Living Large In Canadian Luxury Homes

In some high-end Canadian neighborhoods families are not only trying to keep up with the Jones’, they want to be the Jones’s and become the benchmark for luxury home design in their community. Even as the average family size in shrinking, the average Canadian luxury home design is growing. A well-to-do Canadian family (3.6 members) might be living in a starter castle or mansion that has five bedrooms, five baths, a luxury kitchen plus separate breakfast area, a massive family room, a grand room, a study and a four car garage. There might even be a bonus room or two depending on the home’s design! Big is getting bigger in well-to-do Canadian neighborhoods.

Although the idea of McMansions and starter castles are relatively common in rich American neighborhoods, they are still a bit of a novelty in many Canadian communities, where the housing market has escaped the worst of the global economic crises. So where exactly are Canada’s mansions? Luxury home sales have risen in 12 major centers across Canada. A RE/MAX study from 2011 found that upper end residential sales (over $500,000) of $1 million homes in Calgary have increased 51% from 2010 to 2011. The sale of $750,000 homes in Ottawa has increased $59% in the same time and $2 million dollar homes in Vancouver have seen 118% sales increase in just a year! Foreign investment is lifting the demand for high end housing across Canda.

American Express is reporting that the luxury market in Canada grew 14%in 2010, showing that Canadian millionaires are not only purchasing luxury homes, but are investing in other luxury items like cars, jewelry and high-end furniture. Canada's highest house prices are found on the west coast in Vancouver, costing an average of $790,000. However, the average Canadian home only costs $365,000. So while a $2 million luxury mansion may not seem like much to a New York or Beverly Hills homeowner, it’s quite a lofty price for a Canadian home!

So what does a $2 million price tag get a Vancouver homeowner? 3 stories and 5,000 square feet to start. It can also buy homeowners 5 bedrooms and 4 bathrooms, a self-contained suite for in-laws or live-in help, a state-of-the-art kitchen, a media room, a game room and a gym. Similar sized homes might come with balconies, waterfront views and a three car garage.

But what about Canadian homeowners that are looking to build their own custom luxury home? While the average cost of building a home can vary greatly depending on the style of house, materials used, level of finish and other design factors, most high-end Canadian homeowners could easily find themselves spending $750,000 or more to build their dream homes. However, a recent study by Deloitte Center for Financial Services predicts that the number of millionaires in Canada will exceed 2.4 million by 2020 (up from the current 1.7 million) which means that more custom luxury homes are sure to come.

About the Author

Archival Designs, Inc. (http://www.archivaldesigns.com/) is a design firm of architects, designers, and builders that are dedicated to creating luxurious custom residences inspired by classical architecture that express the client’s individuality. Our work reflects an enduring commitment to provide clients with superior, creative designs that will fit their lifestyle of years to come. Our philosophy centers on providing outstanding service to our clients in order to create gracious homes that will fulfill our client’s custom home dreams.