Canada’s Luxury Home Market is Expecting a Busy Fall
As prices stabilize across Canada’s luxury real estate markets, the fall of 2024 is predicted to see an increase in luxury home sales in all major cities across the country, according to Royal LePage® experts.
“While market conditions can vary from one city or province to the next, the dynamics at play in luxury real estate markets from coast to coast remain consistent: buyers in this segment know what they want and they are willing to wait for it.” Phil Soper, president and chief executive officer, Royal LePage.
The 2024 Royal LePage Carriage Trade Luxury Market Report released September 19 2024 assessed data from Canada’s top 10 largest real estate markets. Compared to 2023, the first 8 months of 2024 saw an increase in luxury home sales across most cities in the report.
Sales throughout Winnipeg’s luxury home market experienced the greatest year-over-year increases at 61.9%. Edmonton, Calgary, and Quebec also recorded strong luxury sales growth, according to the report.
Halifax had the highest year-over-year price increase at 8.6% in the first eight months of 2024, but did not experience a growth in luxury home sales, as well as Vancouver and Toronto, Canada’s two most expensive markets. Vancouver’s luxury home market also experienced slight price declines, while luxury home prices in Toronto rose by 3.9% compared to the same time last year, according to the report.
Additionally, though a Foreign Buyer Ban was implemented on luxury property purchases in Canada as of January 2023, it is reported to have “virtually no impact on housing prices in Canada”, according to Soper.
“Inventory shortages in Canada’s housing market are not limited to entry-level asset classes. With a vast majority of buyer interest coming from Canadians, be it in the luxury market or elsewhere, upward pressure on prices will continue as long as supply fails to meet the demand for homes,” concluded Soper.
Read the full Royal LePage report here.
View more Luxury Real Estate Reports here.
SOURCES:
2024 Royal LePage Carriage Trade Luxury Market Report – Sept 19 2024
Luxury Landscape: Brisk activity expected this fall across Canada’s high-end real estate markets – RoyalLePage.ca