Located in the east-central part of Canada, Ontario is home to the country’s largest city and capital, Toronto. While the province features stunning natural landscapes, national parks, and tourist destinations, it also boasts diverse cities that offer plenty of economic opportunities, giving residents and visitors an excellent mix of urban and rural life.
Whether you love the great outdoors, seek diverse professional opportunities, or want a great place to raise a family, Ontario has something for you. This eclectic mix of nature’s wonders and thriving city life has attracted affluent homeowners who enjoy the amazing quality of life the area offers.
As a result, the luxury real estate market in the province has always been dynamic and thriving. The consistent demand for upscale homes in the area make them an excellent investment, whether to live in or to add to your investment portfolio.
Read on to learn more about luxury homes in Ontario and everything you need to know about investing in one.
WHY CHOOSE ONTARIO
There are several compelling reasons why Ontario is one of the favourite places to live and work in Canada and why it has become a thriving location for real estate investments. The province’s stunning natural backdrop is a wonder to behold, and nature lovers will be thrilled to enjoy city life alongside beautiful natural wonders like Lake Ontario, Lake Superior, and even Niagara Falls.
Alongside this natural beauty, there are other reasons to consider Ontario for your next home or real estate investment.
- Job and business opportunities
Ontario has a strong and thriving job market because of its diverse landscape and strong economy. There is a wide range of employment opportunities for all kinds of professionals and skill sets. For those looking to further their careers or try something new, Ontario offers eclectic choices – from healthcare and tech to construction and sales.
Ontario is also a great place for entrepreneurs. The province makes it affordable for businesses to operate with a low corporate tax rate. From entrepreneur resources, funding programs, and events for networking, there is ample support for businesses to grow and thrive.
- Fun lifestyle
Ontario offers fun activities for everyone. From the beautiful lakes to stunning Niagara Falls, there’s a host of outdoor activities to enjoy, including hiking, camping, fishing, or skiing. Plus, Ontario isn’t just about natural wonders. It is also home to many cosmopolitan cities that offer cultural and recreational activities.
Toronto, Hamilton, and Ottawa have world-class theatres, museums, sporting venues, and a wide range of shopping and dining options, including bars and nightclubs.
- Excellent education
The curriculum in Ontario is considered one of the best in the world. The Canadian province is home to several top-notch universities and colleges, and the education system is well-funded by the government. Students of all backgrounds have access to quality, affordable education that caters to a wide range of interests.
- World class healthcare
Ontario has one of the world’s best healthcare systems, with some of the best-equipped hospitals in the country and the lowest rate of uninsured citizens. Like the education system, it is well-funded by the government ensuring everyone has access to quality healthcare.
- Diverse culture
Ontario is home to people from diverse backgrounds. The different cultural influences in the province are celebrated through cultural festivals that take place annually. A number of languages are also spoken widely in the province, including English, French, Spanish, Italian, Mandarin, and more. Ontario truly is a welcoming location for people from around the world.
- Top-notch transportation
The public transportation system in Ontario is fantastic and includes buses, trains, and ferries. This makes getting around the province and beyond easy and convenient. Making public transportation highly accessible is one of the government’s thrusts in the effort to reduce the area’s carbon footprint.
Ontario Real Estate Market
With the many compelling reasons to live in Ontario, it’s no wonder real estate prices in the area continue to appreciate.
Data from the Ontario Real Estate Association (OREA) show that the average price of residential resale homes in Ontario as of July, 2023 is roughly $922,700, a decrease from prices in 2022. However, this decrease was to be expected after months of record-high increases during the pandemic, which was a period of intense price appreciation. With a sales-to-new-listings ratio of approximately 59%, the real estate market in Ontario remains balanced with some incremental increases.
For those looking for homes or investment properties, this is an ideal time to shop as forecasts predict a turnaround and price increase in the housing market in 2024-2025 due to resurging demand, low inventory, and increased buyer confidence.
This is especially true for luxury properties where the stakes are inevitably higher. There are still many exciting luxury options in a wide range of architectural styles and excellent acreage. Now is a perfect time to make a luxury home investment. Prices for luxury properties begin at roughly $1.3 million and go as high as $24 million or more, with an average of over $5,400 per square meter.
ADVANTAGES OF BUYING LUXURY HOMES IN ONTARIO
Luxury homes in Ontario can be excellent and lucrative assets in your investment portfolio. Here are the top advantages you can expect.
Exceptional properties available
When looking for luxury real estate, it’s important to see if the area you are looking at has a wide range of luxury options available. Ontario has many gorgeous luxury properties, from restored heritage estates to mansions on the waterfront.
Moreover, because of Ontario’s rich culture and history, there is a diverse selection of architectural styles from Greek Revival and Italianate to Queen Anne estates and Late Victorian hybrids. But one thing’s for sure, regardless of architectural style, when you buy a luxury home in Ontario, you will get a beautifully built property with expansive acreage.
These properties boast panoramic city or nature views, lush and landscaped gardens, or beach and waterfront homes with riparian rights. They boast desirable luxurious features such as high ceilings, grand foyers, hardwood floors, fully-stocked kitchens, and multiple rooms.
Real estate is considered a more stable, low-risk investment compared to paper assets and luxury homes in sought-after housing markets are no different. Home value and equity will build over time, and as the cost of living increases, the value of your property increases too. Capital growth is assured in almost all real estate investments.
This is especially true in Ontario, with an expected growth surge in the market. Adding luxury real estate investments to your portfolio provides a good hedge against inflation, as these properties are expected to retain their value regardless of economic conditions.
High rental opportunities
Another reason people have been investing in luxury properties is to rent them out as high-end rentals and vacation homes. Many luxury properties are prime assets for a lucrative rental business, and many vacationers look for luxury rentals to enjoy as their home away from home. Short term renters are willing to pay a premium to stay at upscale homes when they’re in town for business or leisure, while long term renters who are used to the luxury lifestyle will not consider any other option for their temporary home.
Large and luxurious properties may also be rented out for special personal and corporate events, giving you another income avenue for your real estate investment. Homes with unique amenities and fantastic locations are perfect candidates for rental returns.
Ease of resale
With their impeccable architecture, upscale finishes, topnotch amenities, and prime locations, Ontario luxury real estate will always be attractive to the right buyers, so you can expect a good return on your investment. Of course, a property’s profitability also depends on several factors including its upkeep, staging, marketing, and the current state of the market. Overall, though, high-quality luxury homes always have the potential to return a substantial profit on resale.
TIPS FOR BUYING LUXURY HOMES IN ONTARIO
Choosing the right property is the first step toward a successful investment. Consider the following tips when searching luxury homes for sale in Ontario.
- Location is key
When looking for your luxury home, define your requirements and lifestyle. This will guide you in finding the right location.
The beautiful Ontario landscape has gorgeous lakes, mountains, and more. A home in a location that gives you panoramic views of these lush landscapes can be expected to increase in value over time as a great view is something many luxury home buyers are willing to pay a premium for.
On the other hand, those who prefer proximity to the city should consider luxury properties close to shopping, dining, business, and recreational areas.
- Consider square footage
In general, homes further from the business centres will be considerably bigger, which is something to consider. If you’re aiming for more spacious properties, luxury homes in Ontario’s suburbs may be the best fit for you. However, if you are looking for something closer to the city, there is also an abundance of high-end homes in the town proper with closer proximity to schools and businesses. Keep in mind though that the combination of larger sizes and convenient location often means considerably higher home prices.
- Prioritize premium amenities and features
Given Ontario’s cultural diversity, the architectural styles in the area are also widely varied. The right home design is a matter of taste, but one thing is certain –- be sure to look for properties with premium amenities and features made with the best materials. This can include state-of-the-art appliances, walk-in closets, open floor plans, high ceilings, and advanced technology systems or smart homes.
In addition, don’t ignore outdoor spaces. Look for well maintained lawns and outdoor living spaces. Spacious decks, pools, and beautiful gardens can certainly make a home more desirable so consider them in your home search as well.
- Look into the builder’s reputation
Take the time to research the real estate developer’s credentials and history when looking at new construction luxury properties. Check the builder’s previous homes and developments to assess the quality and see if all promises and guarantees were delivered successfully.
- The luxury lifestyle
When choosing a luxury property, keep in mind that you aren’t just buying a piece of real estate. You are purchasing a lifestyle. That said, you need to know everything there is to know about the luxury home you’re eyeing and the factors that make it special and unique. Is it the location? The size? Special amenities? Smart tech and security? Proximity to sought-after attractions? All these should come into play as they constitute the lifestyle that comes with the price point. They will also help determine if the property is the right investment for you.
THE BEST PLACES IN ONTARIO TO INVEST IN LUXURY HOMES
Some of the most affluent communities in Ontario have sprawling estates, unique access to stunning nature and outdoor activities, or are near shopping, dining, and recreation areas.
If you are looking for good luxury property investments, these are neighbourhoods worth exploring:
Oakville is located between Toronto and Hamilton on Lake Ontario, at the epicentre of Canada’s famous Golden Horseshoe. It is one of the most sought-after places to live in Ontario.
With an expansive view of the lake and a bustling downtown area that boasts historical and modern architecture, Oakville is home to over 400 fantastic shops, restaurants, and services. The town has theatres, galleries, and many outdoor recreation opportunities. Residents can enjoy acres of parkland and over 20 golf courses, including the renowned Glen Abbey Golf Club.
The neighbourhoods in Oakville are safe and have their own personalities, traditions, and architecture to suit a variety of lifestyles. Those looking for luxury properties in the area can choose from lakefront mansions, traditional expansive estates, smart modern subdivision homes, and high-tech condominiums.
Hamilton is a port city in Southern Ontario. It sits on the western end of Lake Ontario and is part of the Greater Toronto and Hamilton Area of the GTHA. In 2019, it was ranked as one of the 25 Best Communities in Canada due to its proximity to Toronto, coupled with its continually growing real estate market and diverse economy with local businesses enjoying upward trends.
Hamilton truly offers the best of both worlds. It boasts a stunning and extensive waterfront with beautiful luxury properties right on the picturesque lakeshore. The location offers several outdoor recreational activities, including fishing, boating, and a myriad of golf courses and parks. Simultaneously, the city has several neighbourhoods near downtown, as well as businesses and corporate buildings.
Hamilton has diverse luxury homes and properties, from restored estates to waterfront properties. You’ll see beautiful Gothic Revival or “Ontario Houses” alongside Queen Anne estates and Colonial Revival homes. The one thing most luxury properties in Hamilton share is expansive lots that offer panoramic views of the city and natural surroundings, like Bruce Trail and Cliffview Falls.
The Bridle Path
The Bridle Path is one of the most affluent neighbourhoods in Canada and home to wealthy business people and celebrities. Properties in this area are unique, expansive, and private, as the community lies on a secluded location for utmost exclusivity. Surrounded by lush parks and the Don River Valley, it offers a peaceful and tranquil environment that you’d love to come home to after a busy day.
The name came from the area’s history when the neighbourhood included several equestrian bridle paths. The community is north of downtown Toronto and known by many for its high-end homes and posh properties. Many lavish homes here have a mix of styles, including Tudor, Georgian, and contemporary. Homes boast the most upscale amenities as well as sprawling gardens and outdoor living spaces.
The Bridle Path is not as close to the city and recreational spots as other neighborhoods, but in exchange, homeowners get plenty of privacy and exclusivity.
Brampton is located 40 km northwest of downtown Toronto, and has a culturally diverse population that makes it one of the best places to live in the Greater Toronto Area. The city also offers many unique and beautiful housing and recreational opportunities for residents.
Brampton hosts seasonal outdoor markets, several shopping and dining outlets, and dozens of organisations for every type of sport, including cricket, basketball, football, and more. Brampton is also home to a thriving arts and culture community. World-class shows and year-round entertainment are held at the beautiful theatres, The Rose and the Lester B. Pearson Theatre.
Brampton has several luxury properties marked by sprawling mansions, extensive acreage, and high-end amenities such as basketball courts, tennis courts, and saltwater pools.
FIND THE PERFECT LUXURY HOME IN ONTARIO WITH THE ROB GOLFI TEAM
Eager to get started on finding your dream home or next real estate investment among the luxury homes in Ontario? Work with a powerhouse team of real estate professionals who specialise in high-end properties. The Rob Golfi Team has been helping clients for over 20 years in buying and selling luxury real estate. We offer extraordinary client service, cutting-edge technology and marketing strategies, and innovative negotiation skills. We have the expertise to connect you with the home of your dreams or the right investment property.