Half of the homes for sale in February in these 7 regions in the GTA cost more than $1 million: report
More than half of the homes for sale in seven regions in the GTA were listed for more than $1 million in February, according to a recent Point 2 Homes report.
Oakville was tops among Ontario communities with 69.1 per cent of the properties listed for sale in February carrying sticker prices in excess of $1 million.
However, two British Columbia cities had a even higher proportion of so-called “luxury” homes – Delta, BC (80.5 per cent) and Vancouver (70.5) per cent.
According to Point 2 Homes the study is based on active listings on Realtor.ca at the time of the analysis, which was on Feb. 19, 2024. It says that the home prices were sourced from CREA and local realtor boards in January 2024.
Richmond Hill was fourth on the list with 63.5 per cent of its 430 listings at or above $1 million price point. Newmarket was sixth (61 per cent) while Vaughan (58.6 per cent), Markham (58.3 per cent) Brampton (51.6 per cent) and Whitby (50.3 per cent) rounded out the Ontario cities on the list.
In addition, the study considered houses for sale at or above $4 million, where Vancouver ranked first with 12.7 per cent of its listings at the multi-million dollar level. Following suit are Oakville, Richmond, Vaughan, Milton and Markham in Ontario, where between five and seven per cent of its listings reached that price point.
In Toronto 4.5 per cent of listings in the city were at or above $4 million.
In the GTA, the average priced Toronto home sold for $1.1 million in February, according to the latest Toronto Region Real Estate Board data.
While the market has softened since the bank of Canada began to increase interest rates two years ago, the report found that the average price of a house in Toronto has been at, or above, $1 million since early 2021. Houses in Vancouver have had an average cost of at least $1 million since 2020, and as of last month, houses in Canada sold for an average price of just over $659,000.
CTVNews.ca Top Stories
BREAKING 4 dead, including infant, in wrong-way crash involving police on Ontario's Highway 401
A wrong-way crash on Highway 401 in Whitby, Ont. last night has left four people dead, including an infant, Ontario’s police watchdog says.
BREAKING Judge holds Trump in contempt, fines him US$9,000 and raises threat of jail in hush money trial
Donald Trump was held in contempt of court Tuesday and fined US$9,000 for repeatedly violating a gag order that barred him from making public statements about witnesses, jurors and some others connected to his New York hush money case. If he does it again, the judge warned, he could be jailed.
McGill requests 'police assistance' over pro-Palestinian encampment
McGill University says it has 'requested police assistance' about the pro-Palestinian encampment on its lower field.
New cancer treatment approved, but not everyone thinks it's what's best for patients
A new cancer treatment recently approved in Canada promises to cut treatment time down to just minutes, but experts have differing opinions on whether it's what's best for patients.
Air Canada walks back new seat selection policy change after backlash
Air Canada has paused a new seat selection fee for travellers booked on the lowest fares just days after implementing it.
Canadian economy loses steam after strong start to year, grows 0.2% in February
Canada's GDP rose 0.2 per cent in February, driven by a rebound in transportation and warehousing, which saw the largest recorded month-to-month rise in over a year at 1.4 per cent.
Canada's new dental program offering hope of free care to millions but many dentists aren't signed up
A new Canadian dental care program is offering the hope of free care to millions, but while 1.7 million people have signed up for the plan, only about 5,000 dentists have done the same.
Police searching for 'armed man' in Dartmouth, N.S., residents asked to shelter in place
Residents in the area of Gaston Road in Dartmouth, N.S., are being asked to shelter in place as police search for an armed suspect.
Province boots mayor and council in small northern Ont. town out of office
An ongoing municipal strike, court battles and revolt by half of council has prompted the province to oust the mayor and council in Black River-Matheson.