Canadian Luxury Real Estate Market Report 2024
Detached residential demonstrates impressive resilience despite the slowdown in sales volume in the Canadian Luxury Real Estate Market Report.
Engel & Völkers has unveiled its 2024 Mid-Year Canadian Luxury Real Estate Market Report, revealing luxury properties in Halifax, Ottawa, Toronto, and Vancouver are outperforming market trends in the $1 million-plus segment. The report also highlights misconceptions about The Prohibition on the Purchase of Residential Property by Non-Canadians Act, known as “Canada’s foreign buyer ban”, affecting the country’s welcoming image and disrupting condo market dynamics, especially in the new construction sector. Additionally, the Canadian real estate market is experiencing a decline in domestic investor activity, with condo sales remaining sluggish as buyers await interest rate relief.
“Canada’s luxury real estate markets are demonstrating impressive resilience despite the slowdown in overall sales. While interest rates impact the conventional market, particularly first-time buyers, luxury buyers often pay in cash and are therefore less affected,” says Anthony Hitt, president and CEO of Engel & Völkers Americas. “We anticipate that Canada’s luxury real estate markets will remain stable as real estate continues to be an appealing and safe investment.”
Halifax: Halifax saw a five per cent increase in units sold priced over $1 million in the first half of 2024 compared to last year’s market.
Ottawa: From January to June 2024, home prices in Ottawa grew eight per cent for residential homes priced between $1- 1.99 million.
Toronto: The value of homes priced at $8 million and higher grew by 4.73 per cent compared to last year’s first half real estate market.
Vancouver: Despite more listings and fewer units sold, the average sales price of $2 – $3.99 million residential homes grew by 4.72 per cent from January to June 2024.
Want more real estate market news? Read Engel & Völkers 2023 Year-End Canadian Luxury Real Estate Market Report.
