Canada's Luxury Real Estate Market Finds Stability in Q3 2024
In the Greater Toronto Area (GTA), luxury real estate sales over $4 million remained steady, with a 3.0 per cent year-over-year increase between July and August 2024. The market in Vancouver and Montreal also showed varying trends, influenced by populatio
Luxury Real EstateCanadaGtaVancouverMontrealReal EstateOct 23, 2024
Greater Toronto Area (GTA)
In the Greater Toronto Area, luxury real estate sales over $4 million have remained steady, with a 3.0 per cent year-over-year increase between July and August 2024. Single-family homes priced over $4 million saw a 4.0 per cent rise in sales, reflecting continued demand in this segment. However, the luxury condominium market has softened, with a 25 per cent decline in $4 million-plus condominium sales compared to last year. September data showed a continued trend, with GTA residential sales over $4 million increasing 9.0 per cent year-over-year. Despite this, condominium sales remained flat, with just one luxury sale recorded, mirroring last year’s figures.
Vancouver
Vancouver’s luxury real estate market faced softer sales in Q3 2024. Sales of homes priced over $4 million fell 13 per cent compared to summer 2023 levels, while single-family home sales dropped 16 per cent. Consumer uncertainty surrounding the upcoming provincial election contributed to this decline. In September, Vancouver’s luxury market saw a significant 52 per cent drop in $4 million-plus home sales, with no luxury condominium sales recorded. Overall residential sales over $1 million were down 31 per cent year-over-year.
Montreal
Montreal’s top-tier real estate market saw notable growth, with $1 million-plus sales increasing 15 per cent in Q3 2024 compared to the same period last year. Although sales of homes over $4 million were down from last year, the market remains strong heading into the fall, with September $1 million-plus residential sales surging 83 per cent year-over-year. This growth is attributed to strong demand and population growth in the area.
Calgary
Calgary continues to outperform other major Canadian cities, driven by population growth and strong demand. Luxury sales over $1 million rose 31 per cent year-over-year in Q3 2024. The market is poised for further growth, with sales climbing 15 per cent in September, including two properties sold over $4 million.
Sotheby’s International Realty Canada
Sotheby’s International Realty Canada is a leading real estate brokerage that specializes in luxury properties across Canada. Their reports and insights provide valuable information for buyers, sellers, and investors in the top-tier real estate market. The company’s comprehensive analysis helps stakeholders make informed decisions in the dynamic luxury property market.
Conclusion
The Canadian luxury real estate market has shown a mix of stability and growth in Q3 2024. While Toronto and Montreal have seen positive trends, Vancouver’s market has faced challenges due to consumer uncertainty. Calgary, with its strong population growth, continues to stand out as a promising market. These trends highlight the importance of staying informed and adaptable in the ever-evolving luxury real estate landscape.
Frequently Asked Questions
What is the current state of luxury real estate in the Greater Toronto Area (GTA)?
In the Greater Toronto Area (GTA), luxury real estate sales over $4 million have remained steady, with a 3.0 per cent year-over-year increase between July and August 2024. Single-family homes priced over $4 million saw a 4.0 per cent rise in sales, while the luxury condominium market has softened, with a 25 per cent decline in $4 million-plus condominium sales compared to last year.
How has the luxury real estate market in Vancouver performed in Q3 2024?
Vancouver’s luxury real estate market faced softer sales in Q3 2024, with sales of homes priced over $4 million falling 13 per cent compared to summer 2023 levels, and single-family home sales dropping 16 per cent. September data showed a 52 per cent drop in $4 million-plus home sales, with no luxury condominium sales recorded.
What trends are observed in Montreal’s top-tier real estate market?
Montreal’s top-tier real estate market saw notable growth, with $1 million-plus sales increasing 15 per cent in Q3 2024 compared to the same period last year. Although sales of homes over $4 million were down, the market remains strong heading into the fall, with September $1 million-plus residential sales surging 83 per cent year-over-year.
Why is Calgary outperforming other major Canadian cities in luxury real estate?
Calgary continues to outperform other major Canadian cities, driven by strong population growth and demand. Luxury sales over $1 million rose 31 per cent year-over-year in Q3 2024, with the market poised for further growth, as sales climbed 15 per cent in September, including two properties sold over $4 million.
What role does Sotheby’s International Realty Canada play in the luxury real estate market?
Sotheby’s International Realty Canada is a leading real estate brokerage that specializes in luxury properties across Canada. Their reports and insights provide valuable information for buyers, sellers, and investors in the top-tier real estate market, helping stakeholders make informed decisions.
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