If you’re looking to invest in luxury real estate, your first priority should be knowing where to look. Yes, big cities may seem like the obvious answer, but there are also smaller suburbs that take luxury just as seriously. Here are some of the most sought-after luxury markets in Canada.
The most obvious answer, Vancouver is infamous for how expensive its real estate market is. If you’re looking to invest in a luxury property, Vancouver has the largest density of properties valued at over $1 million dollars in Canada. It also has the largest percentage of homes available in the $5 million-dollar price point.
Richmond Hill, ON
When it comes to Ontario, you wouldn’t be off base to assume Toronto would be the best bet for investing in luxury, but it turns out that neighbouring suburb Richmond Hill actually beats Toronto in luxury property density. If you’re looking to invest in Ontario, you’ll find plenty of gorgeous $1 million-plus properties to choose from here.
While the market here is quite a bit smaller than what you will find in Ontario and BC, if you’re looking to invest in Alberta—Calgary is the city to start looking in. The market here suffered a few years back and it is still recovering, but its luxury market has seen a steady rise in recent years. It’s also much more receptive to foreign buyers than other provinces.
If you’re looking for oceanfront bliss on the other side of the country, Halifax is the city you should focus in on. Despite being a much smaller city than Calgary, it maintains the same density of luxury properties available. Not only does it offer great options to choose from within this market, but it provides an escape from the hustle and bustle of city life that most other luxury markets are closely tied to.