Who Buys Big Houses?

Sales of $1-million plus properties soared in the 1st quarter of 2007.  Check out these growth figures versus last year:

• Toronto:  +22% (434 sold)
• Calgary:  +38% (130 sold)
• Vancouver:  +24% (673 sold)

Who's buying these homes?  According to an Ipsos Reid/Royal LePage report, it's by and large your typical hard-working professional. 

79% of such homeowners said they were from lower middle-class or middle-class upbringings.  Only 4% claimed inheritance as their wealth source.

32% of high-net-worth homeowners are retired. 

High net worth individuals have at least $250,000+ in liquid assets plus a $500,000+ home, according to the report.