Nine hotspots where wealthier Canadians are scouting for property (2024)

Wealthy property buyers don’t worry much about interest rate hikes or market fluctuations. The problem facing these buyers is that prized properties — the places with waterfront views, helicopter pads and state-of-the-art security — are limited in number.

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There simply aren’t enough exclusive properties for Canada’s wealthy buyers. And when these properties do come onto the market, sellers are patient enough to wait for the right buyer to come along and pay the appropriate price.

“These people have holding power, and if it’s a spectacular property they will wait for the right buyer to come along that appreciates it,” says luxury real-estate agent Faith Wilson, who mostly covers the Vancouver and Okanagan regions.

Ultra-wealthy buyers “are not going to be held back by perceived market conditions or interest rate hikes, anything like that. They are prudent. They will act accordingly in the current market, but so too will the seller.”

Because they are impervious to market cycles they are basically in their own micro-market, says Ontario agent Matt Smith, with Engel & Volkers, who also cites low inventory, especially in Muskoka and other desirable regions.

These exclusive estate properties often don’t appear as public listings and instead change hands privately, so it’s not easy to know how active the segment is. “They don’t change hands, they just cycle through from generation to generation,” says Smith. “When they do become available, there is not as much price sensitivity as in the city.”

Okanagan agent Richard Deacon, who has sold a lot of unique properties in recent years, says inventory is low in his market as well.

“If you are an ultra-high-net-worth individual and it’s not just an investment, you may be looking for six, 12, 18 or 24 months,” says Deacon, also with Engel & Volkers. “There’s just not that much inventory of good iconic trophy properties on the market — and not just now, but traditionally.”

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Buyers can be looking for a good investment or a second or third or fourth property that suits their desire to travel around throughout the year. That might mean a luxury downtown apartment in Vancouver or Toronto, or a ski lodge in Whistler, or a beachfront condo in Hawaii.

But extreme privacy and top-notch security are always key, says Wilson, who can’t divulge details about her wealthy clientele.

Privacy extends from the location to the transaction itself, she says. “Some people don’t mind the fanfare of the purchase, but in my experience, most of them do not want that, even when they are selling the home. They say, ‘I want you to sell it and get it out there, but I want it under the radar,’” says Wilson, whose firm is with Christie’s International.

With those criteria in mind, here are a few favoured destinations where ultra-wealthy buyers are likely scouting for their next purchase.

Ontario’s Big Three

Lake Muskoka, Lake Rosseau and Lake Joseph have been a playground for rich people for more than a century; in fact, the region has been dubbed Canada’s own Hamptons. Parry Sound broker Matt Smith says the town of Gravenhurst, near Port Carling, and the District of Parry Sound will always be highly desirable destinations for the super rich looking for lake time. The area around Huntsville is more affordable but still in demand. And then there’s the “quieter wealth” of Georgian Bay, on Lake Huron. Smith has a listing there now, a six-bedroom, four-bathroom home for $3.4 million, at 16 Dent Rock Crescent, a modest price for the wealthy buyer.

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“There’s a lot of old American wealth there,” says Smith. “They aren’t too interest-rate sensitive. These are long-term. They are a lot less leveraged than the average individual, and as a result, these markets are a lot less volatile as well.”

Muskoka agent Steve Haid, with PSR Brokerage, sold a four-bedroom home on Veronica Gene Lane in nearby Seguin for $2.825 million. Houses in the Lake Rousseau and Lake Joseph areas average $6 million, he says. Last year he saw a house sell for around $25 million. Some are lucrative rental properties, he adds.

“A lot of our clients do rent them out. I’ve seen as much as $100,000 a week on some properties. They are booked up. … There’s big demand for rental in Muskoka. They tend to get a great capitalization.”

Maui, Hawaii

Hawaii is pretty much considered another province by Western Canadians. Kihei, Wailea and Kaanapali are favoured destinations for wealthy British Columbians and Albertans who flock to Maui.

“Wealthy Canadian luxury buyers typically buy with cash rather than taking out a mortgage,” says Maui realtor Evan Harlow, who’s with Coldwell Banker Global Luxury. “However, when rates were low, the buyers would buy with cash and then refinance the property to take advantage of the interest rate.”

Harlow sold a three-bedroom waterfront condo on Pualei Drive in the old picturesque town of Lahaina to a B.C. investor this year for $4 million, with $1,580 U.S. in monthly maintenance fees.

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His wealthy Canadian clients, many of whom come from the oil and gas industry, tend to prefer single-family homes in gated communities. He’s also seen “way less inventory” in the current market, compared to prior to the pandemic.

Whistler, B.C.

The world-class ski village that is a 1.5-hour drive from Vancouver has long been a destination for wealthy Canadians and Americans. The town suffers from a serious housing shortage, and land is at a premium. Some of the province’s most stunning estates are located there, making it a top destination for ultra-wealthy buyers.

The gingerbread-house-style chateau at 3820 Sunridge Drive, Whistler, is an example of outdoorsy decadence. Listed a year ago, the six-bedroom, 6,345 square-foot log home has a spiral staircase made from a 452-year-old, 49-foot old-growth log. It sold for $12.3 million.

Vacant acreage properties even in nearby Pemberton are desirable, such as a $7,950,000 listing at 5458 Stonebridge Drive.

Mont-Tremblant, Quebec

The scenic city of Mont-Tremblant, in Quebec’s Laurentian Mountains, is a major draw for skiers, hikers, golfers and those looking for lakefront or mountain-view properties. It’s also a draw for Formula One fans because of the Circuit Mont-Tremblant racetrack. And with its colorful rooftops and European architecture, it’s also a stunningly beautiful town, and it’s only 1.5 hours from Montreal.

“Mont-Tremblant definitely attracts more of an international market,” says Montreal-based agent Alfee Kaufman. “There is an airport to fly to Toronto and New York, and a helipad for people with their own transportation.”

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In the last year, she sold a five-floor penthouse with three fireplaces and a massage room in Mont-Tremblant for $4.250 million. The highest-priced home on the MLS in Tremblant this year sold for $7,625,000. Kaufman has an active listing for a view acreage property for $25 million.

Eastern Townships, Quebec

The townships of Magog and Lac-Brome (Knowlton) are picturesque places within a 1.5-hour drive of Montreal. It’s a flatter region but has its share of skill hills. A Cape Cod residence on more than 200 acres recently sold for $4 million in Bolton-Ouest.

Nearby high-end mom and pop retailers and restaurants make it a great place to vacation. “People have spent exceptional amounts of money in those areas as well,” says Kaufman.

Another draw for recreational areas is that they will likely not be subject to Canada’s foreign-buyer residential property ban, which goes into effect in 2023, she says. However, Kaufman is warning her international buyers to buy before it comes into effect, to be safe.

The Okanagan, B.C.

Kelowna is having a bit of a boom, and the Okanagan region has become a draw for those with deep pockets, says agent Richard Deacon. The region has a semi-arid microclimate, exclusive lakefront properties, boating, skiing, orchards and vineyards. It’s also a bargain compared to a lot of luxury lakefront Muskoka properties.

“Lakefront, we are looking at the $5 million to $10 million range. If you decide you want an extra size lot on the lakefront, with a pool and deck, boat house, cottage, then obviously you are going to add about 20 to 50 per cent to those numbers.”

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Deacon sold a five-bedroom, 10-bath, 14,000-square-foot home on five acres on Ravine Drive at a Sotheby’s auction for $3.45 million, plus a 12 per cent auction fee this summer. It included Swarovski crystal light fixtures, maple inlay floors and a dining area for 45 people. The property had been previously listed at $16 million. The sellers were well-heeled international citizens with properties around the world who just weren’t using the property, says Deacon.

Palm Springs, Calif.

The desert city is only a two-hour flight from Vancouver, making it a prime investment and recreation destination for wealthy buyers. It’s got year-round sunshine, top-tier golf courses and iconic midcentury modern architecture for fans of that era. As well, it’s got ultra-high-end gated communities focused on golf and tennis, and even a racetrack.

Palm Springs agent Sheri Dettman says that before the Canadian dollar took a dive, her Canadian buyer business was up 40 per cent. She expects their numbers to rise again with winter looming.

“In the high-end market, a lot of the buyers, especially Canadians, pay cash anyway, so the interest rates are not really an issue. Once it starts to rain, snow and in general just be cold, they start coming back.

“I always say that if it’s 110 degrees in the summer and you see a convertible with the top down, it’s a Canadian.”

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Dettman sold a Spanish-style home on Via Vicenze, in the golf course community of La Quinta, for US$6.2 million last January. The seller was Canadian. Another house sold for $3.175 million on Fullerton Drive at the super exclusive Thermal Club private motorsport facility. It’s a three-level villa that sits on the racetrack designed for racing aficionados. All club members are required to own real estate.

Downtown Vancouver

Vancouver has long been a playground for the rich, particularly for people from Asia. It’s also long been considered a “recession proof” real estate market. It has its own little micro-neighbourhood of ultra-luxury towers in various stages of development under way on a downtown block of Alberni Street, with towers designed by some of New York’s top architects. It’s been nicknamed “multi-millionaires’ row.”

A 3,607-square-foot unit on the 18th floor of Landa Global Properties’ tower at 1818 Alberni — with three bedrooms, views of Stanley Park and a private garage — sold recently for $9,197,800. Ultra-high-end retailers and fine restaurants dot the area. Over at nearby Coal Harbour, a private listing for a $49 million penthouse overlooking Stanley Park at Three Harbour Green came onto the market this year; one marketer referred to it as a “second house” for the “super, super wealthy.”

Remote British Columbia

In 2013, the media-empire-owning Rupert Murdoch family purchased 450 acres in the Bella Coola Valley, a remote location with its own hydroelectric power and hot spring, and actress Michelle Pfeiffer and husband David E. Kelley sold acreage on the remote B.C. coastline for around $28 million last year. Rural locations offer the ultimate in privacy as well as a bolthole escape in case they want to get away from civilization (such as during a pandemic).

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Agent Faith Wilson said that some American buyers are worried about a water shortage. She has some listings in the “rural luxury” category now, including 122 acres and water rights on Butedale Lake in the Great Bear Rainforest. It’s one of the rare freehold properties to become available, on a deep bay in a remote location. Price tag: $6.8 million. It’s ideal for a yacht owner who wants to build a huge estate, or several estates.

“When you are super-wealthy, it’s relatively easy to get away to these places because you have jets and helicopters and people to get you there. There is so much interest in B.C. right now, partly too because we do have the available land, and it’s pristine, and there is lots of water.”

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• Five mistakes to avoid when appointing an executor for your estate

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