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TOP TIER
TRENDS REPORT

  A COMPARATIVE SURVEY OF CANADA’S
     LUXURY REAL ESTATE MARKETS
TOP TIER TRENDS - CONTENTS




                                                  CONTENTS
                                                  INTRODUCTION                                                                   3
                                                  NATIONAL SUMMARY                                                               4
                                                  URBAN MARKETS                                                                 5
                                                   Vancouver                                                                    5
                                                   Calgary                                                                      8
                                                   Toronto                                                                     11
                                                   Montréal                                                                    14
                                                  KEY MARKETS                                                                  17
                                                   Victoria                                                                    19
                                                   Salt Spring Island                                                          20
                                                   Oakville                                                                    21
                                                   Niagara-On-The-Lake                                                         22
                                                  RECREATION AND SKI                                                           23
                                                   Sun Peaks                                                                   25
                                                   Whistler                                                                    26
                                                   Mont Tremblant                                                              27
                                                  SPECIAL ACKNOWLEDGEMENTS                                                     28

                                                  Sotheby’s International Realty Canada, Independently Owned And Operated. E.&O.E.:
                                                  This information is from sources which we deem reliable, but must be verified by
                                                  prospective Purchasers and may be subject to change or withdrawal.




2   |   Sotheby’s International Realty Canada ©                                                                                       sothebysrealty.ca
TOP TIER TRENDS - INTRODUCTION




                                          INTRODUCTION
                                          C    ombining the world’s most prestigious real estate brand with
                                               local market knowledge and specialized marketing expertise,
                                          Sotheby’s International Realty Canada is the leading real estate sales
                                          and marketing company for the country’s most exceptional properties,
                                          with offices in over 20 residential and resort markets nationwide.

                                          Sotheby’s International Realty Canada conducts a series of annual reports
                                          and surveys to capture relevant market data and distinguishing market
                                          trends within some of the country’s most sought-after communities.

                                          The 2013 Top Tier Trends Report is based on a survey of the top one percent
                                          of agents within over a dozen key markets in the Sotheby’s International
                                          Realty Canada network. It is the first Canadian survey to explore regional
                                          differences in top-tier real estate trends. The survey establishes a baseline
                                          entry price for luxury single family homes within key cities, communities and
                                          recreational markets, and summarizes market nuances, buyer demographics,
                                          property characteristics and other critical buying trends. The survey further
                                          offers regional market insight and first of its kind intelligence in answering
                                          the question - what defines a luxury single family home in Canada?




3   |   Sotheby’s International Realty Canada ©                                                                           sothebysrealty.ca
TOP TIER TRENDS - NATIONAL SUMMARY




                                          NATIONAL
                                          SUMMARY
                                          I  n a survey spanning over a dozen markets across Canada, Sotheby’s
                                             International Realty Canada collected and analyzed local market
                                          data to offer a picture of baseline luxury single family home ownership.
                                          Survey findings revealed that the entry price for a luxury single family
                                          home in Canada’s major urban centre starts at $2 million in Toronto
                                          and Calgary, $2.8 million in Vancouver and $3.5 million in Montréal.
                                          Minimum square footage for single family homes in the top-tier range
                                          from 3,500 square feet in Vancouver, Calgary and Urban Toronto, to
                                          5,000 square feet in Montréal and 8,000 square feet in Toronto North.

                                          In the key communities of Victoria, Salt Spring Island, Oakville and
                                          Niagara-on-the-Lake, all with populations below 365,000, the entry price
                                          for a luxury single family home ranges from $1 to $2 million, for homes
                                          ranging from 2,500 to 3,800 square feet.

                                          According to survey results, the entry level price for luxury single family
                                          homes in the ski/recreational regions of Whistler, Sun Peaks and Mont-
                                          Tremblant ranges from $1 to $2 million, with Whistler’s approximate
                                          starting price of $2 million being the highest. The minimum square
                                          footage of these properties range from 3,000 to 4,000 square feet.

                                          Underscoring the importance of the age-old saying “location, location,
                                          location,” the unequivocal and top ranked feature of a luxury property
                                          in every key market surveyed was deemed as being location. Easy access
                                          to an urban centre, top ranked school districts, proximity to community
                                          amenities are considered essential to the locations of top-tier primary
                                          residences. Views of water, mountains or city are also a high priority.

                                          The profile of buyers for luxury single family homes varies from market to
                                          market, however, top ranked professions across the regions surveyed include
                                          those in the finance, investment banking, medical and legal fields; large
                                          business owners and entrepreneurs are also well-represented. Survey results
                                          also revealed that buyers of top-tier homes are more likely to pay in cash
                                          and to utilize mortgages as part of an overall investment strategy. They are
                                          also more likely to own multiple properties across Canada and abroad.

                                          The survey also revealed that while international buyers play a more prominent
                                          influence in urban markets such as Vancouver, Montréal and Toronto, it
                                          is largely Canadian buyers who are driving the purchase of top-tier family
                                          homes in the majority of markets surveyed. The strongest foreign influences
                                          include China, Russia, the United Kingdom and the United States.


4   |   Sotheby’s International Realty Canada ©                                                                            sothebysrealty.ca
URBAN MARKETS - VANCOUVER




                                                   VANCOUVER
                                                        WEST VANCOUVER & NORTH VANCOUVER




                                          V    ancouver reported some of the widest regional price variations
                                               when it comes to entry pricing for high-end homes. According to
                                          survey results, the average starting price of a single-family home in the
                                          high-end begins at $2.8 million. However results also showed that pricing
                                          can range from $2 million to $4 million depending on location.

                                          The survey highlighted the Vancouver West Side as having the highest entry
                                          price for top-tier single family homes, with desirable homes starting at
                                          $4 million. In this region the most sought-after neighbourhoods include
                                          Shaughnessey, Point Grey, Kitsilano, Dunbar, Southlands and Kerrisdale.

                                          North Vancouver also ranked high in the survey. Top reasons for
                                          its appeal to affluent buyers include neighbourhood amenities,
                                          established communities and desirable school districts. As such, North
                                          Vancouver luxury home prices reflect an entry price of $2 million.

                                          In West Vancouver, entry price luxury homes can be found for
                                          $2.5 million. Within this community, neighborhoods including
                                          Caulfield, West Bay, Dundarave, Altamont, Ambleside and the
                                          British Properties are cited as the most desirable areas.

                                          Across all areas of Vancouver, the most sought-after architectural styles
                                          remain consistent. Top preferences include Craftsman and West Coast
                                          Contemporary homes. Character/Tudor and updated Heritage homes also
                                          rank high in buyer popularity. Sotheby’s International Realty Canada’s
                                          agents reported that buyers in these high-end markets look for homes
                                          with a minimum of 3,500 square feet boasting premium features such as
                                          open living and kitchen spaces, high-end finishings, master bedroom with
                                          ensuites and additional amenities, such as wine cellars and theatre rooms.




5   |   Sotheby’s International Realty Canada ©                                                                        sothebysrealty.ca
URBAN MARKETS - VANCOUVER




                                          BUYER PROFILE
                                          Survey findings revealed that typical buyers in the Vancouver luxury market are
                                          between 40 to 50 years old, with two to three children on average. The majority
                                          (approximately 80 percent) fall within the $200,000 to $500,000 income range
                                          with approximately 20 percent earning over $1 million. Finance and investment
                                          banking, resources and medical professions are among the top sectors that
                                          buyers in this segment belong to. The survey also showed that the majority of
                                          top-tier homeowners in Vancouver hold mortgages and own multiple properties,
                                          which is consistent with other urban markets such as Toronto and Calgary.

                                          FOREIGN INFLUENCES
                                          According to survey results, Vancouver’s market continues to be
                                          influenced by foreign buyers, who make up approximately 40 percent
                                          of the market for luxury single family homes. As seen in previous years,
                                          China remains the top market influencer as buyers often purchase
                                          homes in Vancouver as secondary or investment properties. There has
                                          also been a recent surge in buyers from Iran and the United States.

                                          OTHER TRENDS
                                          Predictions for Vancouver’s overall market in 2013 are positive, as
                                          experts forecast a 5.6 percent increase in real estate sales this year.

                                          MARKET SAMPLES




                                          $2.98 Million
                                          West Vancouver




                                          $2.68 Million
                                          Vancouver



6   |   Sotheby’s International Realty Canada ©                                                                             sothebysrealty.ca
URBAN MARKETS - VANCOUVER SNAPSHOT



                                          STARTING AT

                                       $2.8MILLION

                                                    West Vancouver       Vancouver
                                                    Caulfield            Shaughnessey
                                                    West Bay             Point Grey

                     3,500SQ.FT.
                                                    Dundarave            Kitsilano
                                                    Altamont             Dunbar
                                                    Ambleside            Southlands
                                                    British Properties   Kerrisdale
                                                                         North Vancouver



                               TOP ARCHITECTURAL STYLES




Craftsman             West Coast Contemporary               Character/ Tudor               Updated Heritage Home



                                        BUYER PROFILE


                                                                                    Finance/Investment Banking
                                                                                    Resources
         Age                  Family Status                   Vocation              Medical
   40-50 Years Old      Married with 2-3 Children




            Multiple Home Ownership          Income Level                     Payment Type
             Most Own Secondary/           80 % $200-$500K               Mortgages Used as Part
               Vacation Properties       20% Earn $1 Million +           of Investment Strategy



                                      FOREIGN INVESTMENT



            60% DOMESTIC                                           40% INTERNATIONAL
                            Strongest Foreign Influences: China, Iran, USA
URBAN MARKETS - CALGARY




                                                          CALGARY



                                          C     algary is one of Canada’s most robust markets for luxury homes. The
                                                baseline entry point for a luxury single family home is $2 million, which
                                          is in line with that of Toronto. However, the features and amenities in Calgary
                                          reflect a distinctive western Canadian lifestyle. According to agents surveyed,
                                          top-tier single family homes start at $2 million with a minimum of 3,500 square
                                          feet and are typically in the Traditional, Craftsman/Arts and Crafts, Westcoast
                                          Modern or Character architectural styles. “Must-have” features include access
                                          to schools and shopping, views of downtown, park, river or mountains, and
                                          the most desirable neighbourhoods are Mt. Royal, Brittania, Bel-Aire, Aspen,
                                          Springbank Hill, Elbow Park/Elbow Valley, and Inner City Southwest/Westside.

                                          BUYER PROFILE
                                          As Calgary’s market for top-tier homes continues to outpace most of
                                          Canada, Sotheby’s International Realty Canada survey findings reveal that
                                          demand is predominantly driven by younger buyers, largely in the 35 to
                                          40 year old range who have a skew in preference towards inner city and
                                          beltline living. According to experts surveyed, over 80 percent of these
                                          homebuyers earn an income of $500,000 or higher. They are predominantly
                                          employed within the finance and investment banking (mining, oil and gas)
                                          or medical sectors, or are entrepreneurs. Most buyers own multiple homes
                                          and mortgages are commonly used within this segment of the market.




8   |   Sotheby’s International Realty Canada ©                                                                             sothebysrealty.ca
URBAN MARKETS - CALGARY


                                          FOREIGN INFLUENCES
                                          The Calgary market also has the lowest overall percentage of foreign investment
                                          of the urban markets surveyed: the majority of purchases of top-tier single
                                          family homes are made by Canadians (85 percent according to survey results).

                                          OTHER TRENDS
                                          Despite a decline in inventory, the demand for top-tier single family
                                          homes is expected to continue due to strong employment rates,
                                          encouraging the migration of a cross section of residents to inner
                                          city homes. This, coupled with low mortgage rates, will continue to
                                          sustain the demand for luxury single family homes in 2013.

                                          MARKET SAMPLES




                                          $5.7 Million
                                          Calgary




                                          $2.19 Million
                                          Calgary




9   |   Sotheby’s International Realty Canada ©                                                                             sothebysrealty.ca
URBAN MARKETS - CALGARY SNAPSHOT




                                           STARTING AT

                                          $2MILLION

                                               Mt. Royal
                                                           Springbank Hill

                  3,500SQ.FT.
                                               Brittania
                                                           Elbow Park / Elbow Valley
                                               Bel-Aire
                                                           Inner City Southwest/Westside
                                               Aspen



                                  TOP ARCHITECTURAL STYLES




Traditional             Craftsman/Arts and Crafts          Westcoast Modern                    Character



                                          BUYER PROFILE

                                                                           Finance/Investment Banking-
                                                                           Resources (Mining, Oil and Gas, Etc.)
                                                                           Medical (Dentist, Orthodontist,
      Age                  Family Status               Vocation            Physician, Specialist Physician)
35-40 Years Old        Married with 2 School                               Entrepreneur
                          Aged Children




              Multiple Home Ownership         Income Level              Payment Type
               Most Own Secondary/          80% Earn $500K +              Mortgages
                 Vacation Properties



                                        FOREIGN INVESTMENT



              85% DOMESTIC                                        15% INTERNATIONAL
URBAN MARKETS - TORONTO




                                                         TORONTO



                                          I  n order to accurately depict the luxury market in Toronto, it is necessary
                                             to distinguish between two unique upscale submarkets within the city’s
                                          parameters: “Toronto North” and “Urban Toronto”. With both of these areas
                                          carrying a market entry price of $2 million according to survey results, what
                                          distinguishes them from each other is their location and buyer demographic.
                                          The Urban Toronto market is centered in the city and appeals to those who
                                          find comparatively smaller homes starting at 3,500 square feet desirable, along
                                          with close proximity to the business district and entertainment/community
                                          amenities such as restaurants, exercise studios and private schools. Popular
                                          neighbourhoods meeting these demands include Yorkville, The Annex, Rosedale,
                                          Summerhill and Forest Hill. On the other hand, larger single family homes
                                          upwards of 8,000 square feet are considered ideal by buyers of top-tier real estate
                                          in Toronto North. Lawrence Park, Bridle Path, Hogg’s Hollow and Bayview/
                                          York Mills are among the most desirable neighbourhoods for these homes.
                                          Across the board, buyers are seeking quality finishings, top-notch design, and
                                          in-house amenities, including pools and theatre rooms. Proximity to premier
                                          schools, be they French schools in Toronto North or excellent public or private
                                          schools in Urban Toronto, is also a factor. Contemporary, Modernist, Grand
                                          Victoria and Classic Georgian are the most popular architectural styles.

                                          BUYER PROFILE
                                          Results from Sotheby’s International Realty Canada’s survey reveal that buyers
                                          in Urban Toronto are often couples and families with one to two children or
                                          same sex couples, whereas those in Toronto North are typically larger families
                                          with two to three children on average. Homebuyers in this segment earn over
                                          $100,000 annually, and finance and investment banking, manufacturing, large
                                          business ownership and the medical and legal professions are the fields most
                                          prominently represented. Similar to the Vancouver and Calgary markets,
                                          the majority of buyers have a mortgage on their $2 million plus home,
                                          with many utilizing mortgages as part of an overall investment strategy.

11   |   Sotheby’s International Realty Canada ©                                                                                sothebysrealty.ca
URBAN MARKETS - TORONTO


                                          FOREIGN INFLUENCES
                                          According to Sotheby’s International Realty Canada’s survey results, 25 percent
                                          of homebuyers in this category of homes are foreign buyers. Top international
                                          influences include the United States, China, Russia, the Middle East and India.

                                          OTHER TRENDS
                                          Experts predict that the Toronto real estate market will gain momentum
                                          leading into spring, with an upward trend in selling price forecast for 2013.

                                          MARKET SAMPLES




                                          $5.49 Million
                                          Toronto




                                          $2.35 Million
                                          Toronto




12   |   Sotheby’s International Realty Canada ©                                                                            sothebysrealty.ca
URBAN MARKETS - TORONTO SNAPSHOT




                                                           STARTING AT

                                                          $2MILLION

                  Yorkville
                                                                                                           Lawrence Park
                The Annex            URBAN MARKET                            TORONTO NORTH
                                                                                                           Bridle Path

                                     3,500SQ.FT.                             8,000SQ.FT.
                  Rosedale
                                                                                                           Hogg’s Hollow
                Summerhill
                                                                                                           Bayview/York Mills
                 Forest Hill



                                                  TOP ARCHITECTURAL STYLES




                                      Grand Victorian/Georgian          Contemporary/Modernist



                                                          BUYER PROFILE




              Age                     Multiple Home Ownership             Income Level                  Payment Type
        40-50 Years Old                Most Own Secondary/             100% Earn $100K +           Mortgages Used as Part
                                         Vacation Properties                                       of Investment Strategy
          URBAN MARKET                                  TORONTO NORTH


                                                                                                           Finance/Investment Bankers
                                                                                                           Entrepreneurs
                                                                                                           Large Business Owners
Families with                  Same-Sex Couples              Families with             Vocation            Upper End Professionals
1-2 Children                                                 2-3 Children



                                                     FOREIGN INVESTMENT



                       75% DOMESTIC                                               25% INTERNATIONAL
                                 Strongest Foreign Influences: USA, China, Russia, Middle East and India
URBAN MARKETS - MONTRÉAL




                                                       MONTRÉAL



                                          W       ith strong international influences and a resurgence of seasoned
                                                  buyers, Montréal’s luxury housing market continues to stand out
                                          from the conventional. Sotheby’s International Realty Canada’s latest agent
                                          study reports that top-tier single family homes in the city start at $3.5
                                          million and are most commonly located in Westmount, Ville-Marie, Mont
                                          Royal and Outremont. Befitting these established neighborhoods, top
                                          architectural preferences include Georgian, Stone, Château and Modern
                                          style homes. Top-tier homes in Montréal boast some of the highest square
                                          footages amongst the markets surveyed, with homes starting at approximately
                                          5,000 square feet. “Must-have” features include a large master bedroom,
                                          spa like ensuite, walk-in closet, gourmet kitchen and multi-car garage.

                                          BUYER PROFILE
                                          Sotheby’s International Realty Canada survey findings show that buyers
                                          of luxury single family homes in this market generally range from 40 to
                                          50 years old. Among these homebuyers, over 80 percent typically earn an
                                          income of $500,000 or higher. They are pre-dominantly employed in the
                                          finance, technology and science or legal sectors, or are entrepreneurs. As a
                                          differentiator from other markets surveyed, only a small percentage (less than
                                          25 percent) of Montréal’s top-tier buyers are known to carry a mortgage.




14   |   Sotheby’s International Realty Canada ©                                                                           sothebysrealty.ca
URBAN MARKETS - MONTRÉAL


                                          FOREIGN INFLUENCES
                                          According to experts surveyed, high-end single family homes in Montréal also
                                          saw a significant proportion of investment from outside of Canada. China, Syria,
                                          Mexico, Russia and the United States rank as the five influential economies
                                          driving the near 50 percent split between domestic and international buyers.

                                          OTHER TRENDS
                                          In 2013, homes in the city’s high-end are expected to follow the
                                          steady growth trajectory of 2012, where sales grew four percent year
                                          over year and spent an average of 127 days in the market.

                                          MARKET SAMPLES




                                          $3.69 Million
                                          Montréal




                                          $3.49 Million
                                          Montréal




15   |   Sotheby’s International Realty Canada ©                                                                            sothebysrealty.ca
URBAN MARKETS - MONTRÉAL SNAPSHOT




                                            STARTING AT

                                          $3.5MILLION

                                                           Westmount

                            5,000SQ.FT.
                                                           Ville-Marie
                                                           Mont Royal
                                                           Outremont



                                  TOP ARCHITECTURAL STYLES




Georgian                         Stone                           Chateau                         Modern



                                           BUYER PROFILE


                                                                                  Finance/Investment Banking
                                                                                  Technology and Science
                                                                                  Entrepreneur
        Age                      Family Status                Vocation            Law (Lawyers and Judges)
  40-50 Years Old         Married with 1-2 Children
                                (Tween/Teen)




            Multiple Home Ownership            Income Level                 Payment Type
             Most Own Secondary/            80% + Earn $500K +                Cash with
               Vacation Properties                                         Mortgages Later
           (Domestic and International)



                                      FOREIGN INVESTMENT



           51% DOMESTIC                                            49% INTERNATIONAL
                    Strongest Foreign Influences: China, Syria, Mexico, USA and Russia
KEY MARKETS - VICTORIA, SALT SPRING ISLAND, OAKVILLE AND NIAGARA-ON-THE-LAKE




                                                   KEY MARKETS
                                    VICTORIA, SALT SPRING ISLAND, OAKVILLE AND NIAGARA-ON-THE-LAKE




V     ictoria, Salt Spring Island, Oakville and Niagara-on-the-Lake
      are all highly regarded communities with a population of under
365,000. Renowned as lifestyle-driven communities in close proximity
                                                                                  FOREIGN INFLUENCES
                                                                                  Foreign investment in these key communities
                                                                                  is evident, but not as strong as for the urban
to urban centres, the entry price for a luxury single family home ranges          markets surveyed. International influences include
from $1 to $2 million across the markets for homes ranging from 2,500             Mainland China, the United States and England.
to 3,800 square feet. These key communities represent the upper end
of ocean and lake front communities across Canada, and while each                 OTHER TRENDS
market reflects unique characteristics, preferences for high-end homes             As the price of homes in nearby markets, such
are strikingly similar. Buyers are looking for waterfront properties with         as Toronto and Vancouver, continue to rise, it
unobstructed views and large land sizes, and favoured architectural styles        is predicted that families will continue to look
include, but are not limited to, Traditional, Georgian, Restored Heritage,        to other markets for real estate alternatives.
Westcoast Contemporary, Modern and Beach House Contemporary.                      With top-tier homes in these key communities
                                                                                  being available for well below the national
TYPICAL BUYER PROFILE                                                             average, the demand for real estate within
Sotheby’s International Realty Canada’s survey identified the typical buyers       these markets is expected to remain strong.
of these high-end single family homes as couples ranging from mid 40’s
to 60 years in age, with children. All owners were identified as earning
over $100,000 annually. Unlike the majority of Canada’s major urban
markets, buyers in Victoria, Niagara-on-the-Lake and Salt Spring Island
are more likely to use cash when paying for these properties. The survey
also revealed that the vast majority own more than one home, including
recreational property and primary residences. Due to the geographic,
demographic and economic profile of the city, those purchasing a top-tier
single family home in Oakville are likely to utilize it as a primary residence,
while those of homes in Niagara-on-the-Lake are more likely to use them
as a secondary home for either half of the year, or as a vacation property.
Victoria and Salt Spring Island have a 50/50 and 60/40 split respectively
between usage of the home as a primary versus a secondary residence.




17   |   Sotheby’s International Realty Canada ©                                                                            sothebysrealty.ca
KEY MARKETS - MARKET SAMPLES




                  $1.45 Million                                   $1.48 Million
                  Victoria                                        Victoria




                  $1.29 Million                                   $1.1 Million
                  Salt Spring Island                              Salt Spring Island




                  $1.89 Million                                   $1.8 Million
                  Oakville                                        Oakville




                  $1.3 Million                                    $1.5 Million
                  Niagara-on-the-Lake                             Niagara-on-the-Lake


18   |   Sotheby’s International Realty Canada ©                                        sothebysrealty.ca
KEY MARKETS - VICTORIA SNAPSHOT




                                STARTING AT

                              $1.5MILLION

                                               Uplands
                                               Oak Bay

                  3,000SQ.FT.                  Ten Mile Point
                                               Cordova Bay
                                               West Saanich



                         TOP ARCHITECTURAL STYLES




Westcoast Contemporary               Modern                      Victorian Heritage



                               BUYER PROFILE




                          Age                  Family Status
                     45+ Years Old            Married and 50%
                                               Have Children




   Multiple Home Ownership          Income Level                Payment Type
     50% Own Secondary/          100% Earn $100K +                75% Cash
      Vacation Properties



                             FOREIGN INVESTMENT



  90% DOMESTIC                                        10% INTERNATIONAL
         5% Are Out of Town Buyers and Purchase as an Investment Property
                Strongest Foreign Influences: USA, England and China
KEY MARKETS - SALT SPRING ISLAND SNAPSHOT




                               STARTING AT

                               $1MILLION

                                             Sunset Drive
                                             Welbury

               2,500SQ.FT.                   Old Scott/Scott Point
                                             Bay Ridge
                                             Mount Tuam




                     TOP ARCHITECTURAL STYLES




  Westcoast               Beach House Contemporary               Modern Design



                              BUYER PROFILE




                        Age                    Family Status
                  45-60 Years Old         Mature Married Couples
                                            Same Sex Couples




Multiple Home Ownership           Income Level                Payment Type
  60% Own Additional           100% Earn $100K +                60% Cash
        Properties                                            40% Mortgage



                          FOREIGN INVESTMENT



85% DOMESTIC                                          15% INTERNATIONAL
              Strongest Foreign Influences: Asian, USA and European
KEY MARKETS - OAKVILLE SNAPSHOT




                                      STARTING AT

                                     $2MILLION


                                          3,800SQ.FT.

                            TOP ARCHITECTURAL STYLES




Traditional            Stone and Stucco                   Georgian          Restored Heritage Homes



                                     BUYER PROFILE




          Age              Family Status         Multiple Home Ownership      Income Level
    40-60 Years Old   Married with 2 Children     Most Own Secondary/      100% Earn $100K +
                          (Tween/Teen)              Vacation Properties



                                 FOREIGN INVESTMENT



        INCREASE IN FOREIGN BUYERS IN LAST 2 YEARS
                         Strongest Foreign Influences: Mainland China
KEY MARKETS - NIAGARA-ON-THE-LAKE SNAPSHOT




                             STARTING AT

                           $1.4MILLION

                                     Pelham

        3,500SQ.FT.
                                     St. Catherines
                                     Niagara Parkway (along the river)
                                     Queenston



                    TOP ARCHITECTURAL STYLES




   Georgian                        Victorian                    Contemporary



                            BUYER PROFILE




                       Age                    Family Status
                 50-60 Years Old         Mature Married Couples
                                        Couples Working at Home




Multiple Home Ownership        Income Level                 Payment Type
 Most Own Secondary/        100% Earn $100K +                Mostly Cash
  Vacation Properties



                          FOREIGN INVESTMENT




                     Strongest Foreign Influences: China
RECREATION AND SKI MARKETS - SUN PEAKS, WHISTLER AND MONT TREMBLANT




                       RECREATION AND SKI          SUN PEAKS, WHISTLER AND MONT TREMBLANT




W       ith an abundance of outdoor activities available year-round for
        residents of all ages, it’s no surprise that outdoor enthusiasts are
investing in properties in Canada’s top recreational and ski areas – Sun
                                                                               FOREIGN INFLUENCES
                                                                               The buyers of single family homes in these market
                                                                               segments are predominantly Canadian, with the
Peaks, Whistler and Mont Tremblant. According to survey results, the entry     majority coming from nearby cities, where buyers
level cost for luxury single family homes in these four-season destination     can easily access these secondary homes and vacation
regions range from $1 to $2 million; Whistler’s approximate starting price     properties. Overall, foreign buyers account for only
of $2 million is the highest. The minimum square footage of these homes        20 percent of single family home sales in the top-
range from 3,000 to 4,000 square feet. Locations with views, either water or   tier category, with owners using the properties for
mountain, were found to be a consistent necessity, followed by entertaining    investment or vacation. Sotheby’s International
amenities, including gourmet kitchens, large open-concept living spaces,       Realty Canada’s survey results also revealed that
hot tubs and wine cellars. The preferred architectural styles include Post     the strongest international influences are Australia,
and Beam, Traditional Round Log, Modern and Contemporary homes.                UK and USA for Sun Peaks. In Whistler, Asia, UK,
                                                                               Germany and Russia play the most significant role.
TYPICAL BUYER PROFILE
The Sotheby’s International Realty Canada survey reveals that the typical      OTHER TRENDS
buyers in this market are often married with children and are between          The Whistler, Sun Peaks and Mont-Tremblant
40 to 50 years old. Of the homebuyers for this segment of recreational         real estate markets have now stabilized after being
and ski real estate, the vast majority earn over $100,000 annually. The        heavily impacted by the 2008 recession. Within
study also reveals that the majority of buyers use mortgages when              the top-tier home segment, experts predict that
purchasing these homes, but cash transactions have also been registered.       demand for properties will remain strong as
                                                                               Canadians continue to look to these markets
                                                                               for investment and vacation opportunities.




23   |   Sotheby’s International Realty Canada ©                                                                        sothebysrealty.ca
RECREATION AND SKI - MARKET SAMPLES




                  $1.23 Million                                      $1.39 Million
                  Sun Peaks                                          Sun Peaks




                  $1.68 Million                                      $1.89 Million
                  Whistler                                           Whistler




                  $1.29 Million                                      $1.29 Million
                  Mont-Tremblant                                     Mont-Tremblant




24   |   Sotheby’s International Realty Canada ©                                         sothebysrealty.ca
RECREATION AND SKI MARKETS - SUN PEAKS SNAPSHOT




                             STARTING AT

                           $1.35MILLION

                                            Sundance Estates

              3,000SQ.FT.                   Bella Vista Drive
                                            Lookout Ridge



                   TOP ARCHITECTURAL STYLES




                  Timber                          Modern



                            BUYER PROFILE




                      Age                    Family Status
                40-50 Years Old          Married with Children




Multiple Home Ownership         Income Level                Payment Type
  Most Own Additional        100% Earn $100K +             Mostly Mortgages
        Properties



                          FOREIGN INVESTMENT



75% DOMESTIC                                        25% INTERNATIONAL
             Strongest Foreign Influences: Australia, UK and USA
RECREATION AND SKI MARKETS - WHISTLER SNAPSHOT



                              STARTING AT

                              $2MILLION

                                             Stonebridge
                                             Bearland Lots

                  3,500SQ.FT.
                                             Kadenwood
                                             Sunridge Plateau
                                             Hostman Estates
                                             Blueberry Hill



                     TOP ARCHITECTURAL STYLES




                   Log Home                      Post & Beam
                                               (with stonework)



                              BUYER PROFILE


                                                                            Finance
                                                                            Law
      Age                  Family Status                 Vocation           Medicine
40-50 Years Old        Married with Children
                          (Tween/Teen)




Multiple Home Ownership          Income Level                Payment Type
  Most Own Additional         100% Earn $100K +                50% Cash
        Properties                                           50% Mortgage



                          FOREIGN INVESTMENT



75% DOMESTIC                                         25% INTERNATIONAL
              Strongest Foreign Influences: Australia, UK and USA
RECREATION AND SKI MARKETS - MONT TREMBLANT SNAPSHOT




                                     STARTING AT

                                     $1MILLION


                                                   Ch. Des Skieurs
                                                   Ch. du Belvédère

                       4,000SQ.FT.                 La Reserve
                                                   Le St-Andrew’s
                                                   Lac Tremblant




                            TOP ARCHITECTURAL STYLES




        Post & Beam                Traditional Round Log              Contemporary



                                    BUYER PROFILE

                                                                          Finance/Investment Banking
                                                                          Resources
                                                                          Construction
     Age                   Family Status                Vocation          Technology and Science
45+ Years Old         Mature Married Couples




       Multiple Home Ownership         Income Level                Payment Type
         Most Own Additional         90% Earn $100K +                50% Cash
               Properties                                          50% Mortgage



                                 FOREIGN INVESTMENT



     85% DOMESTIC                                           15% INTERNATIONAL
TOP TIER TRENDS - SPECIAL ACKNOWLEDGEMENTS




                                                              SPECIAL

                  ACKNOWLEDGEMENTS

                                          We would like to thank all agents who participated in this survey,
                                          and would like to extend a special acknowledgement to the following
                                          agents and managing brokers who went the extra mile in providing
                                          countless hours of insight, research and additional support.

                                                       Clive Benjafield           Jamie MacDougall

                                                       Fran Bennett              Paul Maranger

                                                       Nancy Brazeau             Mary Ann Mears

                                                       Greg Carros               Steve Mitchell

                                                       Stephen Cartner           Gordon Nye

                                                       Polly Cordwell            Scott Piercy

                                                       Shelby Donald             Dennis Plintz

                                                       Liz Forster               Herb Ratsch

                                                       Chris Hobbs               Wendy Saunders

                                                       Darlene Hobbs             Kim Saxton

                                                       Jason Jennings            Jennifer Stanley

                                                       Liza Kaufman              Christian Vermast

                                                       James LeBlanc             Ruth Anne Winter




28   |   Sotheby’s International Realty Canada ©                                                                sothebysrealty.ca

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Top Tier Trends Across Canada

  • 1. TOP TIER TRENDS REPORT A COMPARATIVE SURVEY OF CANADA’S LUXURY REAL ESTATE MARKETS
  • 2. TOP TIER TRENDS - CONTENTS CONTENTS INTRODUCTION 3 NATIONAL SUMMARY 4 URBAN MARKETS 5 Vancouver 5 Calgary 8 Toronto 11 Montréal 14 KEY MARKETS 17 Victoria 19 Salt Spring Island 20 Oakville 21 Niagara-On-The-Lake 22 RECREATION AND SKI 23 Sun Peaks 25 Whistler 26 Mont Tremblant 27 SPECIAL ACKNOWLEDGEMENTS 28 Sotheby’s International Realty Canada, Independently Owned And Operated. E.&O.E.: This information is from sources which we deem reliable, but must be verified by prospective Purchasers and may be subject to change or withdrawal. 2 | Sotheby’s International Realty Canada © sothebysrealty.ca
  • 3. TOP TIER TRENDS - INTRODUCTION INTRODUCTION C ombining the world’s most prestigious real estate brand with local market knowledge and specialized marketing expertise, Sotheby’s International Realty Canada is the leading real estate sales and marketing company for the country’s most exceptional properties, with offices in over 20 residential and resort markets nationwide. Sotheby’s International Realty Canada conducts a series of annual reports and surveys to capture relevant market data and distinguishing market trends within some of the country’s most sought-after communities. The 2013 Top Tier Trends Report is based on a survey of the top one percent of agents within over a dozen key markets in the Sotheby’s International Realty Canada network. It is the first Canadian survey to explore regional differences in top-tier real estate trends. The survey establishes a baseline entry price for luxury single family homes within key cities, communities and recreational markets, and summarizes market nuances, buyer demographics, property characteristics and other critical buying trends. The survey further offers regional market insight and first of its kind intelligence in answering the question - what defines a luxury single family home in Canada? 3 | Sotheby’s International Realty Canada © sothebysrealty.ca
  • 4. TOP TIER TRENDS - NATIONAL SUMMARY NATIONAL SUMMARY I n a survey spanning over a dozen markets across Canada, Sotheby’s International Realty Canada collected and analyzed local market data to offer a picture of baseline luxury single family home ownership. Survey findings revealed that the entry price for a luxury single family home in Canada’s major urban centre starts at $2 million in Toronto and Calgary, $2.8 million in Vancouver and $3.5 million in Montréal. Minimum square footage for single family homes in the top-tier range from 3,500 square feet in Vancouver, Calgary and Urban Toronto, to 5,000 square feet in Montréal and 8,000 square feet in Toronto North. In the key communities of Victoria, Salt Spring Island, Oakville and Niagara-on-the-Lake, all with populations below 365,000, the entry price for a luxury single family home ranges from $1 to $2 million, for homes ranging from 2,500 to 3,800 square feet. According to survey results, the entry level price for luxury single family homes in the ski/recreational regions of Whistler, Sun Peaks and Mont- Tremblant ranges from $1 to $2 million, with Whistler’s approximate starting price of $2 million being the highest. The minimum square footage of these properties range from 3,000 to 4,000 square feet. Underscoring the importance of the age-old saying “location, location, location,” the unequivocal and top ranked feature of a luxury property in every key market surveyed was deemed as being location. Easy access to an urban centre, top ranked school districts, proximity to community amenities are considered essential to the locations of top-tier primary residences. Views of water, mountains or city are also a high priority. The profile of buyers for luxury single family homes varies from market to market, however, top ranked professions across the regions surveyed include those in the finance, investment banking, medical and legal fields; large business owners and entrepreneurs are also well-represented. Survey results also revealed that buyers of top-tier homes are more likely to pay in cash and to utilize mortgages as part of an overall investment strategy. They are also more likely to own multiple properties across Canada and abroad. The survey also revealed that while international buyers play a more prominent influence in urban markets such as Vancouver, Montréal and Toronto, it is largely Canadian buyers who are driving the purchase of top-tier family homes in the majority of markets surveyed. The strongest foreign influences include China, Russia, the United Kingdom and the United States. 4 | Sotheby’s International Realty Canada © sothebysrealty.ca
  • 5. URBAN MARKETS - VANCOUVER VANCOUVER WEST VANCOUVER & NORTH VANCOUVER V ancouver reported some of the widest regional price variations when it comes to entry pricing for high-end homes. According to survey results, the average starting price of a single-family home in the high-end begins at $2.8 million. However results also showed that pricing can range from $2 million to $4 million depending on location. The survey highlighted the Vancouver West Side as having the highest entry price for top-tier single family homes, with desirable homes starting at $4 million. In this region the most sought-after neighbourhoods include Shaughnessey, Point Grey, Kitsilano, Dunbar, Southlands and Kerrisdale. North Vancouver also ranked high in the survey. Top reasons for its appeal to affluent buyers include neighbourhood amenities, established communities and desirable school districts. As such, North Vancouver luxury home prices reflect an entry price of $2 million. In West Vancouver, entry price luxury homes can be found for $2.5 million. Within this community, neighborhoods including Caulfield, West Bay, Dundarave, Altamont, Ambleside and the British Properties are cited as the most desirable areas. Across all areas of Vancouver, the most sought-after architectural styles remain consistent. Top preferences include Craftsman and West Coast Contemporary homes. Character/Tudor and updated Heritage homes also rank high in buyer popularity. Sotheby’s International Realty Canada’s agents reported that buyers in these high-end markets look for homes with a minimum of 3,500 square feet boasting premium features such as open living and kitchen spaces, high-end finishings, master bedroom with ensuites and additional amenities, such as wine cellars and theatre rooms. 5 | Sotheby’s International Realty Canada © sothebysrealty.ca
  • 6. URBAN MARKETS - VANCOUVER BUYER PROFILE Survey findings revealed that typical buyers in the Vancouver luxury market are between 40 to 50 years old, with two to three children on average. The majority (approximately 80 percent) fall within the $200,000 to $500,000 income range with approximately 20 percent earning over $1 million. Finance and investment banking, resources and medical professions are among the top sectors that buyers in this segment belong to. The survey also showed that the majority of top-tier homeowners in Vancouver hold mortgages and own multiple properties, which is consistent with other urban markets such as Toronto and Calgary. FOREIGN INFLUENCES According to survey results, Vancouver’s market continues to be influenced by foreign buyers, who make up approximately 40 percent of the market for luxury single family homes. As seen in previous years, China remains the top market influencer as buyers often purchase homes in Vancouver as secondary or investment properties. There has also been a recent surge in buyers from Iran and the United States. OTHER TRENDS Predictions for Vancouver’s overall market in 2013 are positive, as experts forecast a 5.6 percent increase in real estate sales this year. MARKET SAMPLES $2.98 Million West Vancouver $2.68 Million Vancouver 6 | Sotheby’s International Realty Canada © sothebysrealty.ca
  • 7. URBAN MARKETS - VANCOUVER SNAPSHOT STARTING AT $2.8MILLION West Vancouver Vancouver Caulfield Shaughnessey West Bay Point Grey 3,500SQ.FT. Dundarave Kitsilano Altamont Dunbar Ambleside Southlands British Properties Kerrisdale North Vancouver TOP ARCHITECTURAL STYLES Craftsman West Coast Contemporary Character/ Tudor Updated Heritage Home BUYER PROFILE Finance/Investment Banking Resources Age Family Status Vocation Medical 40-50 Years Old Married with 2-3 Children Multiple Home Ownership Income Level Payment Type Most Own Secondary/ 80 % $200-$500K Mortgages Used as Part Vacation Properties 20% Earn $1 Million + of Investment Strategy FOREIGN INVESTMENT 60% DOMESTIC 40% INTERNATIONAL Strongest Foreign Influences: China, Iran, USA
  • 8. URBAN MARKETS - CALGARY CALGARY C algary is one of Canada’s most robust markets for luxury homes. The baseline entry point for a luxury single family home is $2 million, which is in line with that of Toronto. However, the features and amenities in Calgary reflect a distinctive western Canadian lifestyle. According to agents surveyed, top-tier single family homes start at $2 million with a minimum of 3,500 square feet and are typically in the Traditional, Craftsman/Arts and Crafts, Westcoast Modern or Character architectural styles. “Must-have” features include access to schools and shopping, views of downtown, park, river or mountains, and the most desirable neighbourhoods are Mt. Royal, Brittania, Bel-Aire, Aspen, Springbank Hill, Elbow Park/Elbow Valley, and Inner City Southwest/Westside. BUYER PROFILE As Calgary’s market for top-tier homes continues to outpace most of Canada, Sotheby’s International Realty Canada survey findings reveal that demand is predominantly driven by younger buyers, largely in the 35 to 40 year old range who have a skew in preference towards inner city and beltline living. According to experts surveyed, over 80 percent of these homebuyers earn an income of $500,000 or higher. They are predominantly employed within the finance and investment banking (mining, oil and gas) or medical sectors, or are entrepreneurs. Most buyers own multiple homes and mortgages are commonly used within this segment of the market. 8 | Sotheby’s International Realty Canada © sothebysrealty.ca
  • 9. URBAN MARKETS - CALGARY FOREIGN INFLUENCES The Calgary market also has the lowest overall percentage of foreign investment of the urban markets surveyed: the majority of purchases of top-tier single family homes are made by Canadians (85 percent according to survey results). OTHER TRENDS Despite a decline in inventory, the demand for top-tier single family homes is expected to continue due to strong employment rates, encouraging the migration of a cross section of residents to inner city homes. This, coupled with low mortgage rates, will continue to sustain the demand for luxury single family homes in 2013. MARKET SAMPLES $5.7 Million Calgary $2.19 Million Calgary 9 | Sotheby’s International Realty Canada © sothebysrealty.ca
  • 10. URBAN MARKETS - CALGARY SNAPSHOT STARTING AT $2MILLION Mt. Royal Springbank Hill 3,500SQ.FT. Brittania Elbow Park / Elbow Valley Bel-Aire Inner City Southwest/Westside Aspen TOP ARCHITECTURAL STYLES Traditional Craftsman/Arts and Crafts Westcoast Modern Character BUYER PROFILE Finance/Investment Banking- Resources (Mining, Oil and Gas, Etc.) Medical (Dentist, Orthodontist, Age Family Status Vocation Physician, Specialist Physician) 35-40 Years Old Married with 2 School Entrepreneur Aged Children Multiple Home Ownership Income Level Payment Type Most Own Secondary/ 80% Earn $500K + Mortgages Vacation Properties FOREIGN INVESTMENT 85% DOMESTIC 15% INTERNATIONAL
  • 11. URBAN MARKETS - TORONTO TORONTO I n order to accurately depict the luxury market in Toronto, it is necessary to distinguish between two unique upscale submarkets within the city’s parameters: “Toronto North” and “Urban Toronto”. With both of these areas carrying a market entry price of $2 million according to survey results, what distinguishes them from each other is their location and buyer demographic. The Urban Toronto market is centered in the city and appeals to those who find comparatively smaller homes starting at 3,500 square feet desirable, along with close proximity to the business district and entertainment/community amenities such as restaurants, exercise studios and private schools. Popular neighbourhoods meeting these demands include Yorkville, The Annex, Rosedale, Summerhill and Forest Hill. On the other hand, larger single family homes upwards of 8,000 square feet are considered ideal by buyers of top-tier real estate in Toronto North. Lawrence Park, Bridle Path, Hogg’s Hollow and Bayview/ York Mills are among the most desirable neighbourhoods for these homes. Across the board, buyers are seeking quality finishings, top-notch design, and in-house amenities, including pools and theatre rooms. Proximity to premier schools, be they French schools in Toronto North or excellent public or private schools in Urban Toronto, is also a factor. Contemporary, Modernist, Grand Victoria and Classic Georgian are the most popular architectural styles. BUYER PROFILE Results from Sotheby’s International Realty Canada’s survey reveal that buyers in Urban Toronto are often couples and families with one to two children or same sex couples, whereas those in Toronto North are typically larger families with two to three children on average. Homebuyers in this segment earn over $100,000 annually, and finance and investment banking, manufacturing, large business ownership and the medical and legal professions are the fields most prominently represented. Similar to the Vancouver and Calgary markets, the majority of buyers have a mortgage on their $2 million plus home, with many utilizing mortgages as part of an overall investment strategy. 11 | Sotheby’s International Realty Canada © sothebysrealty.ca
  • 12. URBAN MARKETS - TORONTO FOREIGN INFLUENCES According to Sotheby’s International Realty Canada’s survey results, 25 percent of homebuyers in this category of homes are foreign buyers. Top international influences include the United States, China, Russia, the Middle East and India. OTHER TRENDS Experts predict that the Toronto real estate market will gain momentum leading into spring, with an upward trend in selling price forecast for 2013. MARKET SAMPLES $5.49 Million Toronto $2.35 Million Toronto 12 | Sotheby’s International Realty Canada © sothebysrealty.ca
  • 13. URBAN MARKETS - TORONTO SNAPSHOT STARTING AT $2MILLION Yorkville Lawrence Park The Annex URBAN MARKET TORONTO NORTH Bridle Path 3,500SQ.FT. 8,000SQ.FT. Rosedale Hogg’s Hollow Summerhill Bayview/York Mills Forest Hill TOP ARCHITECTURAL STYLES Grand Victorian/Georgian Contemporary/Modernist BUYER PROFILE Age Multiple Home Ownership Income Level Payment Type 40-50 Years Old Most Own Secondary/ 100% Earn $100K + Mortgages Used as Part Vacation Properties of Investment Strategy URBAN MARKET TORONTO NORTH Finance/Investment Bankers Entrepreneurs Large Business Owners Families with Same-Sex Couples Families with Vocation Upper End Professionals 1-2 Children 2-3 Children FOREIGN INVESTMENT 75% DOMESTIC 25% INTERNATIONAL Strongest Foreign Influences: USA, China, Russia, Middle East and India
  • 14. URBAN MARKETS - MONTRÉAL MONTRÉAL W ith strong international influences and a resurgence of seasoned buyers, Montréal’s luxury housing market continues to stand out from the conventional. Sotheby’s International Realty Canada’s latest agent study reports that top-tier single family homes in the city start at $3.5 million and are most commonly located in Westmount, Ville-Marie, Mont Royal and Outremont. Befitting these established neighborhoods, top architectural preferences include Georgian, Stone, Château and Modern style homes. Top-tier homes in Montréal boast some of the highest square footages amongst the markets surveyed, with homes starting at approximately 5,000 square feet. “Must-have” features include a large master bedroom, spa like ensuite, walk-in closet, gourmet kitchen and multi-car garage. BUYER PROFILE Sotheby’s International Realty Canada survey findings show that buyers of luxury single family homes in this market generally range from 40 to 50 years old. Among these homebuyers, over 80 percent typically earn an income of $500,000 or higher. They are pre-dominantly employed in the finance, technology and science or legal sectors, or are entrepreneurs. As a differentiator from other markets surveyed, only a small percentage (less than 25 percent) of Montréal’s top-tier buyers are known to carry a mortgage. 14 | Sotheby’s International Realty Canada © sothebysrealty.ca
  • 15. URBAN MARKETS - MONTRÉAL FOREIGN INFLUENCES According to experts surveyed, high-end single family homes in Montréal also saw a significant proportion of investment from outside of Canada. China, Syria, Mexico, Russia and the United States rank as the five influential economies driving the near 50 percent split between domestic and international buyers. OTHER TRENDS In 2013, homes in the city’s high-end are expected to follow the steady growth trajectory of 2012, where sales grew four percent year over year and spent an average of 127 days in the market. MARKET SAMPLES $3.69 Million Montréal $3.49 Million Montréal 15 | Sotheby’s International Realty Canada © sothebysrealty.ca
  • 16. URBAN MARKETS - MONTRÉAL SNAPSHOT STARTING AT $3.5MILLION Westmount 5,000SQ.FT. Ville-Marie Mont Royal Outremont TOP ARCHITECTURAL STYLES Georgian Stone Chateau Modern BUYER PROFILE Finance/Investment Banking Technology and Science Entrepreneur Age Family Status Vocation Law (Lawyers and Judges) 40-50 Years Old Married with 1-2 Children (Tween/Teen) Multiple Home Ownership Income Level Payment Type Most Own Secondary/ 80% + Earn $500K + Cash with Vacation Properties Mortgages Later (Domestic and International) FOREIGN INVESTMENT 51% DOMESTIC 49% INTERNATIONAL Strongest Foreign Influences: China, Syria, Mexico, USA and Russia
  • 17. KEY MARKETS - VICTORIA, SALT SPRING ISLAND, OAKVILLE AND NIAGARA-ON-THE-LAKE KEY MARKETS VICTORIA, SALT SPRING ISLAND, OAKVILLE AND NIAGARA-ON-THE-LAKE V ictoria, Salt Spring Island, Oakville and Niagara-on-the-Lake are all highly regarded communities with a population of under 365,000. Renowned as lifestyle-driven communities in close proximity FOREIGN INFLUENCES Foreign investment in these key communities is evident, but not as strong as for the urban to urban centres, the entry price for a luxury single family home ranges markets surveyed. International influences include from $1 to $2 million across the markets for homes ranging from 2,500 Mainland China, the United States and England. to 3,800 square feet. These key communities represent the upper end of ocean and lake front communities across Canada, and while each OTHER TRENDS market reflects unique characteristics, preferences for high-end homes As the price of homes in nearby markets, such are strikingly similar. Buyers are looking for waterfront properties with as Toronto and Vancouver, continue to rise, it unobstructed views and large land sizes, and favoured architectural styles is predicted that families will continue to look include, but are not limited to, Traditional, Georgian, Restored Heritage, to other markets for real estate alternatives. Westcoast Contemporary, Modern and Beach House Contemporary. With top-tier homes in these key communities being available for well below the national TYPICAL BUYER PROFILE average, the demand for real estate within Sotheby’s International Realty Canada’s survey identified the typical buyers these markets is expected to remain strong. of these high-end single family homes as couples ranging from mid 40’s to 60 years in age, with children. All owners were identified as earning over $100,000 annually. Unlike the majority of Canada’s major urban markets, buyers in Victoria, Niagara-on-the-Lake and Salt Spring Island are more likely to use cash when paying for these properties. The survey also revealed that the vast majority own more than one home, including recreational property and primary residences. Due to the geographic, demographic and economic profile of the city, those purchasing a top-tier single family home in Oakville are likely to utilize it as a primary residence, while those of homes in Niagara-on-the-Lake are more likely to use them as a secondary home for either half of the year, or as a vacation property. Victoria and Salt Spring Island have a 50/50 and 60/40 split respectively between usage of the home as a primary versus a secondary residence. 17 | Sotheby’s International Realty Canada © sothebysrealty.ca
  • 18. KEY MARKETS - MARKET SAMPLES $1.45 Million $1.48 Million Victoria Victoria $1.29 Million $1.1 Million Salt Spring Island Salt Spring Island $1.89 Million $1.8 Million Oakville Oakville $1.3 Million $1.5 Million Niagara-on-the-Lake Niagara-on-the-Lake 18 | Sotheby’s International Realty Canada © sothebysrealty.ca
  • 19. KEY MARKETS - VICTORIA SNAPSHOT STARTING AT $1.5MILLION Uplands Oak Bay 3,000SQ.FT. Ten Mile Point Cordova Bay West Saanich TOP ARCHITECTURAL STYLES Westcoast Contemporary Modern Victorian Heritage BUYER PROFILE Age Family Status 45+ Years Old Married and 50% Have Children Multiple Home Ownership Income Level Payment Type 50% Own Secondary/ 100% Earn $100K + 75% Cash Vacation Properties FOREIGN INVESTMENT 90% DOMESTIC 10% INTERNATIONAL 5% Are Out of Town Buyers and Purchase as an Investment Property Strongest Foreign Influences: USA, England and China
  • 20. KEY MARKETS - SALT SPRING ISLAND SNAPSHOT STARTING AT $1MILLION Sunset Drive Welbury 2,500SQ.FT. Old Scott/Scott Point Bay Ridge Mount Tuam TOP ARCHITECTURAL STYLES Westcoast Beach House Contemporary Modern Design BUYER PROFILE Age Family Status 45-60 Years Old Mature Married Couples Same Sex Couples Multiple Home Ownership Income Level Payment Type 60% Own Additional 100% Earn $100K + 60% Cash Properties 40% Mortgage FOREIGN INVESTMENT 85% DOMESTIC 15% INTERNATIONAL Strongest Foreign Influences: Asian, USA and European
  • 21. KEY MARKETS - OAKVILLE SNAPSHOT STARTING AT $2MILLION 3,800SQ.FT. TOP ARCHITECTURAL STYLES Traditional Stone and Stucco Georgian Restored Heritage Homes BUYER PROFILE Age Family Status Multiple Home Ownership Income Level 40-60 Years Old Married with 2 Children Most Own Secondary/ 100% Earn $100K + (Tween/Teen) Vacation Properties FOREIGN INVESTMENT INCREASE IN FOREIGN BUYERS IN LAST 2 YEARS Strongest Foreign Influences: Mainland China
  • 22. KEY MARKETS - NIAGARA-ON-THE-LAKE SNAPSHOT STARTING AT $1.4MILLION Pelham 3,500SQ.FT. St. Catherines Niagara Parkway (along the river) Queenston TOP ARCHITECTURAL STYLES Georgian Victorian Contemporary BUYER PROFILE Age Family Status 50-60 Years Old Mature Married Couples Couples Working at Home Multiple Home Ownership Income Level Payment Type Most Own Secondary/ 100% Earn $100K + Mostly Cash Vacation Properties FOREIGN INVESTMENT Strongest Foreign Influences: China
  • 23. RECREATION AND SKI MARKETS - SUN PEAKS, WHISTLER AND MONT TREMBLANT RECREATION AND SKI SUN PEAKS, WHISTLER AND MONT TREMBLANT W ith an abundance of outdoor activities available year-round for residents of all ages, it’s no surprise that outdoor enthusiasts are investing in properties in Canada’s top recreational and ski areas – Sun FOREIGN INFLUENCES The buyers of single family homes in these market segments are predominantly Canadian, with the Peaks, Whistler and Mont Tremblant. According to survey results, the entry majority coming from nearby cities, where buyers level cost for luxury single family homes in these four-season destination can easily access these secondary homes and vacation regions range from $1 to $2 million; Whistler’s approximate starting price properties. Overall, foreign buyers account for only of $2 million is the highest. The minimum square footage of these homes 20 percent of single family home sales in the top- range from 3,000 to 4,000 square feet. Locations with views, either water or tier category, with owners using the properties for mountain, were found to be a consistent necessity, followed by entertaining investment or vacation. Sotheby’s International amenities, including gourmet kitchens, large open-concept living spaces, Realty Canada’s survey results also revealed that hot tubs and wine cellars. The preferred architectural styles include Post the strongest international influences are Australia, and Beam, Traditional Round Log, Modern and Contemporary homes. UK and USA for Sun Peaks. In Whistler, Asia, UK, Germany and Russia play the most significant role. TYPICAL BUYER PROFILE The Sotheby’s International Realty Canada survey reveals that the typical OTHER TRENDS buyers in this market are often married with children and are between The Whistler, Sun Peaks and Mont-Tremblant 40 to 50 years old. Of the homebuyers for this segment of recreational real estate markets have now stabilized after being and ski real estate, the vast majority earn over $100,000 annually. The heavily impacted by the 2008 recession. Within study also reveals that the majority of buyers use mortgages when the top-tier home segment, experts predict that purchasing these homes, but cash transactions have also been registered. demand for properties will remain strong as Canadians continue to look to these markets for investment and vacation opportunities. 23 | Sotheby’s International Realty Canada © sothebysrealty.ca
  • 24. RECREATION AND SKI - MARKET SAMPLES $1.23 Million $1.39 Million Sun Peaks Sun Peaks $1.68 Million $1.89 Million Whistler Whistler $1.29 Million $1.29 Million Mont-Tremblant Mont-Tremblant 24 | Sotheby’s International Realty Canada © sothebysrealty.ca
  • 25. RECREATION AND SKI MARKETS - SUN PEAKS SNAPSHOT STARTING AT $1.35MILLION Sundance Estates 3,000SQ.FT. Bella Vista Drive Lookout Ridge TOP ARCHITECTURAL STYLES Timber Modern BUYER PROFILE Age Family Status 40-50 Years Old Married with Children Multiple Home Ownership Income Level Payment Type Most Own Additional 100% Earn $100K + Mostly Mortgages Properties FOREIGN INVESTMENT 75% DOMESTIC 25% INTERNATIONAL Strongest Foreign Influences: Australia, UK and USA
  • 26. RECREATION AND SKI MARKETS - WHISTLER SNAPSHOT STARTING AT $2MILLION Stonebridge Bearland Lots 3,500SQ.FT. Kadenwood Sunridge Plateau Hostman Estates Blueberry Hill TOP ARCHITECTURAL STYLES Log Home Post & Beam (with stonework) BUYER PROFILE Finance Law Age Family Status Vocation Medicine 40-50 Years Old Married with Children (Tween/Teen) Multiple Home Ownership Income Level Payment Type Most Own Additional 100% Earn $100K + 50% Cash Properties 50% Mortgage FOREIGN INVESTMENT 75% DOMESTIC 25% INTERNATIONAL Strongest Foreign Influences: Australia, UK and USA
  • 27. RECREATION AND SKI MARKETS - MONT TREMBLANT SNAPSHOT STARTING AT $1MILLION Ch. Des Skieurs Ch. du Belvédère 4,000SQ.FT. La Reserve Le St-Andrew’s Lac Tremblant TOP ARCHITECTURAL STYLES Post & Beam Traditional Round Log Contemporary BUYER PROFILE Finance/Investment Banking Resources Construction Age Family Status Vocation Technology and Science 45+ Years Old Mature Married Couples Multiple Home Ownership Income Level Payment Type Most Own Additional 90% Earn $100K + 50% Cash Properties 50% Mortgage FOREIGN INVESTMENT 85% DOMESTIC 15% INTERNATIONAL
  • 28. TOP TIER TRENDS - SPECIAL ACKNOWLEDGEMENTS SPECIAL ACKNOWLEDGEMENTS We would like to thank all agents who participated in this survey, and would like to extend a special acknowledgement to the following agents and managing brokers who went the extra mile in providing countless hours of insight, research and additional support. Clive Benjafield Jamie MacDougall Fran Bennett Paul Maranger Nancy Brazeau Mary Ann Mears Greg Carros Steve Mitchell Stephen Cartner Gordon Nye Polly Cordwell Scott Piercy Shelby Donald Dennis Plintz Liz Forster Herb Ratsch Chris Hobbs Wendy Saunders Darlene Hobbs Kim Saxton Jason Jennings Jennifer Stanley Liza Kaufman Christian Vermast James LeBlanc Ruth Anne Winter 28 | Sotheby’s International Realty Canada © sothebysrealty.ca