When people think of Canada’s priciest real estate, Toronto and Vancouver inevitably steal the spotlight. And with good reason: according to Henley & Partners’ World’s Wealthiest Cities Report 2025, Toronto is home to over 108,000 millionaires, while Vancouver counts more than 46,000. These numbers cement both cities as global hubs of wealth.
But here’s the twist: sky-high prices aren’t contained to the metropolitan borders. Wealth, and the steep housing costs that follow, have spread well beyond the big cities. Zoocasa analyzed housing data across British Columbia and Ontario, and the findings reveal that many suburban and small-town markets are keeping pace with, and in some cases rivaling, their urban counterparts.
British Columbia’s Most Exclusive Luxury Housing Markets
While home prices in BC and Ontario’s luxury markets are pushing well past the million-dollar mark, incomes tell a very different story. According to Statistics Canada, the median after-tax income of families and unattached individuals is $73,900 in British Columbia and $78,600 in Ontario. Yet in community after community, detached homes now sell for 20 times that annual income.
Take Whistler, a name synonymous with world-class ski slopes and international prestige. The average single-family home here has soared to $2,550,100—requiring a minimum down payment of $510,020. For perspective, that down payment alone nearly matches the median Canadian family’s entire net worth ($519,700). Whistler has long been a playground for the global elite, but today, it’s an economic world away from the average BC household.
And it’s not just Whistler. North Vancouver clocks in at $2,197,500 per detached home, while Burnaby North and South each top $2.1 million. Richmond and Port Moody follow close behind, each demanding a down payment of over $416,000. These figures underscore a growing truth: the luxury market is no longer isolated to downtown Vancouver; it’s spread across the Lower Mainland.
Even coastal enclaves farther afield are equally out of reach. In Oak Bay, a seaside suburb near Victoria, detached homes average nearly $1.9 million. Compare that to the Greater Vancouver average of $1,974,400 in July 2025, and the difference is negligible. Buyers here may be swapping urban bustle for ocean breezes, but the price tag remains virtually the same.
The bottom line? Whether you want ski slopes, mountain views, or a beachside retreat, British Columbia’s premium markets have leveled up to rival Vancouver itself. There’s no “affordable” escape within the province’s most desirable communities.
Ontario’s Wealthiest Housing Markets
Ontario tells a remarkably similar story, though here the action is centered on the suburbs that surround Toronto. While the average Greater Toronto Area home sold for $981,000 in July 2025, many nearby towns are already well past the million-dollar threshold.
Muskoka Lakes, regarded as “The Hamptons of the North”, is home to some of the most expensive single-detached properties in Ontario, with average prices reaching $2,176,484. The region is also a celebrity hotspot, with stars like Tom Hanks, Steven Spielberg, Martin Short, and Goldie Hawn owning cottages along Lake Muskoka and Lake Rosseau.
Another noteworthy area is King, a township where detached homes average $2,166,063. That requires a down payment of $433,213—more than the entire purchase price of a typical detached home in Winnipeg, Regina, Saint John, or Edmonton. Homes in King are known for their sprawling lots and custom-built luxury estates, which make the township a magnet for high-net-worth buyers seeking exclusivity just beyond Toronto’s edge.
Other 905-region hotspots aren’t far behind. Aurora ($1.48M) and Uxbridge ($1.46M) both require nearly $300,000 in upfront cash. Oakville ($1.34M), Richmond Hill ($1.32M), and Markham ($1.25M) have also carved out a reputation for luxury living, attracting families and investors alike.
To put this in context, the average detached home in Toronto sold for $1,572,832 in July 2025, with a down payment of $314,566.
Even smaller markets are no longer “entry-level.” Stouffville and Burlington both average over $1.1 million for detached homes, each demanding down payments hovering around $200,000. For many families priced out of Toronto, the suburbs were once the next logical step. Today, they’re simply a different version of the same affordability challenge.
Why Canada’s Top 1% Can Buy Luxury Homes with Ease
For most Canadians, a $2 million home sits firmly in the realm of luxury. But for the top 1% of earners, this kind of purchase is far more attainable. To be counted among the top 1% in Canada, an individual must earn at least $586,900 annually. At this level of income, the financial hurdles that block most households from entering the luxury market are much lower.
A 20% down payment on a $2 million home ($400,000) is less than a year’s salary for someone in this bracket. Even the remaining $1.6 million mortgage would result in monthly payments that, while substantial, represent a manageable portion of their earnings compared to the burden faced by middle-class buyers
Many also have additional wealth built through investments, business ownership, or equity from previous properties, making it even easier to fund a purchase of this size. For the country’s top earners, luxury real estate is more about lifestyle than affordability.
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