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 hands at the high end of the market at a slower pace,” Soper said, “as the funnel of potential purchasers narrows, the price of properties climbs.” Soper also noted that luxury buyers tend to be less affected by economic factors such as compared to the broader market.
“It is common to see expensive homes purchased with very substantial down payments, or even fully in cash,” he said. According to the real estate franchiser with more than 20,000 members nationwide, consumer confidence is another driving factor behind the resilience of the luxury market. Many luxury buyers remain optimistic about the long-term stability of Canada’s housing market and are willing to invest in either fully renovated properties or custom-built homes, despite the high cost of construction.
“Luxury buyers typically have the means to be picky,” Soper said, emphasizing that they prioritize quality, location, and long-term appreciation potential when making their decisions. The federal foreign buyer ban, implemented in 2023 and recently extended until 2027, has had minimal impact on Canada’s luxury real estate market. While intended to reduce demand from international investors, the ban has not significantly affected prices or inventory.
“The prohibition on foreign buyers has had virtually no impact on housing prices in Canada,” Soper said, noting that the vast majority of luxury homebuyers are Canadian. Looking ahead, Royal LePage expects continued activity in the luxury segment across Canada’s major cities, with increased sales predicted for the fall market. While smaller markets like Winnipeg and Edmonton have led the charge in 2024, the company anticipates high-end home sales will rise more broadly across the country.
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