If you’ve ever wondered how the value of your home would stand up in another city, a new report from ReMax offers some interesting insights into the high-end segment of the market in this country.
First of all, it turns out Saskatoon has the hottest luxury real estate market in the country so far this year as buyers scooped up 22 luxury-priced homes in Saskatoon compared to 14 last year. That’s a 57 per cent increase which was the strongest gains anywhere. Montreal, and then Calgary, were next.
The other interesting tidbit contained in the report is what it takes to be considered a “luxury” property in various cities. On that one, Saskatchewan definitely offers the most cost-conscious luxury threshold.
The realtor figures a luxury house here is valued at $700,000. Winnipeg is $750,000 while London and Edmonton come in at $1 million. Halifax and Ottawa are at a $1.2 million, Calgary at $1.5 and Montreal at $2.5 million. Above that are the heavy-hitters of Toronto and Vancouver where a luxury property is valued at $3 million, more than four times the price in Saskatchewan.
