The average home price for B.C.’s wealthiest residents is more than double that of Canada’s richest, according to a survey from BMO Wealth Management released Monday (May 25).
The bank polled Canadians with investible assets of $1 million and determined the average home price of the nation’s most deep-pocketed individuals sits at $1.5 million.
But B.C.’s richest residents leave the rest of the country in the dust.
The average home price for the West Coast’s wealthiest was $3.9 million — or 162% higher than the national average.
The average home price for the richest in Ontario — the province that comes closest to B.C. — was $1.8 million, while the worth of the primary residence of Alberta’s most affluent was about $700,000, according to the survey.
Meanwhile, 44% of B.C.’s richest residents own secondary properties, tying Alberta for the largest proportion across Canada. The national average is 36%.
B.C.’s reputation for emphasizing a laid-back lifestyle was bolstered by the fact 67% of its richest residents who own secondary residences use those properties for vacationing.
That’s the highest proportion across Canada, with the national average running at 47%. Just 33% of the richest people in Alberta use their secondary residences for vacationing.
