Mid-Year 2024 Luxury Real Estate Market Insights

The “Mid-Year 2024 State of Luxury Real Estate” report by Sotheby’s International Realty Canada highlights significant trends impacting the luxury real estate market. The report underscores the profound influence of unprecedented population growth on the housing markets in key cities such as Toronto, Vancouver, and Calgary.

Toronto’s luxury market has shown resilience, maintaining a balanced performance despite the demographic shifts. Vancouver, however, has experienced a slowdown in luxury home sales, attributed to various market conditions. Conversely, Calgary’s luxury real estate sector has witnessed strong activity, driven by substantial internal migration, bolstering economic confidence and market dynamics.

The report emphasizes that interprovincial migration patterns are playing a critical role in shaping the real estate landscape, affecting buyer behavior and market trends. With a detailed analysis of demographic impacts, the report provides valuable insights into the evolving luxury real estate market in Canada.

For an in-depth analysis, visit the full report here.