Meaning of luxury has shifted

March 26, 2024

Oakville, Richmond Hill, Newmarket, Vaughan, Markham, Brampton and Whitby all have homes with an average selling price of over $1 million

If you’ve been in the market for a house, you may not be surprised to learn that nearly one-quarter of properties for sale across the country are selling for no less than $1 million.

Nor will you be shocked to learn that more than half of homes in some cities are commanding at least seven figures. However, you might be stumped if asked to list the cities with the highest concentration of luxury and ultra-luxury homes.

A home worth over $1 million spells luxury to most of us. But gone are the days when such opulent listings barely scratched the surface of a market’s for-sale offers.

With nearly one-quarter of properties for sale in Canada going for at least $1 million and the nationwide average home price well above $700,000, the meaning of luxury seems to have shifted: From the fusion of grandeur and sophistication to the intersection of practical and comfortable exclusivity.


Source – Toronto Sun