Luxury home sales rise in Calgary, Edmonton while falling in Vancouver and Toronto

Luxury home sales increased in seven Canadian real estate markets in the first nine months of 2026 while declining in six others, according to a new industry report. The RE/MAX Canada Fall/Winter 2026 Spotlight on Luxury report, released Nov. 9, shows a clear divergence in performance across the country. Burlington, Ont., led all markets with a 26.3 per cent increase in luxury sales compared to the same period in 2025. St. John's followed with a 21 per cent rise, while Calgary saw a 20.6 per cent increase and Edmonton a 15.9 per cent gain.

Calgary recorded 563 sales of homes priced at $1.5 million or more from January through September, up from 467 sales a year earlier. In Edmonton, sales of homes priced at $1 million or more rose to 458 from 395. Other western markets also saw growth, with Saskatoon's luxury sales increasing to 83 from 72 and Winnipeg's rising to 209 from 203. The report links part of this performance to regional economic strength and investments in energy, natural resources and agriculture. "The economic strength of different regions has become an influential factor in demand for luxury homes," said Don Cotick, president of RE/MAX Canada. Michael Altineau, vice-president of the luxury real estate sector at the company, added that financial capacity alone is not enough to make a purchase decision. He said buyer confidence and the availability of suitable properties also play an important role.

In contrast, luxury sales declined in several major markets. Greater Vancouver saw a 17 per cent drop, with 594 deals for homes priced at $3 million or more, down from 716 a year earlier. The Greater Toronto Area recorded 841 luxury sales, a decline of 9.4 per cent, while Oakville saw a 16.7 per cent drop to 65 deals. Despite the overall declines, the highest-priced segments retained some strength in these markets.

Sales of homes exceeding $7.5 million in the Greater Toronto Area rose by 17.6 per cent. In Oakville, sales of properties over $5 million increased by about 18 per cent. In Greater Vancouver, the decline in detached homes priced over $5 million was 8 per cent, less severe than the 17 per cent decrease in the segment exceeding $3 million. The figures are based on the study period ending Sept. 30, 2026, and do not represent the full year's outcome. The results reflect differences among Canadian cities, with growth appearing stronger in some mid-sized cities that experienced increased demand for higher-priced properties. The report indicates that the luxury real estate market in Canada does not move at the same pace in all cities. While Calgary, Edmonton and other markets benefit from local economic factors, buyers in Vancouver and Toronto are more cautious.