Richmond has entered Canada'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 Point2Homes 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 Canada.
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 Canada 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 Canada and 15 of them, exclusively from B.C. and Ontario, have more than half the homes for sale listed at $1 million or more.
Other B.C. 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 Canada 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 B.C., followed by Surrey (4.9 per cent) and seventh highest in Canada.
Around one-third of Canada'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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