Calgary Leading Canada’s Luxury Home Market For Fall 2024

Demand for luxury homes across Canada remains resilient amid wavering consumer confidence, with Calgary’s luxury real estate market surpassing the rest of Canada’s major cities in Q3 2024.

According to Sotheby’s International Real Estate Canada’s 2024 Fall State of Luxury Report, housing demand in Calgary remained high due to an increase in population, with a 15% year-over-year increase in sales of homes priced over $1 million. Between July 1st and August 31st, there was a 31% increase in home sales of residences priced over $1 million. September also had two $4 million-plus home sales, signaling healthy activity for the months ahead.

Montreal luxury property sales improved in the third quarter across all housing types, but the most sales were experienced in the homes priced $1 million and higher. Infact, home sales in the $1 million plus range experienced a year-over-year increase of 83% from September 2023 to September 2024, as reported by Sotheby’s.

Overall luxury real estate sales of residences in Greater Toronto remained steady. Single-family home sales for homes $4M and up increased 4% annually, and were up 9% year-over-year compared to September 2023. Residential home sales over $1 million were fairly balanced with an increase of 2% year-over-year for September 2024.

Vancouver’s luxury home market performed the slowest, according to the report. Sales of luxury homes $4M and up declined 16% year-over-year, while sales for condominiums in this same price range increased to 7 from 6 in September 2023. Overall sales for residences priced over $1 million declined 15% year-over-year, but an annual decline of 31% compared to sales in September 2023. While sales for residences priced over $4 million decreased 52% overall.

While luxury real estate markets across Canada’s biggest cities remain steady, they experienced limited growth in Q3 2024. Calgary’s luxury real estate market performed the best mostly due to a surge in population from immigration. Effects of population growth and declining mortgage rates, balanced against a slowing economy and pending geopolitical change.

“Although we expect the luxury market to remain largely stable in the coming months, over the longer term, there is no doubt that population growth will intensify competition for housing. Further, rising building costs and ongoing bureaucratic and policy barriers will only discourage construction. This means that there is an opportunity to take advantage of the favourable homebuying conditions we are seeing today.” Don Kottick, President and CEO of Sotheby’s International Realty Canada.

Read the full Sotheby’s International Realty Canada report here.

View more Luxury Real Estate Reports here.

SOURCES:
Top-Tier Real Estate: 2024 Fall State of Luxury Report – Sotheby’s International Realty Canada