided it would be a bit less monotonous to turn the spotlight on other parts of the country. So here are the most expensive houses for sale in each province; the differences in style and price are pretty reflective of the regional differences in the country as a whole. Check it out: