Canada’s Expensive Homes

I was recently featured in an article in Forbes.com commenting about Canada`s Most Expensive Homes. Many home buyers especially new home buyers may wonder why would this matter to them?

As the prices of homes continue to rise, it represents the fact that Canada has a healthy housing market. Remember, this isn`t like the rise of the housing market in the 80`s. Many factors have changed such as the cost of living and the US subprime lending situation, the fact that Canada can sustain a healthy housing market bodes a definite positive for us Canadians.

Multi-million dollar homes are on the rise in Canada and that is mostly in part to baby boomers and their inheritances. In the first quarter of 2007, 1,237 homes priced at $1 million and up were sold in the GTA, Calgary and Vancouver[1]. From experience, I have seen the rise in the prices of homes in some of Toronto`s elite areas as it is reflected in the properties that I list on a continuous basis and can start at anywhere from $2 million and up. Although these classes of elite homes once known as "the carriage trade" are becoming a hot commodity, supply is rare.

Even though this seems like a big deal, Canada is still has a bit of a ways to catch up to our friends south of the border where these prices are not uncommon. In New York City, a buyer could easily spend $1 million dollars on a condo. It is important to bear in mind that buyers of these types of homes are concerned with the complete package of the home and what it has to offer. Whether it be the spectacular view or the unique features of the homes itself these homes represent the future of Canadian standards of living.

Read about Canada’s Most Expensive homes and see the pictures.
Next post topic: A Guide to the Real Estate Market

[1] http://www.forbes.com/2007/01/30/most-expensive-canada-forbeslife-cx_lk_0131canadasmostexpensivehomes.html