We probably don’t have to tell you that Canada’s real estate industry has been booming lately. Signs of it are all around us and it has been covered rather thoroughly by the media.
Some of it is good. Some of it is bad. One publication called it a “crazed housing market.” They aren’t wrong. The supply has been tight, to say the least, and new builds aren’t keeping up with demand. According to The Real Estate Board of Greater Vancouver (REBGV) economist Keith Stewart, "Housing supply is the biggest factor impacting the market right now.” This has led to fierce buying competition. It’s a seller’s market, and it’s affecting every aspect of the housing market. The luxury and ultra-luxury housing markets aren’t exceptions, as the market has watched these high-end properties get listed and sold in short order. There's a buying frenzy in that part of the market as well and Canada’s major housing markets are leading the pack with the number of multi-million dollar listings. Here are a few of the most expensive residential real estate listings currently for sale in Canada. 24 Park Lane Cir Toronto, ON M3B1Z7 List price: $45,000,000 This 28,000 SqFt mansion has 9+1 bedrooms and 16 bathrooms sits on 3 acres in the upscale Bridle Path neighbourhood, which the listing points out, is “home to international music stars and corporate luminaries alike.” 4883 Belmont Ave, Vancouver West, Vancouver, BC, V6T1A8 List price: $38,900,000 The 0 bedrooms/ 0 bathrooms listing is not only the most expensive real estate listing in Vancouver, but possibly the country. The waterfront lot, which is bordered by university endowment lands, is 2.88 acres in size. 4788 Belmont Ave, Vancouver, West Vancouver, BC, V6T1A9 List price: $33,888,000 The 7 bedrooms/ 9 full bathrooms and 2 half bathrooms has 10,548 sq ft under roof. According to the listing, the “luxurious gated mansion commands sweeping views of both the water and mountains.” The palatial digs even come equipped with a Zen room, karaoke room, and theatre room to boot. 123 Tecumesh Ave Vancouver West, Vancouver, BC, V6H1T3 List price:$33,800,000 Another big ticket Vancouver home, which is only a handful of dollars away from being the most expensive residential home for sale in the city, has 12,413 sq. ft. of living space, a massive aquarium, an elevator, a Koi Pond/ Japanese garden, and three levels. 3165 Place De Ramezay, Montréal (Ville-Marie), Quebec H3X2B6 List price: $30,800,000 A renovated 8-bedroom, 15-bathroom residence with city views. Currently, this is the most expensive residential listing in Montreal. 71 The Bridle Path, Toronto, ON, M3B2B2 List price: $29,800,000 The two-story, 9 bedrooms/13 bathrooms residence is just one of many luxury homes for sale in Toronto’s elite area of town, The Bridle Path 1243 Chartwell PL, West Vancouver, Vancouver, BC, V7S2S2 List price: $28,000,000 The 8 bedroom / 12 bathroom estate, which is tucked away on nearly 3 acres in a historic neighborhood, has over 20,000 sq. ft. of living space. 85 The Bridle Path Toronto, ON M3C2P1 List price: $23,000,000 Billed as an “exquisite French provincial chateau, this 20,000+ sq. ft. Bridle Path home has 8+1 bedrooms and 11 bathrooms on 2 acres of land. From professional sports courts to manicured gardens, the estate has all the amenities one would hope for in this price range. 1475 Av. des Pins O. Montréal (Ville-Marie), Quebec H3G1B3 List price: $22,000,000 The listing says the former home of industrialist and philanthropist J.W McConnell “represents one of the most impressive estates in Canada.” The home has 12 bedrooms/ 12 bathrooms. 905 Ch. des Skieurs, Mont-Tremblant, Quebec J8E3M8 List price: $21,999,066 The 17,000-square-foot lakefront mansion has 8 bedrooms/ 13 bathrooms. It also has 17 fireplaces and sits on a 5-acre manicured estate. The Canadian housing market isn’t showing any indications of a collapse or downward spiral, according to a newly released report by Royal Bank of Canada (RBC) economists.
The Canadian Housing Health Check report “provides RBC Economics’ assessment of key indicators of Canada’s housing market that are deemed to offer early warning of potential imbalances.” The report has some good news for the Canadian housing market. According to the RBC, the risk of “overheating” has eased as the “Canadian housing market calms down.” The threat of “an uncontrolled upward price spiral,” which many people following the market have worried about in this hot market, “has considerably diminished.” The report’s Housing Market Dashboard, which has a stoplight-inspired theme of green, yellow, and red to highlight 10 areas the RBC assessed. It offers an at-a-glance comparison of how the Country and its four largest housing markets– Toronto, Montreal, Vancouver, and Calgary – are faring and what RBC economists expect to see in the market’s future. The Dashboard highlighted two major problems nationwide: affordability and the number of homes under construction (multiples). It also says the rental market is outside of historic norms. The ongoing pandemic, especially concerning the rise of the Delta variant, could present future problems for the market, the report found. Montreal’s market had the fewest levels of concern, with only one area showing a significant risk: homes under construction (multiples). It was also the only major market to have demographics “within historical norms,” which also beats the nationwide demographics. The Toronto market seems to be closely following national market trends, more so than the other major markets. Even though the market has cooled some since last spring, Toronto is still doing well. Slow listings have kept the market tight. The resale market, interest rates, new home inventory singles, new home multiples, and single homes under construction were found to be ”within the historical norms or not posting immediate threat.” However, the report was not without concern as three areas of the Toronto Housing market were found “significantly outside of historic norms and posing much higher risk than usual.” The RBC’s areas of concern pertaining to the Toronto housing market is the city’s affordability, its rental market balance, labour market, demographics, and the number of homes under construction (multiples). The report also indicates a “dip in population growth [in Toronto] poses a risk,” but believes that will be short-lived. While there is still room for improvement, we like a lot of what we are seeing in the Canadian Housing Health Check. The Toronto housing market is still steaming along. Hopefully it will continue to do so in a sustainable way for the foreseeable future. |
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AuthorLarry Weltman is a Customer Service Representative for AccessEasyFunds Limited, or AEF, an Ontario-based firm Archives
November 2022
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