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Oakville Luxury Real Estate Report
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Home of the Week
Arcadian Canadian
Sara Clemence
From Oakville's name, one might infer that trees made this wealthy and historic Toronto suburb what it is today. Instead, another natural resource--water--helped the town bloom along the shores of Lake Ontario.
The Oakville area was originally home to the Mississauga Indians, who were related to the Chippewa. The Europeans dubbed the nomadic hunters Mississauga for the river along which they traded.
The early European settlers, many of them British or royalist refugees from the American Revolution, came to the lake's shore in the early 1800s. In 1827, the crown auctioned about 1,000 acres of land to William Chisolm, a Scot who with his family developed the property, established the harbor and set up a shipbuilding yard. Among the industries that thrived at different times were timber shipping, boat building and basket making.
Today, some heavy industry still exists in the area, but Oakville is better known as one of the city's most exclusive neighborhoods. The town is 30 minutes from downtown and an hour from the U.S. border. Some compare it to Greenwich, Conn., for its lavish homes and its many residents who draw their wealth from the nearby city. "Millionaire's Row" was once where the richest Toronto families had huge summer retreats and is now where many top executives have full-time homes.
That includes Frank Clegg, former president of Microsoft Canada, a subsidiary of Seattle-based Microsoft (nyse: MSFT - news - people ). Clegg, who has taken a sabbatical from the company to travel with his family, has his mansion on the market for $23.4 million.
The estate was established by William Fletcher Eaton, heir to a retail, real estate and manufacturing empire, who bought the Lakeshore Road property in 1916. He cleared it of its apple orchards, built an opulent Tudor-style estate and named it Ballymena for his father's birthplace in Ireland.
Clegg bought the eight-acre spread in the late 1990s, tore down the old house and built a new mansion in its stead. But weeks after the family moved in, his wife began having allergic reactions to the new carpets, lacquers and veneers.
The impressive entrance gates and gatehouse, designed by Munro & Mead Architects of Hamilton, are original to the estate. The stone Arts and Crafts style house doesn't match, but it was built in a grand style, from the handmade, 4-inch-thick oak door to the heated flagstone floors by the pool.
Ballymena is lavish, from the heated flagstone floors around the pool to the French doors in the family room.
The entrance hall has impressive 25-foot ceilings, and herringbone floors like most of the rest of the home. One of the staircases spirals within a double-height rotunda, and the bathrooms are clad in marble.
Ballymena has four bedroom suites, plus three additional bedrooms. The study has double French doors that emerge onto a Juliet balcony with views of the lake. The great room features a stone fireplace with French doors leading to the patio. In the kitchen, the tumbled limestone floors are heated, and the antique maple cabinetry is topped with granite counters. The 26,000 square feet of space also includes a game room, spa and exercise room, theater room, billiard room and wine cellar.
The gunite indoor pool has cathedral ceilings and heated stone walls, as well as a bar area and fireplace. Out back, there is 330 feet of waterfront with a private pier extending 75 feet out into the lake. The coach house is about 10,000 square feet and has been renovated to include two apartments.
A dusky view of the mansion Frank Clegg built on the shores of Lake Ontario.
Rumors have flown about wealthy Canadians coveting the property, including Michael Lee-Chin, chairman and chief executive of Ontario-based mutual fund firm AIC Limited. The 54-year-old mogul, who ranked at 243 on the Forbes list of the World's Richest People last year, can afford the place, given his estimated net worth of at $2.5 billion, but he says the rumor isn't true. Neighbors include Hugo Powell, former CEO of Interbrew (now a division of Inbev, the world's largest brewer), who has an even larger house nearby.
Forbes Fact
Ontario is named for an Iroquois word that means "beautiful waters" or "shimmering waters." With about 400,000 lakes, rivers and streams, and parts of four Great Lakes and Niagara Falls, Ontario is home to 15% of the world's freshwater.
Source: Forbes Magazine
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News from globeandmail.com
Friday, May 05, 2006
Mattamy CEO lists his mansion for $45-million
PAUL WALDIE
Peter Gilgan has gone from building homes to selling his own, at one of the highest prices ever seen in the Toronto area.
Mr. Gilgan, president and chief executive officer of Mattamy Homes, has put his lakefront mansion in Oakville, Ont., on the market for $45-million. The 32,000 sq. ft. house sits on 14 acres of land along Lake Ontario and includes a two-storey guest house. It features nine bedrooms, 17 baths and seven fireplaces. There is also a 20-seat theatre and boat house. The backyard has a baseball diamond where Mr. Gilgan hosted a charity softball event in 2000 that raised more than $160,000. Mr. Gilgan was unavailable for comment yesterday.
Source: Globe and Mail Newspaper
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Oakville Luxury Home Sales Soar...
Sales of luxury residential homes have hit an “unprecedented level” in Canada, with percentage increases ranging from 8 per cent in Halifax to 177 per cent in Edmonton, according to a report on Wednesday.
Luxury home sales rose to new heights in 12 of 13 markets in January to May compared to a year ago. Only Windsor, Ont. reported a decline in sales, a report by real-estate company Re/Max said.
The surge in upper-end sales stems from three factors, according to Elton Ash, regional executive vice-president at Re/Max of Western Canada: gains in the equity market, a strong economy and solid consumer confidence.
“Limited inventory has further served to underscore the intensity of the marketplace,” the report said.
The highest-priced sale on the multiple listing service in Canada this year was $10.8-million, which was a home in Vancouver, the report said. The most expensive property listed for sale is a $45-million waterfront estate in Oakville, Ont.
Rising values and renovation have been major factors in the upper-end of the market, redefining price points and reclassifying residential neighbourhoods across Canada. A limited number of home to choose from in cities such as Vancouver, Calgary, and Toronto are pushing up prices in "blue chip neighbourhoods," with many properties now selling in multiple offer situations, the report says.
Local buyers, including young professionals, corporate executives, and entrepreneurs are behind the push for upscale homes and condominiums. More and more Canadians are reaching millionaire status and that position is often reflected in their choice of a home.
Other findings include:
– Out-of-province and international purchasers are a factor in Vancouver, Victoria, Kelowna, Edmonton and St. John's.
– Teardown and infill is occurring in Vancouver, Victoria, Calgary, Edmonton, Winnipeg, Hamilton/Burlington, Toronto, Ottawa, and St. John's.
– Turnkey properties are most sought-after in Vancouver, Kelowna, Windsor, and Halifax-Dartmouth.
– Upper end condominiums are popular in Victoria, Kelowna, Edmonton, Winnipeg, Toronto, and Halifax-Dartmouth.
In Vancouver, the number of sales of luxury homes starting at $1.5 million rose 90 per cent to 403 from a year-ago 212. In Victoria, the number of homes costing at least $1 million rose to 62 from 42.
Among other cities: Calgary reported 206 homes worth at least $1 million were sold, up from 92 a year earlier; Edmonton had 144 homes sold for at least $500,000, up from 52; the number of Winnipeg homes worth at least $500,000 doubled to 24; Windsor homes selling for at least $500,000 dropped to seven from 15.
The Toronto area reported 289 homes sold for at least $1.5 million, up 31 per cent from 221; London/St. Thomas, Ont., saw 38 homes worth at least $500,000 finding a buyer, up from 32; Hamilton/Burlington, Ont., reported 225 homes selling for at least $500,000, up from 158 a year ago.
Ottawa saw 222 homes sold for at least $500,000, up from 145; the number of Halifax/Dartmouth home sales worth over $500,000 rose to 40 from 37.
Courtesy of Globe and Mail
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Gordon Clark, The Province
Published: Thursday, June 22, 2006
When the mansion on Drummond Drive was put up for sale, some realtors argued that it was a steal, even with a list price of nearly $11 million.
The magnificent, more than 18,000-square-foot Vancouver home on nearly a hectare of land features fabulous views, a two-storey marble foyer, manicured gardens, a waterfall and the usual indoor swimming pool and gold-plated fixtures one expects in a home of that size and quality.
Chatter among realtors had the home possibly fetching as much as $15 million in Vancouver's overheated real-estate market.
And even though it only sold for $8.5 million when it finally changed hands in February, the property still holds top honours as the most-expensive home sold in Canada so far this year.
According to a report on luxury homes released yesterday by Re/MAX, the mansion is part of a trend across Canada that has seen a huge surge in the sale of luxury homes worth more than $500,000 to $1.5 million, depending on the community.
"Million-dollar home sales are climbing at a rate never before seen in major centres across the country," said Michael Polzler, Re/MAX executive vice-president for Ontario and the Atlantic provinces.
Of 13 markets in the survey, all saw increases in the sale of luxury homes except Windsor, where fears of a downturn in the auto sector is driving down sales.
In Vancouver, 403 luxury homes worth more than $1.5 million have sold so far this year, a 90-per-cent increase over the 212 that sold during the same period in 2005.
Sixty-two homes over $1 million sold this year in Victoria, 48 per cent more than the 42 that sold last year.
In Kelowna, 36 homes over $1 million were sold -- 125 per cent more than in 2005.
The biggest increase in sales was in Edmonton, which had a 177-per-cent jump in sales of homes over $500,000.
More expensive homes are selling because there are more rich people, said Elton Ash, Re/MAX's executive vice-president in Western Canada.
"The surge in upper-end sales can be directly attributed to three factors," he said. "Existing homeowners cashing in on substantial equity gains to reinvest in the top of the market, strong economic performance across the country and solid consumer-confidence levels."
The Re/MAX report said limited inventories of homes for sale in many markets across Canada, specifically Vancouver, Calgary and Toronto, are "placing serious upward pressure on prices in 'blue-chip neighbourhoods,' with many properties now selling in multiple-offer situation."
The most expensive home currently for sale in Canada is a waterfront estate in Oakville, Ont., that is listed for $45 million.
Courtesy of The Vancouver Province 2006
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Luxury homes sales surge in residential markets across the country, says RE/MAX MISSISSAUGA, ON, June 21 /CNW/ - Affluent Canadians are fuelling
unprecedented demand for luxury homes from Halifax to Vancouver this year,
according to a report released today by RE/MAX.
"Million dollar home sales are climbing at a rate never before seen in
major centres across the country," says Michael Polzler, Executive Vice
President and Regional Director, RE/MAX Ontario-Atlantic Canada. "The Canadian
love affair with residential real estate is far from over. If the market
continues at this pace, existing sales records for all types of real estate,
including upscale properties, will be shattered by year end."
The RE/MAX Upper End Report found that luxury home sales rose to new
heights in 12 out of 13 markets in January to May 2006 compared to one year
ago, with percentage increases ranging from eight per cent in
Halifax/Dartmouth to as high as 177 per cent in Edmonton. Only Windsor,
Ontario, where concerns over the future of the automotive industry are having
an impact on real estate in general, reported a decline in sales.
"The surge in upper end sales can be directly attributed to three
factors," says Elton Ash, Regional Executive Vice President, RE/MAX of Western
Canada. "Existing homeowners cashing in on substantial equity gains to
re-invest in the top end of the market; strong economic performance across the
country; and solid consumer confidence levels. Limited inventory has further
served to underscore the intensity of the marketplace."
Rising values and renovation have been major factors in the upper-end of
the market, redefining price points and reclassifying residential
neighbourhoods across Canada. Infill is occurring in virtually every older,
established community located in close proximity to the downtown core -
creating new upper end enclaves. Limited inventory levels in areas like
Vancouver, Calgary, and Toronto are placing serious upward pressure on prices
in 'blue chip neighbourhoods,' with many properties now selling in multiple
offer situations.
Local buyers, including young professionals, corporate executives, and
entrepreneurs are behind the push for upscale homes and condominiums. More and
more Canadians are reaching millionaire status and that position is often
reflected in their choice of a home.
Highlights:
- The highest-priced MLS sale in Canada this year -- $10,880,000 --
occurred in Greater Vancouver.
- The most expensive property listed for sale is a $45 million
waterfront estate in Oakville, Ontario.
- Out-of-province and international purchasers are a factor in
Vancouver, Victoria, Kelowna, Edmonton and St. John's.
- Teardown and infill is occurring in Vancouver, Victoria, Calgary,
Edmonton, Winnipeg, Hamilton/Burlington, Toronto, Ottawa, and
St. John's.
- Turnkey properties are most sought-after in Vancouver, Kelowna,
Windsor, and Halifax-Dartmouth.
- Upper end condominiums are popular in Victoria, Kelowna, Edmonton,
Winnipeg, Toronto, and Halifax-Dartmouth.
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Luxury homes Sales Sales Percentage
Market(xx) start at... 2005 2006 +/-
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Vancouver $1.5 million 212 403 90%
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Victoria $1 million 42 62 48%
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Kelowna $1 million 16 36 125%
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Calgary $1 million 92 206 124%
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Edmonton $500,000 52 144 177%
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Winnipeg $500,000 12 24 100%
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Windsor $500,000 15 7 -54%
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London / St. Thomas $500,000 32 38 19%
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Hamilton / Burlington $500,000 158 225 42%
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Greater Toronto $1.5 million 221 289 31%
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Ottawa $500,000 145 222 53%
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Halifax / Dartmouth $500,000 37 40 8%
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(xx) Based on local board MLS statistics (January - May), RE/MAX
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