Engel & Völkers 2023 Year-End Canadian Luxury Real Estate Market Report

As 2023 ends, Engel & Völkers is excited to share our Year-End Canadian Luxury Real Estate Market Report. This report gives you a deep dive into the luxury real estate scene in Halifax, Montréal, Ottawa, Toronto, and Vancouver, backed by expert insights and solid data.

A Strong Year

In 2023, Canada’s luxury real estate showed real strength and stability. Despite the ups and downs in global markets, cities like Halifax, Montréal, Ottawa, Toronto, and Vancouver kept adjusting well to new economic situations. We expect them to fully adapt by the end of 2024.

What’s Next in 2024

Looking forward, we see big things shaping Canada’s luxury housing market. Key among these is the expected drop in Bank of Canada interest rates. This, along with better housing affordability and new policies, will likely give the market a big boost.

City Highlights

• Halifax:

  • Even with a 16% drop in sales over $1 million, the average sale price went up by 13%, showing the market’s strength.

• Montréal:

  • The market stayed strong, with just a minor dip in average prices, despite a 12% fall in sales in the $1 – $3.99 million range.

• Ottawa:

  • Made headlines with two homes selling for over $6 million, pushing the average price for high-end homes up by 24%.

• Toronto:

  • Surprised everyone with a huge increase in sales over $8 million, proving its resilience against market challenges.

• Vancouver:

  • Kept its cool with stable prices in the $1 – $3.99 million range, showing steady market health.

Moving Forward

As we move into 2024, the Canadian luxury real estate market looks promising but cautious. Engel & Völkers expects gradual changes and new opportunities. Our report’s insights and trends can guide those looking to buy or sell luxury properties.

Dive into our full report for a detailed look at what’s happening and what to expect in the luxury real estate market.

Click HERE to access the full report.

This post is for information only, not investment advice. Market conditions change. Always talk to a real estate pro for the latest advice.