The recently released 2024 Royal LePage Carriage Trade Luxury Market Report includes insights into the landscape of Canada’s major luxury real estate markets, including how interest rates and buyer sentiment are impacting this segment of the market.

According to the report, sales of luxury homes were up in the first eight months of the year, compared to the same period in 2023, in almost all major cities in Canada – with the exception of the two most expensive markets, Vancouver and Toronto, as well as Halifax. Meanwhile, prices posted modest gains in some regions and slight declines in others.

“Homes typically trade hands at the high end of the market at a slower pace than we see in the industry overall, as the funnel of potential purchasers narrows as the price of properties climbs. This affords luxury buyers the luxury of acting more deliberately, taking their time in a quest to find exactly the right home,” said Phil Soper, president and chief executive officer, Royal LePage. “While market conditions can vary from one city or province to the next, the dynamics at play in luxury real estate markets from coast to coast remain consistent: buyers in this segment know what they want and they are willing to wait for it.”

Key highlights from the national release include:

• Halifax’s luxury real estate market recorded highest year-over-year median price appreciation in the first eight months of 2024, with gains of 8.6%.
• Luxury property prices in Toronto posted year-over-year increase of 3.9%, while Vancouver and Montreal recorded modest declines of 1.8% and 2.8%, respectively.
• Sales activity in Winnipeg’s luxury market recorded greatest year-over-year increase with 61.9% jump, taking into account low transaction volumes.
• Royal LePage experts in all major cities expect increased market activity in the months ahead.