Canada's luxury housing markets are booming. Like, ridiculously booming, at least in some places.
According to a recent RE/MAX report, luxury home sales in Toronto (defined as $1.5 million plus) jumped 18 per cent in 2013, while Vancouver saw luxury ($2 million plus) home sales jump 38 per cent and luxury condo sales jump 18 per cent.
But with average detached home prices approaching $900,000 in Toronto and $1 million in Vancouver, a $1.5-million house in Toronto or a $2-million house in Vancouver might not actually be "luxury" properties.
Sotheby's International Realty, in a report earlier this year, hinted at what may be happening.
"As the average cost of a single family home in Canada rises, the gap between conventional housing costs and the [luxury] threshold grows closer," the Sotheby's report says.
So sales of luxury homes are being driven up, apparently, by the fact that prices of non-luxury homes are now entering "luxury" territory. Put another way, normal suburban homes are now selling at rich people's prices. Put yet another way, middle class isn't going to buy you much of a house going forward in the country's most expensive markets.
But at the top end of the market, the houses really are "luxury" — and some of them are pretty over-the-top. Check out this list of the most expensive houses for sale in Canada, by province.
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