State of Luxury Report by Sotheby's International Realty Canada

Sotheby's International Realty Canada puts out their State of Luxury Report at the beginning of each year. It takes a deep dive into the status of luxury real estate across the country. We believe that this is important information for all consumers no matter your price range, it is considered a strong predictor of what is to come for all aspects of the real estate market.

Canada's luxury real estate market demonstrated serious resilience in 2024, navigating through endless challenges from political and economic uncertainty, to regulation changes, and increased inventory levels. Despite all of this the end of the year showed a slow return to market stability, this was thanks to pent-up demand, unprecedented population growth, and decreased interest rates. The GTA led this return, with residential real estate sales over $4 million up 21% year-over-year, supported by surging population and housing demand, increased consumer confidence, combined with seller expectations adapting to market conditions.