Canada’s luxury residential real estate market demonstrated a regional divide in the first nine months this year, with sales growth led by smaller and resource-driven cities while major metropolitan centers face buyer hesitation.
According to the REMAX Canada Fall/Winter 2026 Spotlight on Luxury Report, seven luxury markets posted year-over-year sales increases, led by five with double-digit gains, while six markets recorded declines.
Burlington and Calgary lead double-digit gains
Burlington led the nation with a 26.3 percent year-over-year increase, followed closely by St. John’s at 21 percent, Calgary at 20.6 percent, Edmonton at 15.9 percent, and Saskatoon at 15.3 percent.
Meanwhile, luxury home buyers in the country’s larger and pricier markets exercised greater caution, resulting in sharp declines at their respective luxury thresholds. Greater Vancouver dropped 17 percent, Oakville decreased 16.7 percent, and the Greater Toronto Area recorded a 9.4 percent drop.
Don Kottick, president of REMAX Canada said that traditional drivers such as supply and demand, pricing, purchasing power and interest rates alone are no longer the only reliable predictors of market activity.
Market dynamics are evolving, becoming more complex and nuanced, and increasingly dependent on regional fundamentals, he added.
Ultra-luxury resilience at some key markets
While buyers weighed variables and prices still had to stand up to scrutiny overall, ultra-luxury property sales outperformed the entry-level luxury segment in some key markets.
In the GTA, luxury sales above C$7.5 million (HK$41.29 million)climbed 17.6 percent year over year, bucking a 9.4-per-cent decline in overall sales above C$3 million. In Greater Vancouver, detached sales above C$5 million eased eight percent, compared with a 17-per-cent decline above C$3 million.
Michael Altneu, vice president of Luxury, REMAX, noted that most luxury buyers have the financial resources to act, but economic and geopolitical concerns are giving purchasers reason to pause.
“That said, a property that meets their every expectation can still spur a buyer, especially given the narrower price gap between existing homes and move-up properties, particularly in smaller markets,” said Altneu.
