REMAX Report Shows Fragmented Canadian Luxury Real Estate Market
REMAX Canada reports luxury home sales rose in seven of 13 major markets, driven by regional resource strength despite declines in major urban centers.
A report from REMAX Canada reveals a fragmented luxury real estate market across 13 Canadian cities from January 1 to September 30, 2026. Luxury sales increased in seven markets and declined in six, contrasting with a broader national trend where the Canadian Real Estate Association reported a 2.3% monthly decline in overall home sales for September.
Burlington led the country with a 26.3% increase in luxury sales, followed by double-digit gains in St. John’s, Calgary, Edmonton, and Saskatoon. Growth in these regions was driven by strong energy, resource, and agriculture sectors. In Edmonton, sales for homes over $1 million rose nearly 16%, with the ultra-luxury segment above $3 million surging by 36%.
Major urban centers experienced steeper drops, including Greater Vancouver at 17%, Oakville at 16.7%, and the Greater Toronto Area at 9.4%. However, the ultra-luxury segment remained resilient in Toronto, where sales for homes priced at $7.5 million or more climbed 17.6%.
Market analysts and executives attribute this divergence to regional economic fundamentals and equity market gains. However, prospective buyers face headwinds from rising fixed mortgage rates and economic uncertainty linked to a trade war initiated by U.S. President Donald Trump. The Bank of Canada further impacted affordability by raising its overnight-rate target to 2.5% on October 28.
