Article content This renovated and restored mansion in Westmount is listed at $11,750,000. Courtesy of Sotheby s International Realty Canada
The Bank of Canada has estimated Canadians saved an additional $180 billion during the pandemic, mostly by high-income and upper-income households. While much of this wealth is currently just sitting in bank accounts, some of these savings are probably earmarked for real estate purchases.
At the same time, the baby boomer generation is beginning to loosen the purse strings to pass on some of the wealth they have accumulated to their heirs. In 2018, the Toronto-based research firm Strategic Insight projected that approximately $1 trillion in personal wealth would be transferred from one generation to the next in Canada between 2016 and 2026.