With the end of quantitative tightening in sight, luxury home-buying activity in most markets across the country are slowly shifting into high gear as buyers reap the benefits of softer housing values.

The 2024 RE/MAX Canada Spotlight on Luxury Report examined luxury home-buying activity in 10 markets across the country in the first two months of the year and found that, despite a disconnect between buyers looking for deals and sellers’ price expectations, almost all regions reported a strong start to the year.

Key Findings

  • Condo Sales: Condominium sales are up almost 70% in Greater Vancouver. 27 strata condo sales averaging $4 million were recorded between January 1 and February 29 of this year. In contrast, there were 16 sales during the same period in 2023, with an average price of $4.5 million.
  • Multiple Offers: Multiple offers occurring in Calgary; some homes selling sight unseen. Some multiple offers are occurring in Saskatoon, although at the lower price points. This may filter upward in coming months.
  • Sales Growth: Double-digit sales growth was seen in 7/10 markets. These include Saskatoon (57%), Montreal (+55.6%), Calgary (+52%), Edmonton (+32%), Winnipeg (+19.4%), Halifax (+16.7%) and Toronto (+14.4%).
  • Affordable Luxury: Alberta markets remain strong. Calgary and Edmonton have been bolstered by affordability.
  • Uber Luxury: The uber-luxe market heats up in Toronto, cools in Vancouver. The Greater Toronto Area experienced a 77% jump in sales over $5 million, split fairly evenly between the 416 and 905 regions. On the west coast, demand for uber-luxe properties has fallen year-over-year, largely attributed to the Foreign Buyer Ban.
  • Inventory: Inventory in Toronto is tight in many hot-pocket areas. However, values are being held in check for the most part, for now.

Regional Insights

View the interactive map on remax.ca to discover your local luxury market insights.

Vancouver, BC

Edmonton, AB

Calgary, AB

Saskatoon, SK

Winnipeg, MB

London, ON

Toronto, ON

Ottawa, ON

Montreal, QC

Halifax, NS

Share the Report Findings

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