has been largely stable in 2024, with smaller cities such as Winnipeg showing significant growth. According to the Royal LePage Carriage Trade Luxury Market Report, Winnipeg had a 61.9 per cent year-over-year increase in luxury home sales for the first eight months of the year, making it one of the strongest-performing markets.
In contrast, larger markets like Toronto and Vancouver recorded more modest changes, with luxury property prices in Toronto rising by 3.9 per cent, and slight declines of 1.8 per cent and 2.
8 per cent in Vancouver and Montreal, respectively. “Luxury markets in the Prairie provinces recorded some of the largest gains in sales activity year over year,” the report said, noting that Edmonton and Calgary also experienced notable growth in the luxury segment. Royal LePage attributed the strong performance in smaller cities to continued demand from out-of-province buyers, a trend that has helped the prairies remain resilient over the last three quarters.
Alberta, in particular, has benefitted from this migration, as in Calgary and Edmonton continue to attract buyers from other provinces. Larger markets such as Toronto and Vancouver have had less dynamic growth in luxury sales. While Toronto’s luxury property prices posted a moderate increase, both Vancouver and Montreal experienced small declines.
According to Royal LePage chief executive , the slower growth in larger cities reflects the unique dynamics of luxury real estate. “Homes typically trade ha.