Canada’s luxury real estate market eased into spring with modest sales gains across key metropolitan cities, as the dynamic between prospective home sellers and buyers improved, and pricing expectations continued to come into alignment.

TRREB has released their 2024 Market Outlook and 2023 Year in Review report.

The Ontario Government has set an ambitious goal of adding 1.5 million homes to the province’s housing stock by 2031. This goal reflects the urgent need to solve Ontario’s housing affordability crisis – one ultimately driven by too few homes, for too many people.

Canada’s metropolitan luxury real estate market evolved over the course of 2023 as buyers emerged from the sidelines with newly altered housing preferences and sharpened priorities, as well as negotiating power that steadily increased as the year progressed.

The Sotheby’s International Realty® 2024 Luxury Outlook report overviews industry trends in high-end residential markets around the world and highlights what you can expect in the year ahead.

As the country’s housing market continued to wrestle with the challenges of elevated mortgage rates, uneven economic performance and intense geopolitical turbulence, reviving luxury single family home sales in the third quarter of the year revealed the relative resilience and adaptability of luxury real estate buyers, as well as Canadians’ unwavering desire to attain home ownership.

Discover the latest buzz in Toronto's real estate market and development scene as we recap the top headlines from last week. Stay up-to-date with the city's dynamic property trends and exciting new projects shaping the urban landscape.

The performance of Canada’s major metropolitan luxury real estate markets diverged in the first half of 2023 as local market differences strengthened following the nationwide housing boom from 2021 to the first quarter of 2022 and the period of near-universal market normalization over the past 12 months.

Canada’s luxury real estate market saw muted sales activity in the first quarter of 2023, as a shortage of housing supply across every spectrum of the market compelled real estate sellers and buyers to delay market engagement to the second quarter.

Get the latest insights on the Greater Toronto Area (GTA) housing market with our comprehensive January 2023 market report. Discover key trends, sales data, and expert analysis from Toronto Regional Real Estate Board (TRREB) President Paul Baron and Chief Market Analyst Jason Mercer. Don't miss out on this valuable resource for understanding the impact of higher borrowing costs on affordability and the potential for increased housing demand in the coming months. Read the full report now!

On January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Foreign Buyers Ban”) came into effect in Canada and will be in place for two years. 

As a company, Sotheby’s International Realty Canada expects that we will see continued interest and demand for Canadian real estate from purchasers from abroad who will remain fully qualified to purchase a home in Canada.

Following an era of exorbitant hyperinflation in Canadian luxury real estate, new post-pandemic benchmarks were established in 2022 as the housing market responded to a cascade of stressors.

The third annual 2023 Luxury Outlook report is an ambitious exploration into high-end residential markets across the globe.

Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year, and at a very low level historically. The fact that the supply of homes for sale has remained low, has supported average selling prices at the $1.08 to $1.09 million mark since August.

Despite the continued housing market transition to a higher borrowing cost environment, the average selling price in the Greater Toronto Area (GTA) found some support near $1.1 million since the late summer.

Canada’s luxury real estate market continued to recede from anomalous historic highs over the third quarter of 2022, as top-tier inventory faded across key metropolitan areas.

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs in September 2022. Sales for the month reached 5,038, but were down by 44.1 per cent compared to September 2021. New listings were also down on a year-over-year basis by 16.7 per cent to 11,237.

There were 5,627 home sales reported through the Toronto Regional Real Estate Board9s (TRREB) MLS® System in August 2022, representing a year-over-year dip of 34.2 per cent 3 a lesser annual rate of decline compared to the previous four months. The August sales result also represented a month-over-month increase compared to July.

The Greater Toronto Area (GTA) condominium apartment market followed a similar trend to the housing market as a whole in Q2 2022. With 5,687 sales, the Q2 result represented a decline of 35.2 per cent compared to Q2 2021.

The performance of Canada’s major metropolitan real estate market remained an unprecedented economic anomaly from March 2020 through to the first quarter of 2022.