Canada's Luxury Real Estate Market Shows Signs of Stability
Canada's luxury housing market has stabilized in the third quarter of 2024, with moderating growth in major cities like Toronto and Vancouver. Despite economic uncertainties, population growth and declining mortgage rates have helped balance the market.
Luxury Real EstateCanadian Housing MarketGta Real EstateVancouver Real EstateMontreal Real EstateReal Estate NewsOct 23, 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. Single-family homes priced over $4 million saw a 4.0 per cent rise in sales. However, the luxury condominium market faced a 25 per cent decline in $4 million-plus condominium sales compared to last year. September data continued this trend, with GTA residential sales over $4 million increasing 9.0 per cent year-over-year, but condominium sales remained flat, with just one luxury sale, mirroring last year’s figures.
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, and 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’s top-tier real estate market, on the other hand, 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.
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, with the market poised for further growth. Sales climbed 15 per cent in September, including two properties sold over $4 million.
These trends highlight the complex dynamics of the Canadian luxury real estate market, where local factors such as population growth, mortgage rates, and consumer confidence play significant roles. Despite economic uncertainties, the market shows signs of stability and potential for future growth, particularly in cities like Montreal and Calgary.
Frequently Asked Questions
What is the current state of the luxury housing market in Canada?
The luxury housing market in Canada has stabilized in the third quarter of 2024, with moderating growth in major cities like Toronto and Vancouver. Despite economic uncertainties, population growth and declining mortgage rates have helped balance the market.
How did the luxury housing market in the Greater Toronto Area (GTA) perform in Q3 2024?
In the 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. Single-family homes priced over $4 million saw a 4.0 per cent rise in sales, while the luxury condominium market softened, with a 25 per cent decline in $4 million-plus condominium sales compared to last year.
What factors contributed to the decline in Vancouver’s luxury real estate market 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. Factors contributing to the decline include consumer uncertainty surrounding the upcoming provincial election and a 52 per cent drop in $4 million-plus home sales in September, with no luxury condominium sales recorded.
How did Montreal’s luxury real estate market perform in Q3 2024?
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. September $1 million-plus residential sales surged 83 per cent year-over-year, indicating strong market performance heading into the fall.
What trends are observed in Calgary’s luxury housing market?
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, with the market poised for further growth. Sales climbed 15 per cent in September, including two properties sold over $4 million.
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