Canada’s luxury real estate market remains strong in 2025, with significant segmentation defining the mid-year outlook, according to a new report by Engel & Völkers. The global luxury real estate brand’s 2025 Mid-Year Canadian Luxury Real Estate Market Report highlights growing demand in the ultra-luxury segment, driven by ultra-high-net-worth individuals, while mid-luxury homes continue to anchor the broader market.
The report analyzes residential properties priced over $1 million across five key Canadian cities — Halifax, Montréal, Ottawa, Toronto, and Vancouver — and points to a stable yet evolving national landscape. Notably, neighbourhood segmentation and hyper-local trends are playing a growing role in market valuations, with factors such as school zones, views, and lifestyle amenities contributing to drastic price variances even between adjacent streets.
“We’re seeing a clear wave of demand from ultra-high-net-worth downsizers who value privacy, space and convenience,” said Andrew Dinsmore, Chief Financial Officer of Engel & Völkers Americas. “In cities like Toronto and Vancouver, boutique ultra-luxury condos are outperforming, driven by buyers seeking turnkey sophistication.”
Key Highlights from the Report
-
Halifax: The number of units sold between $1 million and $1.99 million increased by 9.2% in the first half of 2025, year-over-year.
-
Montréal: Home sales in the $4 million-plus category surged 69% compared to the same period last year, marking a significant rebound in the city’s top-tier market.
-
Ottawa: Properties priced between $1 million and $1.99 million represented 10.8% of all real estate transactions in the first half of 2025 — up from 8.6% in the previous half-year.
-
Toronto: Ultra-luxury home prices in the $10 million-plus segment rose by an average of $1 million, now reaching $14.8 million.
-
Vancouver: Detached home sales in the $1 million to $1.99 million bracket grew by 4% year-over-year in June.
While the ultra-luxury market surges, the report also notes growing pressure from Canada’s immigration caps, which are tempering new international buyer demand. Still, domestic demand for premium properties, especially condos with high-end amenities and privacy, continues to grow.
Engel & Völkers points out that Canada’s current housing narrative is shifting from generalized citywide trends to highly specific neighbourhood-by-neighbourhood dynamics. Buyers are now prioritizing specific features like school catchments, green space proximity, and walkability more than ever before.
About Engel & Völkers
Founded in Hamburg, Germany in 1977, Engel & Völkers is a global leader in luxury real estate, with a network of over 16,000 real estate professionals operating in 30+ countries. In the Americas, the brand supports 300 shop locations and approximately 6,000 advisors. For more information, visit www.evrealestate.com.
Stay tuned to GTA Weekly’s Real Estate Category for the latest real estate trends and market insights. Follow GTA Weekly on social media @GTAWeeklyNews #GTAWeekly #GTAToday #GTARealEstate
Leave a Reply