Canada’s growing luxury market is fuelling growth across multiple sectors, including prime and super prime real estate. As the world’s HNW and UHNW populations increase, there is a growing demand for luxury real estate in traditional and emerging markets.
With our new office now established in Toronto, Canada, here we examine Canada’s luxury real estate market, the global HNW and UHNW population, and how we can help luxury real estate agencies reach and resonate with wealthy property investors globally.
Luxury real estate Canada: Insights from Sotheby’s 2024 Fall State of Luxury Report
Sotheby’s International Realty Canada’s Top-Tier Real Estate: Fall 2024 State of Luxury Report notes that Canada’s luxury real estate market will remain stable in the coming months despite geopolitical tensions and a slowing economy and will likely intensify with the continued growth in wealthy individuals.
“In recent years, the demand for upward housing mobility across the conventional and luxury housing markets of Canada’s largest cities has risen to all-time highs,” says Don Kottick, President and CEO of Sotheby’s International Realty Canada.
Toronto
The report notes that luxury real estate sales in the Greater Toronto Area remained steady over the summer, with properties over $4 million seeing a slight 3% increase year-over-year between July 1 and August 31. Single-family home sales in this price range rose by 4%, while sales of $4 million-plus condominiums declined by 25% compared to last summer. Overall, residential sales over $1 million experienced an 11% year-over-year drop during the same period.
Early fall market activity suggests similar patterns. Between September 1 and 30, sales of properties over $4 million rose by 9% annually, driven by a 9% increase in single-family home transactions. Meanwhile, only one condominium sold above $4 million, maintaining last year’s level. Residential sales over $1 million in the GTA remained stable, posting a modest 2% year-over-year increase in September.
Vancouver
Vancouver’s luxury real estate market experienced a slowdown in the third quarter, as elevated home prices and uncertainty surrounding the upcoming provincial election weighed on buyer confidence, the report states. Between July 1 and August 31, sales of luxury residential properties over $4 million declined by 13% compared to the same period in 2023. Sales of single-family homes above this price point saw a 16% year-over-year drop, while seven condominiums sold for over $4 million, slightly up from six the previous summer. Overall, residential sales above $1 million fell 15% during this period.
This cautious buyer sentiment extended into September, with sales of $4 million-plus homes plunging 52% year-over-year. Single-family home transactions over this threshold dropped 48%, while no condominiums over $4 million were sold—down from two sales in September 2023. The broader $1 million-plus market also saw a significant 31% annual decline, signalling a more restrained approach among high-end buyers amid ongoing economic and political uncertainty.
Montreal
Montreal’s luxury real estate grew steadily throughout the summer, with sales increasing across all residential property types, including condominiums, attached homes, and single-family residences. The city’s $1 million-plus market posted strong gains, closing the third quarter of 2024 on an upward trajectory. While sales of properties over $4 million totalled five between July 1 and August 31, down from nine during the same period in 2023, overall transactions above $1 million rose 15% year-over-year.
Momentum carried into September, signalling a market primed for further growth. Residential sales over $1 million surged 83% compared to the previous year, while two properties sold for more than $4 million, slightly down from three in September 2023.
Calgary
The report notes that Calgary’s luxury real estate market continued to outperform other major Canadian cities in the third quarter of 2024, driven by strong population growth. Demand remained robust across all residential property types, with sales over $1 million rising 31% year-over-year between July 1 and August 31. One property sold for over $4 million during this period, aligning with seasonal trends observed between 2021 and 2023.
September’s activity suggests continued market strength. Sales over $1 million increased 15% year-over-year, while two properties sold for more than $4 million, compared to no transactions in this price range during September 2023. These trends indicate a resilient and active market moving forward.
A growing UHNW population
The global UHNW population is growing, up 7.6% in 2023 to a high of 426,330 individuals according to the latest Wealth-X World Ultra Wealth Report, and the global ultra-wealthy population – those with assets in excess of of US$30 million – will expand across all regions over the next five years. Of note is that the UHNW population growth in North America outpaced that in Europe and Asia, with 37.8% of the global UHNW population.
Furthermore, the world’s major cities will be an important base for wealth generation, with the Wealth-X report noting that almost 42% of the world’s UHNW population will be based in one of the top UHNW cities, up from 38% in 2015.
Looking at the top 10 countries with the highest number of individuals with a wealth of $10 million plus, Canada places sixth, with an ultra-wealthy population of 64,988, up 2.8%, according to the 2025 Knight Frank Wealth Report. This puts Canada above the UK, France, Australia and Hong Kong, yet behind Germany, India, Japan, the Chinese mainland, and the US with 905,413 ultra-wealthy individuals.
Both Toronto and Vancouver are listed amongst the top 50 wealthiest cities for US$ millionaires by Henley & Partners’ 2024 report in partnership with New World Wealth, with Toronto boasting 106,300 millionaires, 195 centi-millionaires (individuals with $100m+) and 18 billionaires, while Vancouver has 41,400 millionaires, 80 centi-millionaires, and 10 billionaires. Additionally, Calgary is noted as an emerging wealth hub with 15,000 HNWIs, those with liquid investable wealth of US$1 million plus. The city is Canada’s energy capital, one of the country’s top GDP contributors, and one of the world’s fastest-growing tech and aerospace hubs.
Luxury real estate Canada: Notable new luxury residences
Reflecting Canada’s growing ultra-wealthy population and the demand for prime real estate, the development of Canada’s first ultra-luxury condo tower, topped by a two-storey penthouse, was announced in December 2024.
The 138 Yorkville development is located in the heart of Toronto. Once complete, the 31-storey tower will boast 67 terraced villas starting from US$7.5 million, and what is being called a ‘super penthouse’ with a private infinity pool on the roof. Reports state that the development will set a new benchmark in ultra-luxurious high-end real estate.
138 Yorkville has been designed by renowned architect Brian Brisbin of BBB Architects in collaboration with interior designer Alessandro Munge of Studio Munge. Floor-to-ceiling glass, natural stone slab flooring, and over 120 trees planted on terraces will surround residents with nature. Residents will also benefit from a suite of luxury amenities, including private elevator foyers, fitness and wellness facilities, and a complimentary chauffeur service.
Luxury real estate Canada: The growth in hotel-branded luxury residences
The branded residences sector in luxury real estate is experiencing significant growth, with the number of branded residential projects increasing substantially. According to a report by Savills, branded residence schemes have increased by more than 160% over the past decade.
The growth in branded residences demonstrates how ultra-wealthy individuals are increasingly seeking exclusive homeownership options that offer curated lifestyles and strong brand prestige.
Branded residences provide enhanced security, concierge services, and high-end wellness facilities, making them attractive to HNW and UHNW individuals seeking turnkey luxury living, while property investors benefit from the strong resale value and global demand for these properties.
In line with this trend, Canada boasts multiple branded residential properties that appeal to the world’s most discerning individuals, including the Residences at the Ritz-Carlton in Toronto and Montreal, the Shangri-La Residences in Toronto, and The Four Seasons Private Residences in Toronto, Montreal, and Whistler.
How Relevance can help with luxury real estate marketing in Canada
We are a leading full-service luxury marketing agency with extensive experience in helping some of the world’s real estate powerhouses and boutique real estate agencies reach and resonate with the world’s richest audience. Our dedicated office in Toronto, Canada, partners with our team of real estate marketing experts in Monaco, Miami, France, and London to deliver cutting-edge marketing campaigns that deliver a superb return on investment. Contact us today to learn more about our luxury real estate marketing services in Canada.