High-priced homes need cachet

"To get in the million-dollar range, it is not just run-of-the-mill," said Don Lawby, president of Century 21 Canada. "There has to be something special about the property, the view, the area, the house."

The number of properties trading hands above the million-dollar mark is becoming more and more common in major markets. Still, Mr. Lawby said people shopping in that range are particular about what they want and often have very specific features they are looking for, or are dedicated to a part of town.

"People who are spending a million dollars just don't get up in the morning and say, 'I'll take this one,' " he said.

Phil Soper, chief executive officer of Royal LePage Real Estate Services Ltd., said large, single-family homes in tony downtown neighbourhoods are hard to find even for $1-million in some markets such as Toronto and Vancouver. As well, they are increasingly harder to get in oil-rich Calgary, where he said prime properties for $1-million or less in Mount Royal are pretty much a thing of the past.

At the end of the third quarter of last year, Mr. Soper said LePage found sales of homes over $900,000 were up 200 per cent in the Calgary area.

For the real gems in the million-dollar range, Mr. Soper said house hunters can look to the East Coast, where a million dollars can still get you a large home with an ocean view on an acre of land outside Halifax.

Besides the right location, Mr. Soper said high-end buyers also increasingly are looking for traditional charm on the outside and modern convenience inside. "They want it to look like it was built 75 years ago, but they want it really new inside."

Mr. Soper said high house prices also are pushing up the value of the "underlying piece of dirt" in many desirable neighbourhoods across the country. That fact seems to be driving many homeowners to invest in major upgrades of the homes that they have, he said.

St. John's

$950,000

This riverside mansion has been run as a bed and breakfast for several years. It's in the Waterford Valley, just a few minutes from downtown.

Montreal

$969,000

This house is in Hampstead, 15 minutes southwest of downtown Montreal. The split-level home has a fireplace, garden and hardwood floors.

Toronto

$1.15-million

This west-end brink house near High Park has four bedrooms and a private drive. It also includes a formal dining room, renovated kitchen and four washrooms.

Winnipeg

$995,000

This grand house is located in River Heights, on a street with a large boulevard. It has four fireplaces and a gym as well as high ceilings and hardwood floors. The neighbourhood is bordered on the west by Tuxedo.

Calgary

$1-million

This two-storey home is in the Britannia neighbourhood in the southwest quarter. It is close to downtown, shopping and schools, and features hardwood floors and granite fireplaces.

Vancouver

$1.1-million

This house in West Vancouver has stunning views from every room. It has an open plan with floor-to-ceiling windows and vaulted ceilings.

(prepared by Elizabeth Church/Globe & Mail)