Engel & Völkers Releases 2024 Year-End Canadian Luxury Real Estate Market Report

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

New York, New York and Toronto, Ontario--(Newsfile Corp. - January 14, 2025) - 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."

2024 Year-End Canadian Luxury Real Estate Market Report

About Engel & Völkers

Engel & Völkers is a global luxury real estate brand. Founded in Hamburg, Germany, in 1977, Engel & Völkers draws on its rich European history to deliver a fresh approach to luxury real estate in the Americas with a focus on creating a personalized client experience at every stage of the home buying or selling process for today's savvy homeowner. The Engel & Völkers Network currently operates approximately 300 shop locations with approximately 6,000 real estate advisors in the Americas, contributing to the global Network of over 16,000 real estate professionals in more than 30 countries, offering both private and institutional clients a professionally tailored range of luxury services, including real estate and yachting. Committed to exceptional service, Engel & Völkers supports its network of advisors with an array of premium quality business services; marketing programs and platforms; as well as access to its global network of real estate professionals, property listings, and market data. Each brokerage is independently owned and operated. For more information, visit www.evrealestate.com.

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