BUSINESS
11/21/2011 04:59 EST

Canada House Prices: 1 In 5 Vancouver Homes Now Sell For More Than $1 Million

One in five houses sold in the Vancouver real estate market this year went for more than $1 million, according to data from the Canadian Real Estate Association.

CREA's data show the percentage of homes sold above the million-dollar mark has doubles since 2009. The same is true for Toronto, where more than 5 per cent of homes sold this year went for more than $1 million. That's double the percentage in 2009.

In Calgary, the number of million-dollar homes sold has already exceeded 400 this year, up from 340 in 2010. This year the market is on track to exceed the all-time record -- 461 million-dollar homes -- set in 2007.

More at Mind The Gap: How Income Inequality Is Raising House Prices For All Of Us.. Why You Should Care About Income Inequality.. What $350,000 Will Buy You In House Markets Across Canada.. Full Coverage..

Photo gallery Homes Sold Above $1 Million In 3 Canadian Markets See Gallery