Awakening Giant: Canada’s Luxury Real Estate Market Prepares for Bold Return Despite Political Uncertainty

Canada's luxury real estate market is showing signs of a strong comeback, even amid political uncertainties. In 2024, major cities like Toronto, Calgary, and Montreal experienced notable growth in high-end property sales, signaling renewed confidence among affluent buyers.

The Greater Toronto Area (GTA) led this resurgence, with luxury property sales over $4 million increasing by 21% compared to the previous year. This growth is attributed to a booming population, higher housing demand, and sellers adjusting their expectations to match the rebalanced market conditions.

Calgary's luxury market outpaced other Canadian cities, with sales over $1 million and $4 million rising by 42% and 100%, respectively. This surge is linked to economic confidence and record-setting interprovincial migration, which have boosted housing demand in the city.

Montreal also saw healthy gains, with luxury property sales over $1 million increasing by 38% and those over $4 million rising by 16%. These figures suggest a growing interest in high-end real estate within the city.

In contrast, Vancouver's luxury market experienced a slowdown, with sales of properties over $4 million decreasing by 11% year-over-year. This decline indicates a shift towards a buyer's market in the region.

Overall, Canada's luxury real estate sector is poised for a bold return. Factors such as population growth, lower interest rates, and stabilizing home prices are expected to support increased activity in 2025, despite ongoing political uncertainties.