Get money-saving tips in your inbox.

Stay on top of personal finance tips from our money experts!

News & Resources

RE/MAX Reports Canada's Luxury Home Market Continues to Advance

Jan. 29, 2014
2 mins
Woman installs modern ceiling light in hip home

The luxury home market remains healthy in Canada as RE/MAX data shows 75% of the major centres experienced strong sales in 2013.

In the 16 major Canadian markets reviewed by RE/MAX, half posted double-digit gains led by Greater Vancouver with a 36% increase in luxury sales last year, followed by Calgary at 34% and Edmonton at 32%.

In Ontario, the Hamilton-Burlington market registered a 31% sales uptick, followed by Kitchener-Waterloo with 27%, and the Greater Toronto Area with an 18% climb from 2012.

"Canada's upper-end housing market continues to set a new standard year after year," remarked Sylvain Dansereau, Executive Vice President, RE/MAX Quebec.

He adds: "Demand and sales are unprecedented, but what's also striking is the increasing level of luxury that homebuyers are demanding and that homeowners are instilling in existing product.  From high-end homes to condominiums, the market is evolving.  It's not only raising the bar but price tags in the process."

Sales of luxury homes priced over $2 million hit 1,609 in Vancouver, compared to 732 properties going for more than $1 million in Calgary. In Toronto, Canada's largest real estate market, 1,908 homes with price tags exceeding $1.5 million changed hands.

The study also found that high-end home sales have nearly quadrupled since 2009 in Regina (up 288%), tripled in St. John's (219%), and more than doubled in Winnipeg (189%).

In addition to improving economic conditions and the low-interest-rate environment in Canada, RE/MAX says the substantial equity gains in Canadian real estate markets and stellar performance in US equities helped push sales.

Dansereau expects the luxury home market in Canada to remain solid in 2014 as the economic picture is set to improve in major centres from coast to coast.

Latest life insurance articles

10 Life insurance myths debunked
Life insurance is for someone older or has kids, right? Wrong. Let’s debunk life insurance myths and learn why everyone needs some form of coverage.
6 mins read
Do you need life insurance? A primer for Canadians
Life insurance isn’t a one-size-fits all solution. But if you have dependents, it can be an important financial safety net for those you love.
7 mins read
Why life insurance should be part of estate planning for new parents
Life insurance is one of the best ways new parents can protect their family and help loved ones in the event of your unexpected death.
5 mins read

Subscribe to our newsletter

Stay on top of our latest offers, relevant news and tips!

Thanks for joining!

You'll be hearing from us shortly - stay tuned.