Canada’s Most Expensive Homes
Lauren Kerensky 10.15.07, 6:00 AM ET
While the subprime problem south of the border continues to eat away at America’s housing markets, homeowners across Canada are enjoying strong sales.
Those in cities like Calgary, which boasts a robust local economy thanks to the oil and gas sectors situated there, and Toronto, the country’s financial headquarters, in particular, are reaping the rewards of a luxury housing boom.
Chew on this: Based on sales activity in the first half of 2007, the Canadian Real Estate Association expects total home sale transactions this year to rise by 8.1%. More notably on the rise, though, is the national average sales price. It increased from $276,646 Canadian dollars (approximately $283,216 U.S.) in July 2006 to $311,495 Canadian (approximately $318,893 U.S.) in July 2007, a whopping 13% percent. Much of this growth can be attributed to the country’s thriving luxury market.
“The high-end market is booming across Canada as more baby boomers inherit large amounts of money, and the Canadian economy is booming right along with it,” says Ann Chiasson, an agent with Sea to Sky Premier Properties in Whistler, British Columbia. She adds that reasonable interest rates and a desire for unique, higher-end properties are driving the market as well.
The latest Carriage Trade Luxury Properties Report released by Royal LePage Real Estate Services found that in Greater Toronto, Calgary, and Greater Vancouver–three areas containing many of the nation’s priciest properties–1,237 homes going for $1 million Canadian and up were sold in the first quarter of 2007, compared to the 995 sold in the first quarter of 2006. Calgary had the greatest increase–38%–due to an influx of international buyers and local executives putting down roots.
“There’s a bit of a bidding war going on,” says Gino Romanese, senior vice president of Royal LePage Real Estate, Ltd. “Demand on luxury homes is still outstripping supply, so there’s still little inventory in the luxury home market.”
Top Spots
If the property is a particularly coveted one, perhaps a waterfront or mountainside estate, it defies all conventional sale patterns. Romanese recalls a home that recently sold for $1.2 million Canadian after being on the market for a mere two days. Homes are currently averaging about two months on the market.
To residents in the U.S., where the $135 million Hala Ranch in Aspen tops the list of most expensive homes, and the asking price for a four-bedroom single family home in many areas can easily begin at $1 million, Canada’s numbers may be unimpressive.
While the Great White North did enter the multimillion-dollar housing market slightly later than some other regions, it is indeed following all the usual high-end pricing patterns. That is, numbers are going up.
“One million used to be what we would call a “carriage trade” property as an elite distinction for the home,” recalls Elli Davis, a leading Sales Representative for Royal LePage Toronto. “Today I would say it ‘s closer to $2 million and up. Prices in new condo developments in Toronto are up in the range of $1,000 to $1,500 per square foot, which is a relatively new price range in Toronto in the last few years.”
In Toronto, these homes generally range from $2 million Canadian to $15 million Canadian and are located in Forest Hill, Rosedale, the Bridle Path, and Lawrence Park. The priciest pads in the country may not yet command nine figures, but they are impressive nonetheless.
Take The Uplands in Victoria, British Columbia, the locale of the most expensive home in the Great White North. For $28.5 million Canadian, (approximately $28.9 million U.S.) you can call the oceanfront estate, dubbed “Sweet Pea,” yours. The seven-bedroom, five-bath estate sits on 2.4 acres of gated property with over 1,400 feet of ocean frontage and its own private pond.
Just as stunning is a nine-year-old property in Greater Vancouver, British Columbia, that boasts two separate wings, an indoor swimming pool, a four-car garage and a fully equipped theater room. The 18,600-square-foot home is sited on 1.12 acres in the exclusive Shaughnessy neighborhood.
Houses in the multimillion-dollar range are becoming much more common in Canada, and buyers are jumping on coveted properties and high-end developments before they’re even built. But that is not to say Canadians aren’t still afflicted with sticker shock. Lisa Williams, a broker with Century 21-Royal Victoria Realty, has had a $15 million Canadian oceanfront property on the market for over 10 months. “Very high-end homes can certainly take more than a year to sell, and sometimes properties don’t sell,” she says. “We have a couple of properties on the high end that have been on the market for a number of years.”
All that waiting can call for a price reduction in order to attract interest. No. 9 on our list, the Teddington Park estate, for example, last ranked at the top of this list with an asking price of $22 million Canadian. It has since been reduced to $19.5 million Canadian to attract an acceptable offer. Sounds like even Canadians should start considering that a bargain.
source:
http://www.forbes.com/2007/10/12/homes-canada-expensive-forbeslife-cx_lk_1015realestate2.html
In Pictures: Canada’s Most Expensive Homes
http://www.forbes.com/2007/10/12/homes-canada-expensive-forbeslife-cx_lk_1015realestate2_slide_2.html
While the subprime problem south of the border continues to eat away at America’s housing markets, homeowners across Canada are enjoying strong sales. Chew on this: Based on sales activity for the first half of 2007, the Canadian Real Estate Association expects total home sale transactions this year to rise by 8.1%. More notably on the rise, though, is the national average sales price. It increased from $276,646 Canadian dollars (approximately. U.S. $283,216) in July 2006 to $311,495 Canadian (approximately $318,893) a year later–a whopping 13%. Much of this growth can be attributed to the country’s thriving luxury market.
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The Uplands, Victoria, British Columbia
$28.5 million Canadian (approximately $28.9 million U.S.)
This seven-bedroom, five-bath oceanfront estate called “Sweet Pea” sits on 2.4 acres of gated property with over 1,400 feet of ocean frontage and its own private pond. For more information, contact Robert Milloy of Sotheby’s International Realty Canada, Victoria, British Columbia.
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Greater Vancouver, British Columbia
$25 million Canadian (approximately $25.3 million U.S.)
No. 2 on the list is a nine-year-old manse that boasts two separate wings, an indoor swimming pool, a four-car garage and a fully equipped theater room. The 18,600-square-foot home sits on 1.12 acres in the exclusive Shaughnessy neighborhood. For more information, contact Malcolm Hasman of Angell & Hasman Associates.
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Carmarthen Lake Farms, Simcoe, Ontario
$24 million Canadian (approximately $24.3 million U.S.)
This massive farm estate, made up of six buildings, is for the true nature lover. It’s surrounded by miles of trails for riding and hiking, and at 1,778 feet, looks out over Ontario. The property is surrounded by English gardens and features a lap pool and a terrace leading to a private lake with its own sandy beachfront. For more information, contact Mark McLean of Sotheby’s International Realty Canada, Toronto.
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Metchosin Oceanfront Estate, Victoria, British Columbia
$24 million Canadian (approximately $24.3 million U.S.)
This oceanfront property took four years to design and construct, and was finally completed in 2006, earning a National Canadian Architect Award. The home spans 8,300 square feet and includes six bedrooms and six full baths, though the soaring glass walls that separate the living and sleeping areas, called the “Canyon River,” remain its most notable feature. For more information, contact Robert Milloy of Sotheby’s International Realty Canada, Victoria, British Columbia.
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Hawkridge Farm, Caledon, Ontario
$24 million Canadian (approximately $24.3 million U.S.)
If you’d rather not spend your millions on a waterfront view, why not opt for a country manor amid 150 forested acres instead? This property features a trout pond and walking trails, while the house boasts a dramatic two-story foyer, indoor pool, spa, and 25,000 square feet of living space. For more information, contact Elise Kalles of Harvey Kalles Real Estate.
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Whistler, British Columbia
$22 million Canadian (approximately $22.3 million U.S.)
Built just this year by architect Michael Gottschalk, this property offers incredible views of Blackcomb Mountain and is bordered by one of Whistler’s massive lakes. The chalet has five bedrooms, seven baths, and a separate spa building on its 4.81 acres. For more information, contact Maggi Thornhill at Sea to Sky Premier Properties.
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Bridle Path, Toronto
$21.5 million Canadian (approximately $21.8 million U.S.)
Located in Toronto’s exclusive Bridle Path neighborhood, this ornate manse boasts 16 bathrooms and high-end amenities like a home theater, billiard room and library. Its elaborate décor includes domed ceilings with hand-carved motifs and medallions. The indoor pool and spa, as well as formal and informal living and dining rooms make it a prime spot for entertaining. For more information, contact Elise Kalles at Harvey Kalles Real Estate.
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Whistler, British Columbia
$20 million Canadian (approximately $20.3 million U.S.)
The steel-and-concrete Couloir is situated on Whistler Mountain. The owner has recently completed a brand new recreation room to add to the home’s five bedrooms and six and a half baths. The property also includes a second lot, spacious enough for a 5,000-square-foot guest home. For more information, contact Ann Chiasson at Sea to Sky Premier Properties.
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Toronto
$19.5 million Canadian (approximately $19.8 million U.S.)
This landmark estate is situated on over an acre of land overlooking the Rosedale Golf Club. The home features eight bedrooms, 11 baths, a pool, two entryways, and a formal ballroom. A rose garden and formal garden add to the park-like atmosphere. For more information, contact Maribell White at Chestnut Park Real Estate or Elise Kalles at Harvey Kalles Real Estate.
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Central Saanich, British Columbia
$18.5 million Canadian (approximately $18.8 million U.S.)
This oceanfront country estate is set on 27 acres on the Saanich Inlet. In addition to the 10,000-square-foot main house, there is a garage, veranda, stables and a guesthouse. The entryway to the home is done in a porte cochere (coach door) style, and the second floor includes a sitting room and two decks. For more information, contact Peter Nash at Newport Realty.
