Briefly:

(November 24, 2006) If you’re wondering where your client’s assets are hiding, you might want to hold your next meeting at their kitchen table. Apparently the number of Canadians opting for luxury homes is on the rise.

According to a report by Royal LePage, the number of unit sales of luxury homes has skyrocketed in Canada’s major markets. The hottest markets are Calgary, Edmonton — no surprises there — and Halifax, with all three cities seeing year-over-year increases of more than 125% in luxury home sales in the first three quarters of 2006.

“House values have appreciated much more quickly than the underlying economy for much of this decade,” said Phil Soper, president and CEO, Royal LePage Real Estate Services. “The pronounced increase in the number of luxury homes sold across the country is a strong reflection of Canadians’ confidence in the economy and the real estate market.”

The definition of a luxury home varies from market to market. In Winnipeg, a house purchased for in excess of $500,000 is considered a luxury home. In Calgary, Montreal, Toronto, Vancouver and Victoria, a home must cost more than $1 million to qualify.

Greater Vancouver has seen the highest volume of luxury homes sold so far this year, with 1,935 units changing hands. That’s nearly 50% more than the next largest market, with 1,309 luxury homes selling in Toronto.

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Scotia opening Shanghai branch

(November 24, 2006) Scotiabank has announced it will be the first Canadian bank to open a branch in Shanghai, the financial capital of China. Scotia claims the largest presence of any Canadian bank in mainland China.

To mark the occasion, Rob Pitfield, executive vice-president, international banking, will discuss his upcoming trip for the grand opening on Monday, November 27, 2006, at 12:00 noon in the Ratcliffe Room, on the 63rd floor of Scotia Plaza in Toronto.

(11/24/06)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.