Canada's Luxury Real Estate Market Primed for Buyers in 2024

Despite a subdued market in 2023, luxury buyers and investors were increasingly active, with a surge in demand for luxury single family homes.

Canada's luxury real estate market remained subdued in 2023, despite a surge in sales activity over the summer months that highlighted pent-up buyer demand.
Luxury buyers and investors were increasingly active as the year progressed and housing supply returned to the market and were increasingly successful with assertive negotiations and bids.
Demand for luxury single family home dominated the high-end market as persistently high condominium prices and rising carrying costs positioned detached homes as competitive housing and investment options.
In the Toronto Area, luxury sales activity gained traction in the last half of 2023 with residential sales over $4 million rising 19% year-over-year; however, sales in 2023 were down 20% overall compared to 2022 levels.
The market is primed for favourable buying opportunities in the initial months of 2024, particularly for cash-only and cash-dominant purchasers, and those trading up from existing properties.