Luxury Homes do not have a fixed definition; however there are several factors by which we can determine or classify a house as luxurious. One of the main aspects and the foremost is the price. While most homes start with a price tag lower than $1 Million, it may be the price tag of an entry level luxury home. This classification is however overplayed and due to the rise in prices of real estate in cities like Toronto, it is difficult to only consider the price of a property to give it the title of being luxurious. Size always matters and in this case, size is one of the main deciding factors. Luxury Homes by default are bigger compared to conventional houses and have more space for accommodating changes and customisations. The large space also provides builders with the opportunity to add several features that can fetch a higher value in the market. Another advantage of luxury houses is that the extra space permits the installation of home lift systems, adding a unique class to your home. The second factor that differentiates a luxury home from a normal home is the components and the materials used. Owning a huge home is of no use if the components are cheap. Luxury homes are usually furnished with the best of appliances while premium materials are used for their construction. The extra space also allows builders to provide luxury amenities such as a home theatre, swimming pool and much more. Last and not the least is the location of the property. A luxurious home does not have any value if it is not located in the right place. The location plays an important role as it becomes a question of the neighbourhood and availability of amenities.