Sales of luxury Canadian homes were up in the first eight months of the year compared to the same period in 2023, according to the newly published 2024 Royal LePage Carriage Trade Luxury Market Report. Sales were on the rise in almost all major cities in Canada, except for Halifax, Toronto and Vancouver.
While transaction volumes in the high-end property segment were lower when compared to the mainstream residential market, luxury markets in the Prairie provinces recorded some of the largest year-over-year increases in sales activity during the first eight months of 2024, led by Winnipeg, Edmonton and Calgary – this was attributed to strong demand from out-of-province buyers. Outside of the Prairies, Quebec City has also recorded strong luxury sales growth.
The new report also noted the federal government’s restriction on the purchase of residential real estate by non-Canadians did not have a material impact on prices or available inventory.
In the major cities, the lower levels of the luxury home price thresholds were as follows: Vancouver ($5.5 million), Calgary ($1.75 million), Edmonton ($1.25 million), Regina ($750,000), Winnipeg ($1 million), Toronto ($4.75 million), Ottawa ($2 million), Montreal ($2.5 million), Quebec City ($1 million) and Halifax ($1.5 million).
“Homes typically trade hands at the high end of the market at a slower pace than we see in the industry overall, as the funnel of potential purchasers narrows as the price of properties climbs,” said Phil Soper, president and CEO at Royal LePage. “This affords luxury buyers the luxury of acting more deliberately, taking their time in a quest to find exactly the right home. While market conditions can vary from one city or province to the next, the dynamics at play in luxury real estate markets from coast to coast remain consistent: buyers in this segment know what they want and they are willing to wait for it.”
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