Canadian Market Overview
The Canadian luxury real estate market has shown stability in 2024, with key trends indicating a shift towards a buyer-friendly market in Toronto and Vancouver. While single-family luxury homes continue to attract strong demand, the condo sector has seen price stabilization as inventory levels rise. According to Sotheby’s International Realty Canada’s Top-Tier Real Estate: Fall 2024 State of Luxury Report, the luxury market in major cities like Vancouver remains robust despite economic uncertainties
Luxury home sales above $4 million in Toronto saw a 3% increase year-over-year during the summer of 2024, with a further 9% rise in September 2024. Meanwhile, Calgary outperformed most Canadian cities, seeing a 15% increase in $1M+ home sales in September, supported by strong population growth from interprovincial and international migration
Canada remains a top destination for high-net-worth individuals (HNWIs), offering economic stability, a strong banking system, and vast natural resources. While a foreign buyer ban remains in place until 2027, it has had limited impact as foreign investment in Canadian real estate has historically been only 1-2% of total sales
British Columbia & Vancouver Market Trends
Vancouver continues to be one of Canada’s most sought-after luxury real estate markets. In 2024, the most expensive home sold in West Vancouver was $14.75 million, showing continued strength at the high end of the market
Luxury real estate in Vancouver remains highly competitive, with properties in prime locations fetching $1,000+ per square foot. Buyers are showing resilience despite rising interest rates, and some are treating high-end properties as long-term investment assets
Sunshine Coast Luxury Market: Strong Demand for High-End Homes
The Sunshine Coast luxury real estate market ($2M+) remains active, with inventory levels lower than peak 2024 levels and strong demand for well-priced properties. While detached homes continue to lead the segment, land and multifamily properties are also attracting interest.
Key Highlights:
- 62 active detached homes, median price $2.9M, average 126 days on market.
- 28 detached homes sold in 2024, median price $2.6M, average 74 days on market.
- Land listings remain available, with 12 active properties at a median price of $2.75M, spending an average of 184 days on the market.
- Multifamily properties are rare, with only one currently listed at $5.39M.
- One pending sale at $3.65M, indicating continued buyer interest in high-end properties.
How This Compares to Vancouver’s Luxury Market
Vancouver’s luxury market has also seen consistent activity, with properties in prime locations fetching $1,000+ per square foot. Unlike Vancouver, the Sunshine Coast has no Empty Home Tax or Foreign Buyer Tax, making it an attractive option for high-net-worth buyers looking for premium properties without additional levies.