Real estate in Canada is booming; with low-interest rates on mortgages, many people can afford much more luxurious homes. The real estate investment from other countries has put the market where it currently is. Homes are bought and sold every day in Canada.
Which are the Most Expensive Cities in Canada to Buy a House?
According to the Canadian Real Estate Association, some of the most expensive cities in which to buy homes are:
- Calgary, in the Province of Alberta
- Fraser Valley
- Victoria, in the Province of British Columbia
- Oakville-Milton, Guelph, in the Province of Ontario
- Montreal, Quebec
Why are Houses so Expensive in Canada?
Homes in Vancouver are expensive due to foreign investors driving up the price of housing. In Toronto, low supply and demand, plus low-interest rates have driven the prices up. Bidding wars on homes has also had a role in driving up the prices in the real estate market. For example, one house in Toronto was listed for $699000 and sold for $1.03 million.
The competitive mortgage industry also makes it easier for people to obtain low rate mortgages. Marketing strategies by real estate agents enticing people to sell has also had an impact on the market. Several investors are taking advantage of the low-interest rates and are buying homes and properties, speculating that prices will only go up.
Who Can Afford Houses Like These?
Being able to afford houses such as these falls into the realm of sports stars or slots jackpot winners who want to invest their money into something worthwhile. There are plenty of other ways for this classification of people to spend their money. Most want something to show for it, and there is no better way than with a high caliber home.
The 11 Most Expensive Homes in Canada
Vancouver, British Columbia, and Toronto, Ontario seem to have the most expensive homes in Canada. 11 of the most expensive homes in Canada are as follows:
- The Belmont Estate, Vancouver BC, worth $63 million
- Tecumseh Ave in Vancouver, British Columbia, valued at $46.8 million
- Erwin Drive, West Vancouver, British Columbia, valued at $42 million
- Seaside Place, West Vancouver, BC, worth $38 million
- The Gables Estate, Vancouver, BC, valued at $38 million
- Kestrel Ridge Farm, Calgary, Alberta, worth $30 million
- The Bridle Path, Toronto, Ontario, valued at $35 million
- 123 Street, Surrey, BC, valued at $28 million
- Belmont Avenue, Vancouver, BC, worth $28 million
- 180th Street, Surrey, BC, worth $27 million
- Indian River Crescent, North Vancouver, BC, worth $25 million
Some of the Most Expensive Homes Listed Currently in Canada
There are many homes listed for sale in Canada, but some of the most expensive are in:
- Toronto, Ontario, listed at $19.8 million
- Vancouver, BC, listed at $16.9 million
- Hamilton, Ontario, listed at $7.9 million
- Victoria, BC, listed at $7.25 million
- Kelowna, BC, listed at $4.49 million
- Edmonton, Alberta, listed at $3.5 million
- Ottawa, Ontario, listed at $2.9 million
- Calgary, Alberta, listed at $2.35 million
- Saskatoon, Saskatchewan, listed at $1.9 million
- Halifax, Nova, Scotia, listed at $1.9 million
- Toronto, Ontario mansion, listed for $21.5 million
As you can see, the listing is for coast to coast locations. Most people can only dream of owning one of these expensive homes. Although there are those who do buy them considering them to be investments for the future.