Oakville, Ontario home to most houses priced over $1 million

If you’re looking for a luxurious home, a new report says the best place in the country to look is Oakville. And Milton and Burlington aren’t too far behind.

The study by Point2 Homes, an online real estate search website, looked at the percentage of homes in a market that were listed for more than $1 million selling price.

“A home worth more than $1 million spells luxury to most of us. But gone are the days when such opulent listings barely scratched the surface of a market’s for-sale offers,” reads the report.

“With nearly one-quarter of properties for sale in Canada going for at least $1 million, and the nationwide average home price well above $700,000, the meaning of luxury seems to have shifted: From the fusion of grandeur and sophistication to the intersection of practical and comfortable exclusivity.”

Oakville is the top municipality in Ontario, with 69.1 per cent of homes on the market above the $1M mark. That is more than five points higher than the next two on the list, Richmond Hill and Newmarket.

In Oakville, the benchmark price for a home is $1,285,800 and 471 of 682 listings were on the market for at least seven figures.

The only two markets in Canada that exceeded Oakville’s number were in British Columbia, Delta and Vancouver.

Milton is in 10th place on the list, with a benchmark of $1.03M and 88 of 204 listings above $1M, while Burlington is 12th, with a benchmark of $963,500 and 38.5 per cent of listings above $1M, 180 of 467.

When you look at super luxury homes, Oakville stays tops in Ontario and moves to second in Canada, with 7.8 per cent listed above $4M.

Milton jumps way up on this list, moving to fourth in the province, with 6.4 per cent super luxury listings and Burlington moves up to eighth, at three percent.