Those moving forward with purchasing decisions tend to be established local families, business owners and professionals, along with Canadians returning from abroad. Vancouver's West Side and West Vancouver continue to resonate with affluent detached homebuyers, while Coal Harbour, Yaletown and False Creek remain popular destinations for those seeking luxury condominium living. South Surrey and White Rock have also experienced a resurgence of interest from buyers at the upper end of the market.

While the supply of homes in Vancouver's West Side neighbourhoods and desirable walkable communities remains healthy, truly exceptional properties offering prime waterfront locations, protected views or high-quality turnkey living remain in relatively short supply. Rarity was a driving factor in the case of a $28-million sale earlier this year of a double-lot estate on coveted Point Grey Road, offering expansive water views. The transaction underscores both the enduring appeal and the intrinsic and extrinsic value of scarce, but highly coveted uber-luxe properties in prestigious locations, even in softer market conditions.

A recent change in provincial leadership has raised hopes that some of the issues weighing on Greater Vancouver's housing market, including excessive taxation, lengthy permitting processes and redevelopment constraints affecting valuable urban land, may be revisited. The upcoming U.S. midterm elections could also influence trade relations and, by extension, buyer confidence. Perhaps most significant is the future of Canada's foreign-buyer ban, currently scheduled to expire in January 2027. Industry discussions surrounding the scheduled January 2027 expiration of the federal foreign buyer ban suggest that any potential adjustments—such as targeted exemptions at higher price thresholds—could influence activity at the top end of the market while mitigating pressure on broader housing inventory. Greater policy certainty, combined with an improvement in economic confidence, could provide the impetus needed to bring sidelined purchasers back into the market and support market conditions going forward.

Most buyers seek properties in southwest Calgary, where the lion’s share of luxury activity occurs. Established luxury communities, desirable inner-city locations and premium estate neighbourhoods continue to offer characteristics that luxury purchasers covet, including privacy, mature landscaping, larger lots and access to amenities.

An adequate supply of homes is available for sale, with the vast majority in the entry-level range, followed by the $1.5 million to $1.99 million price point. Inventory is more limited at upper price points, with just over 130 properties listed for sale over $2 million, including 14 over $5 million.

Calgary’s has shown a level of resilience that the market is not necessarily seeing across the broader residential market. Luxury homebuyers at the upper end remain active, but they also becoming increasingly selective. Exceptional homes in desirable locations and priced appropriately, continue to attract attention. Although luxury properties represent just a small fraction of sales in Calgary at 2.7 per cent (including entry level properties priced between $1 million and $1.5 million), the high-end continues to outperform the overall market, bolstered by the relative strength of Alberta's economy.

Higher oil prices, increased energy production and ongoing investment are providing a welcome boost to the province's economic performance. Calgary's expanding technology, financial services and professional sectors are also helping to diversify the city's economic base, creating additional opportunities for wealth generation. While slower population growth, ongoing trade tensions and geopolitical uncertainty remain concerns, the province's economic resilience and Calgary's growing appeal as a centre for business and investment should continue to support luxury housing demand. Buyers may remain selective, but confidence in the city's long-term economic prospects may support activity in the upper end of the market.

Luxury values overall have held firm year over year, on par with 2025 levels, providing good opportunities for both buyers and sellers in tune with current market conditions. Move-up buyers are most active in the $1 million to $1.5 million price points, while established professionals, particularly those in the medical and legal fields, alongside professional athletes are driving activity between $2 million and $3 million. Long-time residents who have built and sold successful family businesses are now looking for their dream homes starting at $3 million plus. Buyers are willing to compete for exceptional properties, as evidenced by the recent sale in multiple offers of a property at $4.2 million.

Newer homes continue to command a premium over older existing homes, although there is a contingent of younger purchasers willing to extensively renovate in established neighbourhoods, particularly if homes are located on generous-size lots which remain rare but highly desirable. These affluent buyers with young families are redefining luxury, bringing with it emerging trends. For example, a growing number of high-end homes are being custom designed to accommodate secondary suites or layouts conducive to multigenerational living.

With the question of a proposed Alberta referendum put to rest, the market will benefit from improved stability, as those who paused amid the controversy jump off the sidelines. The stage is already set for a more-active-than-usual November in Edmonton’s luxury segment, which may contribute to stronger annual results if current trends persist. Looking forward, fundamentals support continued strength in luxury and uber-luxe sales, particularly as Alberta is forecast to once again lead the country in economic growth in 2027 at 2.4 per cent. While impacts may be limited compared to larger markets, the scheduled expiry of the foreign buyer ban, potential shifts in immigration targets, and the ongoing intergenerational wealth transfer may be supportive factors for luxury demand heading into 2027.

Despite slowing immigration and in-migration, Saskatoon’s luxury housing market remains well-positioned heading into 2027. Significant investment in Saskatchewan’s potash and uranium industries, ongoing construction activity and a resilient labour market continue to underpin the local economy. Economic growth in the Saskatchewan is forecast to average 1.9 per cent in 2027, up from an estimated 1.5 per cent in 2026, with employment expected to rise 1.5 per cent per year, according to the September,2026 Provincial Economic Forecast by TD Economics. These positive economic fundamentals, combined with the substantial equity held by established homeowners and farm families, have historically supported demand for higher-end properties, even as market conditions return to a more balanced pace.

Homes reflecting craftsmanship, premium finishes and thoughtful details, located in traditionally popular, established luxury enclaves remain most sought-after, with the bulk of purchasing activity concentrated in Tuxedo (30), Waverly West (29), East St. Paul (25), and River Heights (24). Inventory remains adequate, particularly as momentum slows heading into the final quarter of the year. Given softer demand and the current economic climate, some sellers have taken their homes off the market or quietly let their listings expire with the intention to re-list in the busier spring season. Purchasers, meanwhile, are in no hurry to make decisions, with most perfectly content to wait it out on the sidelines until just the right property presents.

Overall, Winnipeg’s luxury market remains relatively stable. Values have held steady, largely in line with year-ago levels. Pricing is paramount, however; properties sporting frothy price tags tend to stagnate. While buyers are eyeing interest rates as part of the overall economic picture, few are overly sensitive at this level. Yet, a few foreclosures or bank-ordered sales have been noted on higher-end properties in Winnipeg in 2026, but mainly limited to business in tariff- or trade-impacted industries such trucking or construction.

While the next few months are expected to follow a typically quieter pattern, improving fundamentals may be supportive of market activity, with rebounding utilities production and manufacturing output, along with a growing public sector and healthy provincial spending. Manitoba’s GDP is forecast to climb 0.4 per cent to 1.5 per cent next year, following a modest 1.1 per cent gain in 2026. While a reversal in the foreign-buyer ban would have limited impact in Winnipeg, the outcome of the Oct. 28th municipal election could hold implications locally, especially in terms of development and housing policies. Momentum has moderated in recent months, but market activity typically increases in the Spring and may bring a sense of renewed optimism to Winnipeg’s luxury home market.

The city’s north and west ends continue to attract the lion’s share of luxury homebuying activity, with established neighbourhoods such as Sunningdale exceptionally popular. Newer developments on the outskirts of the city, including Fox Hollow, Kilworth and Komoka, are also gaining traction with affluent buyers, particularly those seeking larger properties and acreage lots. As London’s population continues to grow, traffic and congestion are increasingly influencing purchasing decisions. Some buyers are looking beyond the city’s core for greater space, privacy and a reprieve from the pressures of urban growth.

Navigating today’s market has become increasingly challenging for sellers. Many are turning to professional staging to enhance the appeal of their properties. Sellers are also showing greater flexibility, including a willingness to consider offers that are conditional on the sale of an existing home. Financing remains another consideration, as mortgage pre-approvals do not necessarily guarantee final approval. Self-employed purchasers, in particular, can face more stringent lending requirements and greater scrutiny of income documentation.

London's economic outlook presents a mixed picture. The region's unemployment rate stood at 8.3 per cent in September, while ongoing trade uncertainty continues to weigh on the manufacturing sector. The decision to delay production at PowerCo's electric vehicle battery plant in nearby St. Thomas until 2029 has also pushed some of the anticipated economic benefits further down the road, although construction continues. At the same time, London's established strengths in health care, education and professional services, coupled with continued population growth, may provide a solid foundation for longer-term housing demand. Economic uncertainty has contributed to selective buyer behaviour, with realistic pricing, quality and perceived value remaining the principal drivers of homebuying activity.

The ongoing transfer of wealth is also playing a role in the luxury market. According to Statistics Canada, household net worth surpassed $19 trillion in the second quarter of 2026, with just under half of that wealth concentrated in residential real estate. Record gains in equity markets have further bolstered household wealth.

Despite adequate means, value remains the defining factor for buyers in the luxury home market. While they are prepared to act when the right property comes along, the is little inclination to overpay, given the luxury of choice. For sellers, realistic pricing will remain paramount, particularly as greater selection continues to shift negotiating power in favour of purchasers. Opportunities clearly exist, but in today's market, the right property at the right price continues to make all the difference.

There are also indications that inventory levels are beginning to tighten. According to TRREB Market Watch, new listings in Toronto's central core declined 16 per cent year-to-date through September 2026, falling to 24,979 from 29,748 during the same period in 2025. Active detached listings in the central core stood at 1,157 in September, down from 1,181 one year earlier.

While the economic backdrop remains challenging, there are reasons for cautious optimism. The resurgence in sales at the very top of the luxury market suggests that some affluent buyers are no longer prepared to wait on the sidelines. With prices having adjusted, greater selection still available and the possibility of more favourable housing policies in 2027, conditions could gradually improve. The potential expiration of the federal foreign buyer ban in January 2027 may be viewed as a positive factor for luxury sales, although provincial and municipal taxes on foreign purchasers would remain a consideration. Much will depend on economic stability and the return of confidence, but the early signs of renewed activity at the upper end of the market may indicate improving market sentiment.

The luxury segment of the condominium market has shown some resilience, given the downward pressure on condominiums overall. Downsizing baby boomers are largely responsible for high-end condominium sales over $850,000, but sales have tapered year over year, with just 58 properties changing hands between January and September of this year, compared to 68 during the same period in 2025. Average price hovers between $1 million to $1.25 million this year.

Luxury home sales continue to account for close to three per cent of Ottawa’s overall housing market, a proportion that has remained remarkably consistent, considering ongoing economic uncertainty and Canada-U.S. trade tension. While the Ottawa Board of Trade’s early-year outlook projected economic growth of just 0.5 per cent for the city in 2026, Ottawa benefits from median household incomes well above the national average, supported by a substantial base of highly educated professionals, government employees and technology-sector workers. However, unlike larger economic centres, Ottawa has a comparatively smaller concentration of ultra-high-net-worth individuals. Affluence in the capital is more broadly supported by strong household earnings, accumulated real estate equity and long-term financial stability, rather than concentrated private wealth. This distinction helps explain why Ottawa's luxury market is predominantly concentrated between $1.5 million and $2 million, while transactions above $3 million remain relatively limited. Buyers are typically financially established and value-conscious, contributing to a luxury market characterized by greater price sensitivity and more measured purchasing decisions at the highest price points.

Properties priced under $1.5 million continue to be the bread and butter of the market. A greater number of sales are occurring outside Montreal. Areas on the South Shore, such as Boucherville, are gaining traction, where a five-bedroom home can be purchased for approximately $1 million. The move-up market appears to be stalled, with most buyers content to wait until they are truly ready to make their next move.

Unlike counterparts in other areas of the country, luxury buyers at the top end of the market have little interest in the condominium lifestyle, despite attractive price points. An oversupply of product exists, especially in the downtown core.

Confidence remains the key factor, with geopolitical tensions, tariffs and economic challenges forming the backdrop to many homebuying decisions. Some forecasts point to modest economic growth in 2027, with GDP growth projected to top out at just over one per cent. Some policy levers could influence select purchasers. If the foreign buyer ban is rescinded in 2027, for example, there could be an uptick in activity. However, a more stable 2027, characterized by stronger economic growth and fewer international concerns, would go a long way toward restoring confidence and supporting a healthier luxury market in Montreal and the surrounding areas.

Despite economic uncertainty and mounting inventory levels, some sellers continue to price their homes above fair market value, contributing to longer days on market. Others are testing market conditions with ambitious asking prices, only to make subsequent reductions when offers fail to materialize. By that point, however, the initial momentum of the new listing has often been lost, underscoring the importance of realistic pricing in today's more discerning market.

In-migration continues to support Halifax's housing market, although the pace has slowed considerably from the pandemic years, tempering demand at the upper end. The anticipated expiry of the federal Foreign Buyer Ban on January 1, 2027, provided it is not extended, may attract renewed interest from abroad, particularly among those with family ties to the region. The renewed access could offer a welcome boost to luxury sales, particularly in established neighbourhoods and waterfront communities.

Looking ahead, Halifax's economic fundamentals provide reason for cautious optimism. Increased federal defence spending, ongoing shipbuilding activity and significant investment in naval infrastructure are intended to support employment, attract skilled workers and generate economic activity throughout the region. While slower population growth, economic uncertainty, high inflation and expanded listing inventory may temper sales in the near term, the longer-term outlook remains encouraging. A stronger economic base, coupled with the potential return of foreign purchasers and renewed buyer confidence, may contribute to more favourable market conditions for the luxury housing market.

Economic fundamentals continue to underpin housing demand. Increased offshore oil production contributed to a five per cent upswing in the St. John’s economy in 2025, while population growth climbed 1.3 per cent to almost 245,000. Looking ahead, the massive Churchill Falls and Gull Island hydroelectric developments on the Lower Churchill River in Labrador are expected to provide a further boost to the province’s economy. Valued at nearly $70 billion, the projects and related energy infrastructure represent the largest clean energy investment in North American history, nearly tripling existing generating capacity and supporting an estimated 23,000 construction jobs.

Project proponents anticipate significant economic benefits from an undertaking of this magnitude, creating new employment opportunities and stimulating growth throughout the province. With housing inventory remaining relatively limited, ongoing economic and population growth could influence local price dynamics and demand patterns in St. John’s and the surrounding areas.