Show as slideshow

Toronto’s $10 million-plus ultra-luxury detached sales triple.

Engel & Völkers has released its 2024 Year-End Canadian Luxury Real Estate Market Report, highlighting stability and demand for luxury and ultra-luxury real estate in 2024’s second half.

Toronto’s $10 million-plus sales tripled in the year’s second half, and Vancouver’s $2 million to $3.99 million detached homes remained stable, with price fluctuations under 5 per cent. Halifax saw a 51 per cent drop in $1 million to $1.99 million listings creating limited supply at the onset of 2025, while Montréal’s 32 per cent listing decline maintained stability in the $1 million to $3.99 million range at a $1.5 million average price. Ottawa’s $1 million to $1.99 million properties made up 9 per cent of transactions.

The report also highlights that home sellers in Canada’s premium metro markets waiting for the “holy grail” spring market may face increased competition. The long-awaited market recalibration appears to be nearing its final phase, with several key national trends shaping the landscape.

First-time homebuyers are driving a surge in activity, fueled by new government incentives and an increased insured mortgage cap from $1 million to $1.5 million. Canada’s condo market recovery remains tied to competition in the detached housing sector, while the country faces a looming supply shortage due to a slowdown in new developments. Additionally, Canada is addressing its skilled trades shortage with a $9 million investment to integrate 1,500 internationally trained professionals into the workforce.

“The Engel & Völkers 2024 Year-End Luxury Canadian Real Estate Market Report underscores the remarkable resilience of Canada’s premium housing markets, particularly in cities like Toronto, where ultra-luxury home sales tripled from the first half to the second half of 2024,” said Andrew Dinsmore, chief financial officer, Engel & Völkers Americas. “Toronto’s tripling of $10 million-plus sales reflects a robust demand for high-value properties, while Vancouver’s stability in the $2 million to $3.99 million range highlights the enduring appeal of the city’s detached market. As we move into 2025, these trends, combined with government policies and shifts in buyer behaviour, will continue to shape the trajectory of the luxury real estate landscape.”

Engel & Völkers Canada real estate professionals predict:

• Halifax residential properties worth over $1 million will see a 3 per cent price increase in the first half of 2025.
• Montréal residential properties worth over $1 million will see a 5 per cent price increase in the first half of 2025.
• Ottawa residential properties worth over $1 million will see a 5 per cent price increase in the first half of 2025.
• Toronto residential properties worth over $1 million will see a 3 per cent price increase in the first half of 2025.
• Vancouver residential properties worth over $1 million will see a 2.5 per cent price increase in the first half of 2025.

www.evrealestate.com