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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.