It is no secret that Canada’s housing market has been dealing with headwinds, including the economic uncertainty caused by U.S. President Donald Trump’s trade war against Canada. But one segment of the real estate sector seems to be bouncing back faster.
Luxury home sales are on the rise in seven out of 13 of Canada’s largest real estate market, a new report from Remax Canada shows.
The growth in the luxury real estate market is fastest outside of the two biggest markets, Toronto and Vancouver.
In five of these markets, the luxury real estate sector saw double digit growth rates in the first nine months of 2026.
Burlington, Ont., (26.3 per cent), St. John’s (21 per cent), Calgary (20.6 per cent), Edmonton (15.9 per cent) and Saskatoon (15.3 per cent) saw the largest increase in luxury home sales.
However, a closer look at the numbers shows that even in Canada’s biggest cities, luxury real estate is booming. The slowdown in the Toronto luxury market is concentrated in homes between $3 million and $7.5 million.
The Greater Toronto Area saw a 17.6 per cent increase in luxury sales of homes priced at $7.5 million or more. In the GTA, 18 homes sold for more than $10 million, with 15 of them within the city – the highest single year count for Toronto in a decade.
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A single home in Toronto’s upscale Forest Hill neighbourhood sold for $23 million.
This data comes as the Canadian Real Estate Association reported a 2.3 per cent monthly decline in overall home sales in the country in September.
Rising fixed mortgage rates and economic uncertainty have “stretched” housing affordability in Canada, CREA said.
“The big question going forward is how much farther will the Bank have to go to keep a lid on inflation next year? Until that becomes clearer, this fresh round of uncertainty will likely send some buyers back to the sidelines,” said Shaun Cathcart, CREA’s senior economist.
While Trump’s trade war has continued to be “dark cloud” over many prospective buyers, those at the very top have more financial muscle they are able to flex, said Adil Ninani, realtor with Royal LePage West, based in British Columbia.
“Buyers of the $10 million price bracket have also done very well in the equity markets. They’re not all real estate concentrated. They’ve had other successes or wins in other asset classes that is allowing them to step into this price category,” he said.
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Touring the $1.3M Bonus Prize luxury condo in midtown Toronto
Canada’s unemployment rate ticked up to 6.7 per cent last month.
In 2025, U.S. stocks appreciated 17 per cent, following a 23 per cent gain in 2024 and 24 per cent gain in 2026.
“Wealth enables a home purchase. Confidence and the right opportunity motivate it,” said Michael Altneu, vice president of luxury at Remax.
Buyers at the top also have “the stamina to work through a long, extended negotiation,” Dinani said.
With only a handful of buyers in the luxury market, buyers have the upper hand and can afford to drag out a negotiation and wear down the seller.
“We’ve had negotiations on high-end properties (in and around Vancouver) last multiple months,” he said,
The trend in the luxury home market can be seen as a “course correction” that could trickle down to other segments, he added.
“We are seeing assets worth $10 million plus throughout Metro Vancouver sell. But these were originally listed at $16 to $18 million them. We’ve seen a course correction on pricing expectation,” he said.
However, the thing that will ultimately move the needle on new buyers jumping into the market is a resolution of Trump’s trade war, Dinani said.
“The big thing we’re watching from a macro level is some sort of resolution with the United States. That, in itself, would lead to more folks coming back into the market,” he said.
