Where do the Richest People Live?

If you’re a millionaire, you want a house befitting of a millionaire. That’s why we’ve collected everything you need to know about the places with the most millionaires, the most billionaires, the most expensive cities int he world and the country. This is the definitive luxury list. London is the city with the most millionaires in the world, with 357.000, the size of a small city! Keep reading to find out where the richest of the rich buy their property…

List – Cities with Most Millionaires

One way to measure where the richest people live is to see how many millionaires live in the city. The more millionaires, the more luxurious, expensive and high class the city is bound to be. What makes up a city to have a lot of millionaires? First and foremost, a lot of people. That means that in a city with 5 million inhabitants, you’ll likely have 5 times more millionaires than in a city with 1 million inhabitants. It’s also about where there’s luxury real estate though, because millionaires want to live like millionaires.

Worldwide – Top 10 Cities with Richest People

So, without further ado, it’s time to look at the cities which are home to most millionaires. No surprise, New York is near the top with 357.000 millionaires . It’s a playground if you want to buy luxury New York real estate. The top 5 are rounded out by London at the very top, and three asian cities following. The top 10 cities with the most millionaires worldwide are:

1. London, UK – 357.000 millionaires
2. New York City, USA – 339.000 millionaires
3. Tokyo, Japan – 279.000 millionaires
4. Hong Kong, HK – 228.000 millionaires
5. Singapore, Singapore – 217.300 millionaires
6. San Francisco, USA – 180.300 millionaires
7. Los Angeles, USA – 173.300 millionaires
8. Chicago, USA – 135.000 millionaires
9. Frankfurt, Germany – 128.300 millionaires
10. Beijing, China – 122.000 millionaires

USA – Top 10 Cities with Richest People

The USA is well-represented in the top 10 cities worldwide, making up 3 of the top ten. That’s not bad. In total the USA has over 18.000.000 millionaires, more than 4 times as much as the nearest competitor, China. With this many millionaires, they have to live somewhere, a lot of them in NYC, San Francisco, and Los Angeles obviously, but where else? These are the top 10 cities in the USA with most millionaires:

1. New York City, NY – 339.000 millionaires
2. San Francisco, CA – 180.300 millionaires
3. Los Angeles, CA – 173.300 millionaires
4. Chicago, IL – 135.000 millionaires
5. Washington, DC – 120.000 millionaires
6. Boston, MA – 110.200 millionaires
7. Philadelphia, PA – 109.000 millionaires
8. Houston, TX – 98.500 millionaires
9. San Jose, CA – 90.700 millionaires
10. Detroit, MI – 90.100 millionaires

Most Popular Destinations for the Ultra Rich – Las Vegas, L.A., and more

So you want to learn more about how the richest of the rich live? Well look no further. The richest can be found in Las Vegas Bellagio Suites, Miami Penthouses, and New York Lofts. This is how the richest of the rich live.

Las Vegas – Where the Millionaires live

Las Vegas is home to the richest man in Nevada and the richest man is: Sheldon Adelson, owner of the Las Vegas Sands, a luxury resort chain. It is home to the world’s biggest and best Casinos, and some of the most prime real estate you can imagine. Las Vegas has more gated communities than water in the ocean, and each is more luxurious than the last. That makes it attractive for people looking to have some fun, but also people who are looking to invest smart.

$18.5 mil. Mansion – Villa Tour in Las Vegas

One example of a property in Las Vegas. Typical for the city: decadent furnishings, modern and sleek style, combined with lush greenery, and of course… a golf course in immediate proximity. It also has 7 bedrooms, as well as pool with its own 21 foot waterfall.

• Location: 93 Spanish Gate Drive, Las Vegas, NV 89113

What is the Most Expensive Neighborhood in Las Vegas? The Ultra Rich

It’s a bit of a complicated matter, with Summerlin and Henderson probably being the residential areas with the most >$1 mil. transactions. Although these are not strictly within city limits, we’re just going to count it as Las Vegas. So, the most expensive residential area in Las Vegas is ‘the Ridges’, located in Summerlin. Prices range from $2 mil. and $7 mil. for a house. It is also the area in Las Vegas with most house sales >$1 mil, with the most expensive on the market at the time of writing being $30,4 mil. The full list of most expensive communities in Las Vegas below:

1. The Ridges: $2.000.000 – $7.000.000
2. Anthem Country Club: $1.200.000 – $4.400.000
3. Macdonald Highlands: $1.000.000 – $4.200.000
4. Southern Highlands Country Club: $1.000.000 – $3.000.000
5. Seven Hills: $1.000.000 – $2.700.000

Las Vegas Luxury Real Estate – Property Investments in Sin City

In Las Vegas, real estate is a commodity like in any other city, except with the difference that the city is filled with people looking to make a quick buck, and ready to take a risk. What real estate is concerned it’s an interesting market, and is likely going to be a growing niche in the national markets. Learn more about the hottest neighborhoods, the best places to live, and what you have to know about Las Vegas:

Las Vegas Luxury Real Estate

Miami – Billionaire Row in Florida

Miami is a tropical mega city, and has all the luxury and decadence to show for it. From manmade islands, to the best restaurants in the world, as well as a booming arts scene, and postcard worthy views at every turn. It’s hard to top this city for atmosphere. No wonder it’s home to thousands of millionaires who happily take a seat overlooking the clear turquoise blue waters. If you want to live among the ultra-wealthy, Miami is the place to go.

Designer Mansion in Florida – Millionaire Miami House Tour

Just outside Miami is Tommy Hilfiger’s ‘Fun House’. Here, nestled between ocean and palm trees is a mansion that looks more like a luxury resort. Estimated to be worth around $25.000.000, this probably isn’t easy to purchase. But it is on the market right now! Designed by Martin Lawrence Bullard, this beach villa tour is bound to leave you speechless.

Most Expensive Areas – Where do Millionaires live in Miami?

You may have heard of millionaire’s row in Miami. But Millionaire’s Row isn’t what it used to be. Not since the 90’s have the richest people in Miami lived in this stretch on Collins Avenue between 41st and 63rd Street. Nowadays the ultra-wealthy are heading towards Indian Creek Island, where the biggest and most expensive houses can be found.

List – Where do Millionaires live in Miami?

In Miami, millionaires tend to live in a few top neighborhoods. Although arguably all of Miami Beach is a massive luxury suburb, there’s some neighborhoods you won’t believe. As mentioned the most expensive, hottest, most billionaire, CEO, model, Actor place is definitively Indian Creek Island. Also popular are the Venetian Islands, manmade islands with some of the east coast’s most exclusive properties. Another area to keep in mind: Fisher Island, another of the famous islands lining Miami’s coral-blue waters. These are the richest neighborhoods in Miami:

1. Indian Creek Island: $15.000.000 – $47.000.000
2. North Bay Road: $7.500.000 – $45.000.000
3. Star Island: $7.100.000 – $28.000.000
4. Hibiscus Island: $1.200.000 – $14.200.000
5. Venetian Islands: $1.000.000 – $25.700.000

Where to Buy Property in Miami – Real Estate Investment Florida

To make smart investments, you need to know the situation. From Florida property taxes, mortgage, renovations, etc. everything you need to know about buying a house in Miami, can be found in our article on the top investment areas for Miami. It also details real estate market explanations, and steps to buying real estate, houses, apartments, etc. in Miami, Florida’s hottest, richest, biggest, city.

Miami Luxury Real Estate

Los Angeles – Richest, Celebrities, and CEOs

Los Angeles is maybe one of the most famous cities in the world. If you want to buy real estate in L.A., you may want to look away now. L.A. isn’t just famous because it’s home to Hollywood, Bel-Air, and Beverly Hills. This mega city has everything from art, world-class restaurants, stadiums, beaches, and the list goes on. It’s truly a playground for the richest of the rich.

Top 10 Richest People in L.A. – Who are L.A’s richest inhabitants?

The richest people to live in L.A. are mostly businessmen. There are few women, and also few from the film industry. Although the famous movie director Steven Spielberg is at 12th, and music mega-producer and owner of Geffen Records, David Geffen is at 6th position. The richest people living in L.A. are Elon Musk ($197 bi0.), pharma mogul Patrick Soon-Shiong (6,9 bio.), and Sean Parker ($3 bio.). To spot for the richest people in L.A., the full list of wealthiest Angelenos:

1. Elon Musk
2. Patrick Soon-Shiong
3. Sean Parker
4. David Geffen
5. John Tu
6. Eli Broad
7. Stewart & Lynda Resnick
8. Tamara Hughes Gustavson
9. Steven Udvar-Hazy
10. Rick Caruso

Most Expensive Property in Los Angeles – Luxury Home

This massive property has been dubbed the most luxurious house in the USA. Being worth over $250 million, and including a prviate helicopter, personal chefs, masseuses, 24/7 security, and much more, it makes sense that this property is as expensive as it is.

• 21 Bathrooms
• 12 Bedrooms
• Location: 924 Bel Air Road
• Price: $250 mio.

Where do the Rich Live in Los Angeles? Most Expensive Areas in L.A.

Everyone’s heard about the mega-mansions in Beverly Hills, or the villas lining the palm-lined streets in Bel-Air. There’s probably a lot of areas you’ve never heard of though, that are home to the richest and most luxurious houses you can imagine. Topping the list, Beverly Hills with the average home here costing aroun $9.990.000. Note, if you want to buy an apartment in L.A., it won’t be this expensive! Below the list of most expensive neighborhoods in L.A.:

1. Beverly Hills – $9,99 mio
2. Bel-Air/Holmby Hills – $5.7 mio.
3. Malibu – $5,49 mio.
4. Brentwood – $4,5 mio.
5. Pacific Palisades – $4,7 mio
6. Beverly Hills Post Office – $4,4 mio.
7. Santa Monica – $3,6 mio.

Buying Real Estate in L.A. – Most Expensive

For Luxury Real Estate in L.A., for example if you want to buy a house in L.A., you’re going to want to get informed first. That’s why we have our full overview below. It tells you everything from the current state of the market, the things you should look out for, where to buy real estate in L.A., and pretty much everything else you need to know if you’re thinking about buying property in the city of angels.

Los Angeles Luxury Real Estate

New York – NYC Billionaires Real Estate

If Los Angeles is one of the most famous cities in the world, New York City is the most famous. It is synonymous with metropolis, America, and everything you could ever want or imagine exists in this mega-metropolis. It’s home to some of the tallest buildings in the world, the richest people in the world, the best condos and apartments, and the best bars and restaurants. Apart from some extremely high property taxes, New York City is a gift for real estate investors.

Condo tour in New York – Luxury Apartment Walk-Through

This apartment can be found in the world’s slimmest skyscraper, and gives you a view of central park. It’s seemingly endless luxury begins with the plaster walls, true-wood flooring, a bar with marble countertops. If you’re packing your bags, slow down though, as you’re going to be looking at the hefty price tag of $28.750.000.

• Price: $28.750.000
• Location: 111 West 57th

What is the Most Expensive Neighborhood in New York? The Richest in the Big Apple

It’s no surprise that almost all of the most expensive properties in New York are going to be found in Manhattan. Famous for big companies, its crazy income tax, and skyscrapers to no end. Remember that these prices are for buying an apartment in New York, if you want even more luxury, try buying a house in New York. The ultra-luxurious and high-class areas in this part of the city are world-famous. SoHo, TriBeCa, and Hudson Yards can be heard in movies and songs every year thanks to their iconic status in culture. The most expensive neighborhood in all of NYC is NoHo, with the average house costing around $3.250.000. On a side note, the most expensive area in Brooklyn Cobble Hill is around $1.600.000, and in Queens, Ditmars Steinway is $1.100.000.

1. Noho – $3.250.000
2. Hudson Yards – $3.201.875
3. Tribeca – $3.150.000
4. Central Park South – $3.050.218
5. Nolita – $3.002.146
6. Theatre District – $2.970.000
7. Bowery – $2.350.000
8. Soho – $2.330.000
9. Civic Center – $2.270.000
10. Hudson Square/West Soho – $2.050.000

Luxury Real Estate New York – Expensive and Luxurious

Buying real estate in New York is surely no easy task. If you’re thinking about investing in New York real estate, or even just want to get informed about the real estate market in New York, we have the perfect reading for you. In the article below we detail the best neighborhoods to live in New York, where to buy real estate, how to get into the real estate market, and what you need to look out for. It’s part of our series on buying a house and buying an apartment.

New York Luxury Real Estate

Miami: Florida Real Estate and Property Investment

Miami may be synonymous with celebrities living in multi-million dollar mansions, some of the world’s best nightlife, and beaches, but it’s a lot more. There’s a massive cultural scene, there are great schools, and much more. For these many reasonss Miami is considered a future star of the American real estate market. Take a look below, what living in Miami’s super luxury can mean for you. Whether you want to buy a house or buy an apartment, Miami can give what you’re looking for.

Miami Mega-Mansion House Tour – $17.9 Million Beach Mansion

This ultra-modern luxury mansion is on the market for a whopping $17.9 million. For good reason though, as it has everything you’d want. Located on the man-made Venetian Islands, this place is everything your wildest dreams could imagine.

Located on the Venetian Islands, this is a home you want to have seen at least once in your life. A massive 7 bedrooms, and 7,5 bathrooms also mean that you can have as many guests over as you’d like, and you won’t run out of room.

• Location: 825 E Dilido Dr, Miami Beach, FL
• Price: $17.9 mil.
• Bedrooms: 7
• Bathrooms: 7,5
• Square feet: 8.048

What are Miami’s Industries? Miami Economy Explained

Miami is a somewhat wealthy economy. It has massive sectors of retail trade, service industry (hotels, restaurants, etc.), and construction. Miami’s current unemployment rate lies at 3,2%, which is below the US average, and much lower than e.g. Los Angeles, with 5,1%. You also cannot forget the massive tourism industry which takes charge in this city. The massive airport, prime vacation activities with everything from yacht, golf, and country clubs, diving, some of the world’s best restaurants, and so much more.

• Retail
• Service
• Construction
• Manufacturing

Where does Miami Rank in Cost of Living – Is Miami Expensive to Live?

In the cost of living index published by Numbeo, Miami is ranked 24th (77,49), New York and San Francisco are miles ahead, taking spots 2 and 4 respectively, while America’s other party city Las Vegas is comfortably in 79th place. The average restaurant trip here will cost $15,00 and a loaf of bread $2,99. In addition to rent, which is on average $1.325-$1.1.884 (1 Bedroom apartment) or $2.527-$3.688 (3 Bedroom apartment), basic utilities for a month cost $146 and the average internet plan $68. This is all to be taken in relation to the average salary, which is $3.362 a month after tax. To see how LV stacks up against other big metropolises, take a look below:

• Hamilton, BE (147,00) – 1
• New York City, NY (100,00) – 2
• San Francisco, CA (94,17) – 4
• Los Angeles, CA (81,31) – 15
• Miami, FL (77,98) – 25
• Las Vegas, NV (68,24) – 79

Rent Index – How Expensive is Rent in Miami?

Rent in Miami is quite high, ranking 16th highest for North American cities with a rent index of 62,01. The rent index tells you the relative price of rent. With many workers in this city passing through or only staying for a few years, rent can be an important thing to take a look at. Miami has very high rent, and a comparatively low average salary. Take a look at the ranking below, with rent index and position for North American cities:

• San Francisco, CA (116,48) – 1
• New York City, NY (100,00) – 2
• Los Angeles, CA (75,17) – 10
• Miami, FL (62,01) – 16
• Las Vegas, NV (38,99) – 64

Miami – Beach Drone Flight in Florida

One of the most famous ocean cities in the world. This is a beauty to look at. Some of the most modern architecture, and the decadent style which the U.S. is so famous for worldwide. Pure elegance.

Real Estate Investment: Luxury Properties in Miami

Miami is one of the hottest cities in the USA, and therefore, no surprise, it is also one of the hottest real estate markets in the country. Filled with super high-end condos, luxury villas, and more, this is an enticing market for the wealthy.

Rent Prices Miami – Should I Rent or Buy in Las Vegas?

It’s always important to look at the prices when thinking about whether to buy or rent. You should also think about two other things though. Your preferences, and the permanence that you want from your living situation. If you have a preference to let other people take care of major things, like cleaning public areas, etc. renting may be a good option. Additionally, with a job where you are likely to relocate frequently or have an uncertain job situation, renting is the clear best option. The average rent is $1.708, with an average apartment being 887 square feet. This comes out to

• Average Rent: $1.708
• Average Apartment Size: 887 sq. feet

What type of Real Estate Should I invest in?

Types of Real Estate Investment

Is Miami a Good Real Estate Investment? Property Investment Miami Overview

Miami is a growing market at the moment. At least in terms of prices: in the greater Miami area, median sales price increased by 5.5%! At the moment, there is little movement though, with a demand being met by an equal supply. Ideally, for investment a buyer would hope for more supply which would drive down prices, but a balanced market is also a good sign because that means sales are being met at about asking price. In fact, in Miami, at the moment, most sales are occuring at 3% below asking price, meaning many buyers are getting a good deal. Some numbers:

• Median Sale Price (Miami-Dade): $410.000
• Median Sale Price (Broward): $400.000
• Median Time to Sale (Miami-Dade): 92 Days
• Median Time to Sale (Broward): 73 Days

How Expensive is Real Estate in Miami?

On average, a property in Miami costs $678.000. This is higher than the median sales price, which indicates that there are some extremely expensive homes being sold which are driving this average up.

• Average Price: $678.000

Most Expensive Neighbourhoods in Miami – What is the Richest Neighborhood in Miami?

The most expensive real estate in Miami is found in Miami Beach. This small island makes up a large part of the luxury real estate market. Also popular are the Venetian Islands, manmade islands with some of the east coast’s most exclusive properties. Another area to keep in mind: Fisher Island, another of the famous islands lining Miami’s coral-blue waters. The most expensive neighborhood in Miami is Indian Creek Island. You basically can’t get more high class than this, and may not find it on other lists as these properties won’t be sold over zillow. These are the richest neighborhoods in Miami:

1. Indian Creek Island: $15.000.000 – $47.000.000
2. North Bay Road: $7.500.000 – $45.000.000
3. Star Island: $7.100.000 – $28.000.000
4. Hibiscus Island: $1.200.000 – $14.200.000
5. Venetian Islands: $1.000.000 – $25.700.000

Miami Taxes – Property Taxes, Income Tax

If you live in Miami you’ll likely need to pay taxes here. As it is not one of the USA’s top tax havens, this may also be more expensive than you’d like. Let us take a closer look at tax rates in USA’s most unique state in Florida, and its star Miami. Thinking of buying? Don’t forget the buying real estate taxes.

Miami Tax Rates – Are Taxes High in Miami?

Miami, as it is in Florida, is one of the metropolises, along with Las Vegas, to not have an income tax. This makes it attractive to high earners, who will have to give away less of their income to the state

• Income Tax: 0%
• Sales Tax: 7,0%

Miami Property Tax Rates – Florida Rankings

Miami may not have income tax, but like so often, this is compensated via other forms of tax. This may explain an effective property tax rate which is higher than most other US property tax rates. Compare it to Los Angeles at 0,75% or New York property taxes at 0,86%. Take a look below to see what you need to know about miami property tax rates:

• Avg. US Property Tax – 1,1%
• Avg. Florida Property Tax – 0,94%
• Miami Property Tax – 1,04%
• Miami-Dade County – 0,97%

Want to learn more about property taxes, how they work, and how high they are in Florida, how high they are in Miami?

Florida Property Taxes

Safest Neighborhoods in Miami – Lowest Crime Rates

What are the safest areas in Miami? We’ve taken a look at the crime rates, and found that a few neighborhoods stand out among the rest. The safest area is certainly Brickell Hammock. Take a look at the full ranking below!

1. Brickell Hammock
2. Highland Lakes / Sun Swept Isles
3. SW 136th St / SW 99th Ave
4. SW 127th Ave / SW 56th St
5. SW 54th Ave / SW 80th St
6. SW 102nd Ave / SW 128th St
7. Kendale Blvd / SW 88th St
8. Krome Ave
9. Krome Ave / SW 12Th St
10. SW 42nd St / SW 162nd Ave

Top Miami Neighborhoods – What is the Best Neighborhood to Live in Las Vegas?

We present the most important, hottest, and up-and-coming neighborhoods to keep in mind. They are a mix of hot, up-and-coming artists’ districts, as well as safe bets, luxury neighborhoods, and anywhere else where real estate investment is a good option at the moment. Our top Miami neighborhoods for real estate are:

1. Downtown Miami
2. Coral Gables
3. Little Haiti
4. Bayshore
5. Pinecrest
6. Coconut Grove

Downtown Miami – Tropical Manhattan

Hom to some of the most important finance institutions in the city, this area is also home to Bayfront Park, the InterContinental Hotel, and Bayside Market, so there’s plenty to see. There’s also some of Miami’s famous resstaurants here. Regarding real estate it’s a mixed bag, which makes this all the more attractive. Properties differ heavily in price-to-quality ratios, so you may have to be careful, but there’s tons of diamonds in the rough. There are a lot of alluring properties available. However, you should definitely do some research before committing to purchasing a rental unit in the south.

Coral Gables – The Undeniable Suburbia

Possibly the most prototypical Miami neighborhood, Coral Gables is known worldwide. It is extremely safe, beuatiful, and has beutiful real estate. Of course you can’t say it’s a hidden gem, but it is one of the safest investment options. Miami is growing, and its undeniable perfect neighborhood will become only more desirable with shrinking spaces.

• Median Price: $420.000

Little Haiti – Hip and Trendy Miami

This used to be one of the worst areas in Miami. Over time it has earned a reputation for its vibrant diverse cultural scene, with great food, a completely unique atmosphere, and away from the clean and sterile neighborhoods found on manmade islands across the water. Like Little Havana, you can expect this area to become a future superstar in the city. Median property here costs $373.000, so get it while it’s cheap!

• Median Price: $373.000

Bayshore – Miami’s Best Rental Investment

Some places you want to live, and in some places you want to rent out. Bayshore is where you want to rent out. Buying property here is comparably cheap to the rent that you can get from tenants. At the same time, prices for rent are increasing, while prices to buy are staying steady. Located on Miami Beach, you’re at a great position to get everywhere, and if Miami continues to grow as it has, prices will likely increase in the longterm as well.

Pinecrest – Area for Young Professionals

Pinecrest is a great compromise between the sprawling millionaire homes in Coral Gables or the Venetian Islands, and the rough and trendy of Little Havana or Little Haiti. It has great schools, is safe, and diverse, but it also has good nightlife and has many hip cafes and young professionals. If you’re 32 with a small family and a startup, this is the place to go in Miami, without a doubt.

• Pop.: 19.200

Coconut Grove – Raising a Family in Miami

Coconut Grove is exactly the suburban, family-friendly utopia that the name implies. It is beautiful, with eclectic and attractive architecture, as well as small streets and no highways passing through. The price reflects the quality though. With a median price of $930.000, not everyone will be able to afford it, but to live here is certainly the right decision if you want a quiet suburban home to raise a family.

Las Vegas: Real Estate Investment in Nevada

The desert city, may be famous for casinos and parties, but it offers much more. Thanks to years of strong economic growth, it has established itself as a true metropolis. With good schools, and real suburban life for families. Still, the city is dominated by its skyline and lively atmosphere.

What are Las Vegas’ Industries? Las Vegas Economy Explained

Although beginning with an agricultural industry, and many parts of the city actually relying on agricultural well into the 1980’s, Las Vegas is undoubtedly the casino capital of the world. Although proclaiming that its sectors are diversified, you will find that most cash in Las Vegas is in the service industry: hotels, restaurants, casinos, bars, etc. Meanwhile it does have a strong economy for tourism though, and also hosts conventions and trade shows. It is one of the cities with the fastest growing populations and employment opportunities.

• Service
• Finance
• Conventions
• Tourism

Where does Las Vegas Rank in Cost of Living – Is Vegas Expensive to Live?

In the cost of living index published by Numbeo, Las Vegas is ranked 79th (68.24), New York and San Francisco are miles ahead, taking spots 2 and 4 respectively. The average restaurant trip here will cost $15,00 and a loaf of bread $2,65. In addition to rent, which is on average $922-$1.200 (1 Bedroom apartment) or $1.600-$2.000 (3 Bedroom apartment), basic utilities for a month cost $166 and the average internet plan $77. This is all to be taken in relation to the average salary, which is $3.475 a month after tax. To see how LV stacks up against other big metropolises, take a look below:

• Hamilton, BE (147,00) – 1
• New York City, NY (100,00) – 2
• San Francisco, CA (94,17) – 4
• Los Angeles, CA (81,31) – 15
• Miami, FL (77,98) – 25
• Las Vegas, NV (68,24) – 79

Rent Index – How Expensive is Rent in Las Vegas?

The rent index tells you the relative price of rent. With many workers in this city passing through or only staying for a few years, rent can be an important thing to take a look at. Las Vegas has comparatively high rent, no surprise considering. Take a look at the ranking below, with rent index and position for North American cities:

• San Francisco, CA (116,48) – 1
• New York City, NY (100,00) – 2
• Los Angeles, CA (75,17) – 10
• Miami, FL (62,01) – 16
• Las Vegas, NV (38,99) – 64

Las Vegas – Strip Drone Flight

You’ve probably seen Las Vegas’ unbelievable skyline from countless movies like Ocean’s 11 or the Hangover. Here you can get a detailed look at all the beauty which this city offers.

Real Estate Investment: Luxury Las Vegas Venture

For many people it will come as a surprise that Las Vegas has a massive real estate market, with diverse options from the ultra-luxury condos in skyscrapers, but also suburban districts with great school systems and expansive parks.

Rent and Puchase Prices Las Vegas – Should I Rent or Buy in Las Vegas?

Las Vegas has always been a strong market to rent. This is unlikely to change, therefore, when moving to the city, it’s usually the best decision to rent an apartment. Nonetheless, mortgage rates, as in so many places are are extremely low, meaning despite limited supply driving prices up, the investment is not as large as one may think at first.

• Average Rent: $1.107
• Average Price: $2.419/m²

Where is Real Estate Most Expensive in Las Vegas?

If you are looking to invest and purchase capital, Meadows Village has purchase prices which are offset by very high rental income. Low prices can also be found in Pioneer Park, which gleams with a very livable atmosphere and low purchase prices. The median prices in different parts of Las Vegas below:

• North Las Vegas: $300.000 (increasing)
• West Las Vegas: $219.900 (increasing)
• East Las Vegas: $225.000 (increasing)

Las Vegas Real Estate Market Explained – Is Las Vegas a Seller’s Market?

Las Vegas is a seller’s market, meaning at the moment, those already owning property are at an advantage. Low unemployment, and good forecast for the city’s economic growth, mean that many people are looking to make long-term investments in the form of real estate. Throughout all of Las Vegas, the median price for a residential is $320.000. Median prices differ from other cities for the different types of real estate. Median listing prices:

• Single-family residence: $349.000
• Condos: $180.000
• Townhomes: $236.000

Most Expensive Neighbourhoods in Las Vegas – What is the Richest Part of Las Vegas?

The most expensive real estate in Las Vegas is found in Summerlin and Henderson. Although not strictly within city limits, it still counts as Las Vegas. The most expensive area in Las Vegas is the Ridges, a small community in Summerlin. Here you can expect to pay between $2 mil. and $7 mil. for a house. It is also the area in Las Vegas with most house sales >$1 mil, with the most expensive on the market at the time of writing being $30,4 mil. The full list of most expensive communities in Las Vegas below:

1. The Ridges: $2.000.000 – $7.000.000
2. Anthem Country Club: $1.200.000 – $4.400.000
3. Macdonald Highlands: $1.000.000 – $4.200.000
4. Southern Highlands Country Club: $1.000.000 – $3.000.000
5. Seven Hills: $1.000.000 – $2.700.000

Las Vegas Taxes – Property Taxes, Income Tax

If you live in Las Vegas you’ll likely need to pay taxes here. As it is not one of the USA’s top tax havens, this may also be more expensive than you’d like. Let us take a closer look at what Nevada and Las Vegas will make you pay.

Las Vegas Tax Rates – Do you pay Income Tax in Las Vegas?

The state of Nevada has no income tax, so no you don’t pay any income tax in Las Vegas! Also, Las Vegas has no corporate tax, no inventory tax, and no franchise tax! Although there are taxe son sales, with a sales tax being 6,85%. for large businesses, the city of San Francisco has an additional tax for expenses of large businesses. This is a 1,5% gross receipts tax on payroll expenses. Additionally, in San Francisco there is a total sales tax of a massive 8,5%.

• Income Tax: 0%
• Sales Tax: 6,85%

Las Vegas Property Tax Rates – Nevada Rankings

In addition to not having income tax, Nevada also has comfortably low property tax rates. In Nevada, the average rate of property tax is 0,66%. Each county has their own regulations and expenses, therefore it is important to also look at the amount you will pay in Clark County: 0,65%. This is quite low compared to Los Angeles at 0,75% or New York property taxes at 0,86%.

• Avg. US Property Tax – 1,1%
• Avg. Nevada Property Tax – 0,77%
• Las Vegas Property Tax – 0,66%
• Clark County – 0,65%

Safest Neighborhoods in Las Vegas – Lowest Crime Rates

What are the safest areas in Las Vegas? We’ve taken a look at the crime rates, and found that a few neighborhoods stand out amonf the rest. The safest area is certainly Alta Drive / S Art Boulevard, which is coincidentally also the area in America with the highest proportion of eastern european and lebanese ancestry in the country! Take a look at the full ranking below!

1. Alta Dr / S art Blvd
2. Farm Rd / N Tenaya Way
3. W Desert Inn Rd / Ridge Hollow Dr
4. Anasazi Dr / Thomas W Ryan Blvd
5. Kyle Canyon Rd / Sheep Mountain Rd
6. W Craig Rd / N El Capitan Way
7. Anasazi Dr / W Lake Mead Blvd
8. N Town Center Dr / Canyon Run Dr
9. Racel St / Maverick St
10. N Torrey Pines Dr / Grand Teton Dr

Top Las Vegas Districts – What is the Best Neighborhood to Live in Las Vegas?

There are too many neighborhoods to remember. Here we present the most important, hottest, and up-and-coming neighborhoods to keep in mind. If you’re looking to buy real estate in Las Vegas, these are where to look. They are home to some of the most interesting and luxurious real estate in North America. Our top Las Vegas neighborhoods for real estate are:

1. Whitney Ranch
2. The Strip
3. Arts Distrcit
4. University District
5. Summerlin
6. Rancho Charleston

Whitney Ranch – Mediterranean Luxury

Whitney Ranch is the place to go if you want a clean, suburban lifestyle with high-life luxury and proximity to the strip. You’re also close to the airport, and the best shopping in the city (in Henderson). Also, a low crime rate which is lower than most Nevada’s cities, and restaurants, recreation and high-grade bars. Houses here are in the mediterranean style to really make the most of the warm climate!

The Strip – Lively, Exclusive City-Life

You already knew that this was going to be on the list. The strip is arguably one of the most famous neighborhoods in the whole country. Home to twenty-something casinos, some of the best and biggest bars in the world, and the world’s best restaurants. What’s really the pull here though, is that there is always something going on. It’s also become more touristic with passing time, but compared to downtown, is definitely the more genuine of the two hotspots.

Arts District – Hip and Trendy Las Vegas

This area has also been dubbed “18b” because of the 18 city blocks it occupies. It has hundreds of art galeries, has great restaurants and boutique shopping opportunities, and is likely the better choice for more cultured visitors to the city. This is the place to move if you want a taste of the free-flowing excess of Las Vegas, with a bit more taste and elegance than you would perhaps find on the strip or downtown.

University District – A Bit More Normal

In the midst of the University District you will find the University of Las Vegas just steps from the Strip. Don’t forget to take a look at the desert garden, the tree-lined walkways to art galeries, popular tattoo stores, trendy coffee shops, natural history museum. Although originating as a college neighborhood, this part of town, as so many student districts, has morphed into a swanky area where everyone can hang out.

Summerlin – Masterpiece of Suburban Life

When people move to Las Vegas with their families and want to mimic the familiar suburban life, they are often drawn to this Master-planned community. It is home to some of the biggest and must regal real estate in the city. It is also an area with good schools, recreation opportunities and more. Summerlin is home to many of the city’s biggest names and is where common families send their children to school, do their shopping, and spend the weekend in the park. Most communities here are gated, like the one seen below.

Rancho Charleston – Best of Both Worlds

So you want the comfort and safety of a suburban lifestyle, without the bore? Still want to go out on the weekend without taking a 1.5-hour cab ride? Rancho Charleston is the place for you then. It is in immediate proximity to the loud areas (Strip, Downtown, Arts District), but also safe. This is the place for young families or singles looking to buy their first home.

This city article is part of our full size guide: Buying a House

New York Real Estate – How to Buy a House in NYC

Perhaps the most famous city in the world, New York has everything going for it. An incessant economy, endless museums and creative opportunities, neighbourhoods for every taste, and an undoubtable atmosphere. Buying real estate in New York is, for that reason, so popular and lucrative. The real estate market, as we will see below, is an opportune chance to invest safely with high profits. So, with relatively low interest rates, the lowest property tax rates in New York State, and seemingly impossibly low prices, now is the time to invest in New York real estate!

• Rather buy an apartment in New York?

Largest House in USA – New York Mega-Mansion

One of the most expensive houses in the whole of the USA, 281 Daniels Lane is a bigger house than you could imagine. Built by multi-billionaire Ira Rennert, this massive compound has multiple houses and sits on 63 acres of waterfront property. If you want to get an impression of how luxxurious and opulent this self-made entrepreneur lives, you should know that his neighbours commonly complain about the noise of the oversize helicopter which lands on the designated helicopter pad on the property.

The massive mansion boasts multiple dining rooms, a gym, two tennis courts, three swimming pools, a bowling alley, a movie theater, a private museum showcasing the billionaire’s massive art collection, and a basketball court.

• Location: 281 Daniel’s Lane, 11962 New York

What is New York’s Biggest Economy?

New York is perhaps best known for its legendary finance sector. Countless mammoth banks have their headquarters here, and ‘wall street’ is known worldwide for its trading business. Yet New York is also home to a billion dollar port, being the source of thousands of jobs. It is also a major hub for manufacturing of textile and clothing industry. More importantly though, New York is a young tech-hub. With many software and new-tech startups and companies being housed in the metropolis. Lastly, with the city being one of the biggest in the U.S., and most popular worldwide, New York also has a massive gastronomy and hotelier sector, with tourism pushing a large proportion of it.

• Tech
• Finance
• Tourism

Is New York’s Economy Growing?

New York’s economy is growing. Between 2001 and 2019, the city’s GDP rose from $1,20 tril. to $1,57 tril., a 24% increase! There are some 70.000 businesses in New York City, and this number is growing annually. New York’s real estate market also makes up a huge share of its massive economic growth.

• GDP: $960,25 bil. (8% of total U.S. GDP)
• Past 20 years, 24% increase.

Is it a Good Time to Buy a House in New York? – Real Estate Market

Right now is a very good time to buy a house in New York. Low prices are almost certain, thanks to many vacancies by lettors who are no longer interested in renting out the very low rent prices. That means prices will be low, but thanks to New York’s legendary status, and cramped market, the prices are certain to pick up again. In a few years, the current prices will have multiplied, meaning an investment now will reap profits. Prices of homes are expected to increase by 9.1% over the next year.

• Home Prices Currently Low
• Expected 9.1% increase in price

Home Price Trends New York City – New York Real Estate Crash?

It seems every year there is an impending real estate crash. Yet this has not happened until now. Some experts have warned again of a crisis, yet looking at the house price index for New York, there is no evidence. The opposite in fact, the rising house price index indicates not only a healthy economy, but also a strong real estate market.

• Strong real estate market
• Rising Price Index

Most Valuable New Constructions

This graph is perhaps indicative of New York’s real estate market. Only surpassed by Dallas-Fort Worth, and the Houston-Sugarlands areas, the New York metropolitan area is among the places with the highest value of new residential construction permits. That means that new constructions are valued very highly in New York, thanks to high real estate prices, which are, thanks to these expensive new constructions also expected to remain high.

• 3rd best in the Country!

New York Real Estate Prices

New York City’s average house has a value of $660.000. Last year the median sales price on single-family residentials hit $718.000. Additionally, the amount fo sales being completed increased by over 21% compared to last year. Per square foot, you can expect to pay $341, a number 2.4% higher than last year. Manhattan is the most expensive borough, with the hotspot’s averae sale price being ata $995.000.

• Average home: $660.000
• Average sqft: $341

New York Real Estate Market Explained

NYC is certainly a buyer’s market at the moment. There are more properties for sale currently, than there are buyers. Properties were being sold, on average, almost 3% below asking price, and were typically sold after a long 151 days on the market. This is likely also due to the high supply of properties making buyers be more specific in their wishes. Also, while it may seem like rental-heaven, New York is over 50% owner-occupied, meaning that you are not alone in owning instead of renting.

• New York’s Real Estate market in-depth: New York Real Estate Investment

Is it Hard to Buy a House in New York? – Problems

As mentioned, the New York market has many homes for sale, meaning that, apart from few issues, it’s not very difficult to buy a house in New York. Different from buying an apartment in New York, buying a house will likely leave you with a more specific and satisfactory property.

Where Can You Buy a House in New York? – Detached Single-Family Residences

You may think of New York as a place where you can only buy apartments or condos. This is not the case though, although detached single-family houses are quite rare in e.g. Manhattan. You will not have much difficulty finding a house in e.g. the southern parts of Brooklyn (Bensonhurst, Sheepshead Bay, etc.) as well as Queens (e.g. Forest Hills, Woodhaven, etc.). Of course the legendary Hamptons are also prime real estate.

What is the Minimum Downpayment on a House in New York?

Mortgage is always a major topic when buying a house in New York. Even here you will need to pay at least 20% on your downpayment. The FHA loans, which would allow you to pay as little as 3.5% without significant interest rates will be hard to find in New York, as there are so few houses compliant with the regulations. If you decide on a downpayment lower than 20%, you can expect high mortgage interest rates, and of course principal mortgage insurance. With a home price of e.g. $700.000, the classic 20% downpayment is a hefty $140.000!

Tax Tip: NY state will allow you to deduct much of your mortgage interest from your taxable income!

Taxes! Where to Pay and How

Taxes on buying a house in New York: this is the fun part. Taxes in New York are structured so that you are advantaged when you buy a home instead of rent. That means you can deduct many things like mortgage interest and your New York property taxes from your taxable income! More on optimizing your taxes in our article:

• Saving Real Estate Taxes

How Much Money do you Need to Buy a House in New York?

There are of course a million ways to save money everywhere on your home. From saving on your taxes when buying a home to government programs, you need to make sure to take a look at the possible programs for you in your income-, cultural-, and geographical region.

How to Pay Less when Buying a House in New York

For people who are not able to pay a full downpayment, there are many support programs. Real estate purchases are generally encouraged with incentives and support programs. The best are for first-time homebuyers, meaning that if it is the first time that you buy a full residence, you will pay less taxes, and have other monetary incentives. More on that in our main article on buying a house.

• Less taxes for first-time homeowners

We have a full-size guide on all the additional costs you have to pay when buying a home:

Additional Real Estate Costs

Saving with Home Improvements

The planet is dying, and everyone has to do their part. That’s why many houses in New York nowadays are sold with eco-friendly upgrades already done. These include renewable energy sources such as solar power, or other variants such as more insulated roofing or smart thermostats. Having these can cut down on your recurring costs.

• Eco-friendly = Wallet-friendly

What you Need to Know About Buying a House in NYC

These are the top tips for buying a house in New York. You can be certain that if you adhere to these tips, you will have a good time, and end up satisfied homeowner of New York real estate.

People you Need to Hire to Buy a House

The most important step of the house buying step is the people who you will have fighting on your side. You want a group who are capable and empathetic. Additionally, you may need more people than you think. The list includes real estate brokers, agents, loan officers, mortgage brokers, and a real estate attorney. This is the step of the process where you will need to spend more time than you think. A good team surrounding your purchase will be a deciding factor in the quality of your home, as well as how much stress the home pruhcase will be to you.

• Real estate broker
• Agent
• Loan officers
• Mortgage broker
• Real estate attorney

It’s the Season – Spring

If you want to buy a house in Los Angeles, the time to do it is in the late winter to early spring. From January to March, the prices of homes are lower than the rest of the year, which means you can pay less for the same house that you would normally.

• Buy in Spring!

Location Location Location – New York Neighborhoods

Which neighbourhoods in New York to buy in? The old realtors adage, location location location. New York is home to five boroughs, all with a unique character and different qualities. Within these boroughs though, there is also large variation. For example, Brooklyn is home to some of the most high-end real estate areas in the whole city, while its neighborhood of Brownsville is considered the most dangerous. Therefore, which neighborhood you buy in can be decisive

Checklist – Where to Buy a House

What to look for in a location for buying your house? The location of a home, and the amenities nearby can decide your resale value, and can mean over- or under-paying on your house. This is our checklist of things you absolutely have to check out when looking at buying a house in a certain location:

• What are other homes or buildings on the block like? If
  neighboring homes or buildings are in poor condition, it could affect resale
  values.
• Schools: Are there good schools nearby? Do they have a good reputation?
• How close is the home to shopping areas such as malls? If you don’t have a car, public
  transportation? If driving, parking garages?
• What community amenities are nearby? E.g. museums, parks, restaurants, etc.

Don’t Forget Additional Costs

New York has an extra mansion tax, as well as a few other unique facets which make the additional costs here more difficult and sneaky. Be certain that you and your real estate broker have thoroughly discussed the details of all potential additional costs which you could face when buying a house.

• Real Estate – Additional Costs

How long a House has been on the Market – Beware of this

A major problem can often be unseen by you. Whether it’s shoddy renovation work which your inspector misses, a future construction project which could heavily affect resale value, or any number of things. Therefore it’s smart to always check how long a house that you are looking for has been on the market. Remember, in NYC, the average home is on the market a little under 5 months. Anything significantly longer than that can mean danger! It could also mean that a seller is just a particularly hard negotiator, and if you have the money to buy, it can still b the right purchase. So just make sure to take an extra close look.

• Hidden Problems!

Process Explained – How to Buy a House in New York

The process in New York is the same as for buying a house in the whole of USA. In short you save up, find the people that will help you through the journey, find your future home, and close on the deal. More specifically:

1. Save up for the Downpayment
2. Find a Mortgage Broker
3. Get Mortgage Preapproval
4. Get your Team Together: Attorney, Real Estate Agent, etc.
5. Start looking at Listings
6. Go to Viewings
7. Submit an Offer
8. Close

How Long does it take to Buy a House in New York

From start to end, the process is going to take a few weeks at least. The time can range anywhere from three weeks to three years, but on average you can expect about 6 months from start to finish. Remember! Even after closing it typically takes about 90 days before being able to move into the new property. Some people search for years and fail to find anything. In the end, how long you spend finding a new house depends on how well-prepared you are. On average though, in New York, people buying a house look for 50-70 days between starting the search and closing.

• 3 Weeks to 6 Years

Best Real Estate Agents in New York for Buying a House – Ranked

New York has more real estate agents than home buyers it seems. In this sea of real estate agents, all claiming to be the best, our ranking for the top 8 real estate agents in New York is below. These are NYC’s best realtors:

1. Richard Leasure (Howard Hanna Rochester)
2. John Farrell (EXIT Realty Homeward Bound)
3. Alexa Lambert (Compass)
4. Michael Kenduck (21st Century)
5. Bryan Karp (RE/Max)
6. John Lajara (RE/Max In the City)
7. Geraldine Andolina (21st Century)
8. Daniel Axtmann (Berkshire Hathaway)

New York City Explained

Counting the neighbourhoods, and finding out where one ends and another begins is a hard task in New York. The city is massive and spread out over 784 km² (303 mi²), being home to 8,4 mil. people.

• Pop. 8,4 mil.
• Area 784 km² (303 mi²)

New York’s Counties – Are NY’s Boroughs Counties?

New York City incorporates five counties, these are: New York County (Manhattan), Kings County (Brooklyn), Bronx County (The Bronx), Richmond County (Staten Island), and Queens County (Queens). In other words, each borough makes up one county.

• New York County
• Kings County
• Bronx County
• Richmond County
• Queens County

All New York Neighborhoods Mapped – Williamsburg, Midtown, etc.

With so many neighborhoods, it’s nice to see what neighborhood ends where. Where is the famous Williamsburg? See it all in the map below.

Property Taxes – New York’s Property Taxes by County

Buying a house in NYC means looking at how much you’re going to have to pay in taxes. With some districts paying more than others, this is an important part of your investment. New York property taxes are slightly more complicated than elsewhere, but broadly, the most you will be paying is in the Bronx, and least in Manhattan.

• Kings (Manhattan) – 0.65%
• Queens – 0.87%
• New York – 0.90%
• Richmond (Staten Island) – 0.91%
• Bronx – 0.97%

Neighborhoods in New York City – Where to Buy Real Estate

What neighborhood should you move to? Where are prices low, and likely to rise? These are the questions we answer here. Importantly, you will want to decide beforehand what type of neighborhood you’re looking for. There are young, trendy, and soon-to-be-gentrified areas like BedStuy, the super-rich luxury pads in Manhattan, or a little more suburban in Carroll Park or Park Slope.

New York Real Estate – Manhattan

Manhattan… Need I say more? A timeless and undisputed king in New York real estate. Neighborhoods to keep on your radar: TriBeCa, the perhaps most opulent part of New York City, or Upper East Side, which is the hottest tip in New York at the moment.

Bedford-Stuyvesant – Future Williamsburg

Williamsburg is perhaps the most famous example of gentrification worldwide. Not yet prey to gentrification is Bedforsd-Stuyvesant, where low prices, boundless amenities and a young atmosphere allow inhabitants to enjoy the big city, without its incessant tumult.

Park Slope – Where to Raise a Family in New York

Park Slope is already more famous than it was only two or three years ago. This is thanks to its near-perfect combination of proximity to the city, neighborhood safety, as well as a nice park and more. If you want to raise a family in New York City, this is where you should do it.

T

The True North Strong

Booming Economy, growing metropolises, cultural offering without end. Canada is one of the quickest growing countries worldwide in terms of economy, popularity, and much more. Its citizens are welcomed worldwide, as shown by the fact that it is one of the most liked countries in the world according to WorldAtlas. It is famous for its aboriginal history, its massive nature and the Rocky Mountains, as well as its famous metropolises like Toronto and Montreal.

• Most Loved Country in the World

Is Canada a Good Place to Live?

In its ranking of the most livable cities in the World, Canada has three cities in the top 10 (#5 Calgary, #6 Vancouver, #7 Toronto). Ahead of popular neighbour New York. More than any other country. Much more than this though, it also ranks high in other statistics. Its education system is considered among the best in the world, its cities are becoming increasingly new tech, and modern oriented. Meanwhile it is also one of the most multicultural and globalized countries worldwide, often considered a leading example for good integration. Which may be part of the reason its citizenship offers one of the most powerful passports worldwide. In regards to future-orientation, Vancouver and Montreal are regularly ranked as some of the best cities for green transportation.

• Three of the Ten Most Livable Cities
• Best Cities for Green Transportation

Canada’s Nature

Canada’s nature is unparalleled worldwide, and people from all over the world know to appreciate its vast expanses of untouched nature. The rocky mountains offer some of the best skiing in the world, Banff is a regal mountain town surrounded by the wild, and the luxury hotel fairmont Lake Louise is found on postcards on fridges all over. Below a peak at what western Canada’s riches include.

What about the Hard Facts?

Canada is home to 38 mil. inhabitants. With 9,984,670 km2 it is the second largest country in the world, yet also one of the most sparsely populated. This area is divided into provinces or territories (the equivalents to USA’s states). Due to the colonial past, the official languages are English and French, with French being commonly spoken only in the large eastern province of Quebec. It is also comfortably a part of the G7 summit every year, and counts to one of the most powerful political countries in the world. In terms of culture and traditions, Canada (at least the anglophone part) is very similar to its southern neighbours the USA. Its capital Ottawa is only the fourth largest city in the country, following (in order):

• Toronto – 2,93 mil.
• Montreal – 1,78 mil.
• Calgary – 1,02 mil.

No More Oil – The Canadian Economy

Canada has strongly de-oriented from its former oil-based economy. Despite this, its economy is still growing (see below), with 1,9% GDP growth in 2018. Its GDP of xx means it is the 10th largest economy worldwide. According to forecasts by Canada’s largest banks, Canada’s economy is set grow at an annualized rate of 36% in the third quarter of 2019. This is compared to 20% for the United States. In fact, it is easy to draw comparisons to the USA due to its market-oriented economic system. Leading sectors include the automotive and other industries, forest products, minerals and petroleum. This is also reflected in its largest trading partner is the United States, with the country receiving some 75% of Canada’s exports.

Of the state’s total income, taxes make up 32.2%. This is made up partially of income and corporate tax. Federally, these rates are 33% and 15% respectively. Yet these differ with respect to provinces, where each province has their own tax rates. Lastly, they are also staggered, with higher income corresponding to higher tax rates.

• Federal Corporation Tax: 33%
• Federal Income Tax: 15%

Taxes in Canada – Explained

Taxes in Canada are quite simple to understand, but often misunderstood. They are said to be very high, but this is not necessarily the case. The tax system in Canada is very much unlike its southern neighbours, of the U.S.A.

You want to learn more about how real estate taxes work in the U.S.A.?

• All Taxes when Buying a House

Income Tax

Income tax is levied by the state as well as by the individual provinces. The individual provinces have different tax rates. Therefore, as in the U.S., where state and county tax the same items, Canada also has e.g. federal and provincial income taxes. However, the federal share is the largest share. The structure of Canada’s income tax is in several stages. The federal tax rates are approximately 15-29%. The top tax rate of 29% starts with an income above CAD128,800. In addition, there are a few percentage points of provincial taxes. In addition to income tax, some provinces levy other taxes on wages and salaries, such as Medicare.

• Federal Income Tax: 15-29%

Goods-and-Services Tax

Regarding VAT (value-added-tax), there is again the dual system of the federal tax (GST) and a provincial tax (PST). It is due, for example, on the sale of goods and real estate as well as on services. The federal government levies 6% VAT and the individual provinces can levy up to an additional 6%. Residents of Vancouver, in British Columbia, for example, will be charged an additional 6%, while in Calgary, Alberta there is none.

• Federal VAT: 6%

Wealth Tax, Inheritance Tax, etc.

Investors will also be pleased to hear: Canada has no wealth tax, no inheritance or gift tax, and no church tax.

• No Wealth Taxes
• No Inheritance Taxes

Booming Business – Canadian Real Estate

Canada’s rapid economic growth is down to large decreases in unemployment and high spending, but largely housing and real estate sales.

Overview of Real Estate Market

Ottawa, with healthy economy, population growth, attractive labor market and strong demand for condominiums, has developed into a dynamic Canadian housing market. Toronto and Montréal remain classic sales markets. In eastern Ontario and Quebéc, property prices continue to rise and British Columbia is expected to stabilize.

Someone who moves to Canada after selling their house in countries with higher real estate prices can often purchase houses with a significantly reduced mortgage. With the exception of the metropolitan areas, rental housing in Canada is relatively inexpensive. The average price per square meter to buy an apartment in a city centre is CAD5.921, with outside the city costing CAD4.090.

House Prices – List

The median house price gives a good indication of how expensive and luxurious properties are in cities. When taking these in proportion to the median income, one arrives at a factor indicating how strong the market is, and how affordable property is for people working normal jobs in the city. The higher the factor, the more difficult it is to buy a house with a normal income. Below are selected cities, with median house price, and the factor.

• Toronto: 686.000 – Factor 8.3
• Edmonton: 353.000 – Factor 3.6
• Montreal: 306.000 – Factor 4.6
• Vancouver: 942.000 – Factor 12.6
• Winnipeg: 279.000 – Factor 3.7
• Halifax: 261.000 – Factor 3.5

What about Taxes on Real Estate?

To invest in property, you do not have to be a Canadian citizen or even live in the country, and property taxes and interest expenses are tax deductible. Property taxes are at 1% on CAD200.000, and 2% on average. Also note, different from U.S. taxes, Canadian real estate is subject to the goods and services tax. It is important to be aware of the tax implications for all phases of the investment though, from owning the property, to living in or renting it, to selling it.

The real estate transfer tax, which applies to real estate purchases, is not regulated uniformly throughout Canada, with individual provinces again deciding their own rates. It is between 0.5% and 2% and depends on the purchase price of the property. Some provinces do not levy any tax at all.

• Property Tax: 2%
• Transfer Tax: .5%-2%

The Key Details

Houses in Canada are built in a simpler way than e.g. traditional Central European houses. The power supply in the houses is generally designed for 110 volts. Internet is available practically throughout the country, including in rural areas, via telephone line, fiber optics or satellite. The average Canadian spends CAD53 on water utilities a month, using 25 cubic meters of water. This translates to CAD2.12 per cubic meter of water utility.

• CAD53 a month for water

Economy in Canada – Graph

Below a graph of the two main Canadian Stock Exchanges, S&P/TSX.

One Year

Three years