The neighbourhoods full of wealthy prospects

Canada’s wealthy aren’t just clustered in downtown Toronto, along the water in Vancouver, or in Calgary’s suburbs. Some of the country’s toniest areas are in Halifax, Winnipeg and Montreal.

Canadian Business has dissected where the rich live, and how they spend their millions. It’s valuable market intelligence for advisors who serve high-net worth clients.

Read: Advisors overestimate how well they understand rich clients

Take a tour of where your wealthiest potential clients live.

Highlights

Household net worth starts at $4 million and keeps climbing, and in some neighbourhoods, average net worth has appreciated as much as 37% in the last year.

In Winnipeg, the suburb of Tuxedo has three of the wealthiest enclaves in Canada.

Vancouver also has a new entry on the list – the neighbourhood of Westmount, which debuts at 14^th place.

Read: Rich clients pay for most of their children’s schooling

Wealthy Torontonians, unsurprisingly, pay sky-high home prices. In the Sunnybrook area, the average home price is $3,420,955, while average household income is $22,709,428.

Despite the rough year for oil companies, some Calgary areas have seen their average net worths increase as much as 15% since last year. In fact, with five neighbourhoods, the city actually added two affluent area to the list – Elbow Park, and Upper Mount Royal (North) are now ranked 17 and 16, respectively.

Montreal’s Westmount neighbhourhood can’t say the same. While residents still enjoy an average net worth of more than $7.5 million, that’s gone down 17% since 2014. But don’t fear for Montreal’s old money — four other areas nearby are still some of Canada’s richest.

For the full rankings and neighbourhood details, click here.

Also read: Rich families’ wealth lost by second, third generations

Staff

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