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Vancouver has topped a list of Canadian cities with the highest percentage of $1M-plus homes for sale, tallying a whopping 76%, according to the real estate listings portal Point2 Homes.
Toronto came in at 13th in the nation, with 29% of its listed homes coming in at over $1M. GTA neighbour Richmond Hill finished second nationally.
The survey tallied all Canadian homes for sale worth $1M or more and calculated a luxury ratio for each. This luxury ratio was defined as the percentage of $1M-plus homes out of all the listed properties in an area.
Among Vancouver’s current 2,383 listings, 1,808 came in at over $1M. Richmond Hill had 802 listings, with 535 priced at over $1M. And while Toronto had 6,232 available listings, less than one-third of them topped $1M.
While its percentage was lower, Toronto ranked even with Vancouver on the sheer number of $1M homes on the market.
Other GTA neighbours faired much better by percentage. Besides Richmond Hill, Vaughan (No. 8, 51%), Markham (No. 7, 54%), Oakville (No. 6, 54%) and Burlington (No. 12, 31%) all finished ahead of Toronto in the $1M listing club.
Those farther down the list included Ottawa (No. 24, 6%) and Montreal (No. 25, 6%). Montreal easily outpaced Vancouver and Toronto when it came to the sheer number of listings, with over 8,600 homes on the market.
Vancouver also topped the charts among $5M-plus listings, with 261 homes, or 11%. That figure far outpaced all others, with Langley, British Columbia, a distant second at 2.2%.
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