Saskatoon, Montreal and Calgary lead the country with percentage increases in excess of 50 per cent

TORONTO, April 2, 2024 — 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, according to a report released today by RE/MAX Canada.

 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. Ninety per cent of markets experienced an increase in high-end sales, with more than two-thirds recording double-digit growth. Saskatoon led the country in terms of percentage increases, with a 57-per-cent uptick in luxury home sales, followed by Montreal at almost 56 per cent and Calgary at 52 per cent. Edmonton posted a 32-per-cent increase in luxury sales year-over-year, while Winnipeg, Halifax, Toronto and London reported increases of 19.4 per cent, 16.7 per cent, 14.4 per cent, and 9.4 per cent respectively. Only Ottawa saw a decline compared to year-ago levels, with sales down nearly eight per cent.

“While figures remain off peak levels reported during Covid, the upswing in luxury sales signal a return to overall health in the country’s major centres,” according to RE/MAX Canada President Christopher Alexander. “The ripple effect is already underway, with stronger home-buying activity at lower price points pushing sales into the upper end. In some cities where inventory levels are particularly challenging at the lower end, multiple offers have returned with a vengeance. While that isn’t the case at the top end, pent-up demand does exist, and activity is gaining momentum.”

Luxury Housing Sales in Major Canadian Markets

 January 1 – February 29th

Market

Luxury

2024

2023

% change

Price Point

Greater Vancouver *

$3,000,000

155

151

2.6 %

Calgary (City of)**

$1,500,000

76

50

52.0 %

Edmonton

$1,000,000

33

25

32.0 %

Saskatoon

$700,000

22

14

57.1 %

Winnipeg

$750,000

43

36

19.4 %

London-St. Thomas

$1,000,000

58

53

9.4 %

Greater Toronto Area