Sales of luxury homes were up in the first eight months of 2024 compared to the same period last year in most major cities
From surging buyer demand to fluctuating interest rates, the Canadian housing market has seen its fair share of ups and downs since the onset of the pandemic. Through it all, home prices in the country’s luxury markets have stayed relatively stable, weathering the ever-evolving market landscape.
According to the 2024 Royal LePage® Carriage Trade® Luxury Market Report, sales of luxury homes were up in the first eight months of the year, compared to the same period in 2023, in almost all major cities in Canada – with the exception of the two most expensive markets, Vancouver and Toronto, as well as Halifax. Meanwhile, prices posted modest gains in some regions and slight declines in others.
“Homes typically trade hands at the high end of the market at a slower pace than we see in the industry overall, as the funnel of potential purchasers narrows as the price of properties climbs. This affords luxury buyers the luxury of acting more deliberately, taking their time in a quest to find exactly the right home,” said Phil Soper, president and chief executive officer, Royal LePage. “While market conditions can vary from one city or province to the next, the dynamics at play in luxury real
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