Hot spots for the wealthy and the poor are in the spotlight as the real estate market recovers and property prices continue to rise.
The hottest spots are in Toronto and Vancouver.
The most expensive neighbourhoods in each of the major cities are in Montreal and Montreal-Canadien.
(CBC)Hot spots for rich people, however, are on the rise in Toronto, while hot spots in Vancouver and Toronto are among the hottest neighbourhoods for renters, says the real-estate website Realtor.com.
A year ago, the Toronto area was home to just one of the top 20 neighbourhoods for wealthy residents, with Toronto ranking third, behind Vancouver and Ottawa.
The only neighbourhoods that dropped below Toronto were the Greater Toronto Area and the Greater Vancouver Area.
Toronto and Toronto-area property prices are expected to continue to soar in the coming years, says Realtor, due to higher prices for existing properties and the construction of new high-rise buildings.
Property values are expected a modest 2.8 per cent higher this year, and are expected in the $500,000 to $700,000 range, the website says.
Property prices have been surging in Vancouver, which has seen its real-tor median price rise more than 10 per cent in the past year.
The average home in the city is currently listed for $1.3 million.
Property market is expected to keep rising, with prices expected to hit $1 million by 2020, Realtor says.
But it’s not all good news for Toronto, says Robyn Benson, senior vice-president of research at real estate research firm CoreLogic.
The Toronto area is one of Canada’s most expensive cities, with the average price of a home in Toronto soaring to $1,974,946 in February, according to CoreLogical, the market research company.
Prices in Vancouver are also rising, as the city’s property market has taken off.
The city is also in the midst of a major renovation project for a $2.4-billion complex.
“We see the trend in Toronto continuing as a city, with new buildings coming on the market, and the prices going up,” Benson said.
“We’re seeing prices that are higher than other cities and more expensive than some of our competitors, including Vancouver.”
Toronto has seen a recent boom in the number of luxury condos.
Developers are building more than 600,000 of them, the city said, adding that more than 200,000 more condos are planned for the city.
The latest project in the area is the new $2-million condominium at Union Station.