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.

(Brooklyn Connolly, CTVNewsToronto.ca, March 7,2024)