Richmond has entered sa国际传媒's luxury housing market club, according to February home price statistics.
Among the active listings in Richmond, two-thirds were asking $1 million or more, according to a report released by based on statistics on Feb. 19 when the analysis was conducted.
This makes the city a market with the fifth highest concentration of luxury homes for sale in sa国际传媒.
Delta tops the list with 80.5 per cent of the homes for sale for more than $1 million, followed by Vancouver (70.5 per cent), Oakville, Ont. (69.1 per cent) and Richmond Hill, Ont. (63.5 per cent).
"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," reads the report.
"With nearly one-quarter of properties for sale in sa国际传媒 going for at least $1 million and the nationwide average home price well above $700,000, the meaning of luxury seems to have shifted."
The company examined 70 of the largest cities in sa国际传媒 and 15 of them, exclusively from sa国际传媒 and Ontario, have more than half the homes for sale listed at $1 million or more.
Other sa国际传媒 cities in the top-15 market list are North Vancouver, Maple Ridge, Coquitlam, Surrey and Abbotsford.
Richmond ranks high as 'ultra-luxury' market
Vancouver dominates the "ultra-luxury sector" in sa国际传媒 with nearly 13 per cent of homes being priced above $4 million, noted the report.
Richmond has 5.6 per cent of homes for sale in that price range, the second highest in sa国际传媒, followed by Surrey (4.9 per cent) and seventh highest in sa国际传媒.
Around one-third of sa国际传媒's 70 largest cities have no homes for sale for more than $4 million.
With interest rates predicted to drop this year, Point2Homes said it expects to see more luxury home listings hitting the market.
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