This article explores the distribution of luxury homes (priced at $1 million or more) and ultra-luxury homes (priced at $4 million or more) across major Canadian cities.

• Delta, British Columbia: Holds the top spot with the highest percentage (over 80%) of homes listed for $1 million or more.

• Vancouver, British Columbia: Previously held the top spot, now sits at second with over 70% of homes exceeding $1 million.

• Other notable cities with high concentrations of luxury homes: Oakville, Richmond, Newmarket, and Markham (Ontario), Montréal (Quebec), and Calgary (Alberta).

Key takeaways:

• Shifting definition of luxury: With a significant portion of homes exceeding $1 million nationally, the perception of luxury housing is evolving.

• Luxury goes beyond price: High-end markets offer a specific lifestyle and exclusivity.

• Variations across provinces: British Columbia and Ontario dominate the luxury market, while other provinces show a smaller concentration.

• Ultra-luxury market: Vancouver leads with nearly 13% of homes priced at $4 million or more.

  

  Additional points:

• Toronto, despite a high number of $1 million+ listings, has a smaller share compared to Vancouver.

• Montréal exhibits potential growth in the high-end market.

• Calgary's real estate market saw a rise in luxury sales in 2023.

• Over two dozen major cities have no listings exceeding $4 million.

Overall:

The Canadian luxury housing market is geographically concentrated, with British Columbia and Ontario leading the pack. The definition of luxury is also transforming, considering factors beyond just the price tag