Edmonton leapfrogs Toronto as Canada’s hottest luxury real estate market
It’s a brave new world
Is Edmonton coming for Toronto’s real estate crown? A new report from Re/Max Canada suggests that wealthy buyers are increasingly looking to Alberta’s capital city—now the country’s fastest-growing market for luxury homes. According to the study, Edmonton’s high-end sales activity has surged by 50 per cent compared to the same time last year. Conversely, GTHA sales fell by 17 per cent.
But the data comes with an important caveat: “luxury” means different things in different markets. In Edmonton, such housing is defined as properties priced above $1.5 million. In Toronto, the threshold is $3 million.
Re/Max Canada President Don Kottick attributes Edmonton’s growth to “increasing or stable conditions at the higher end of the luxury segment,” for small- and medium-sized cities. He goes on to say that the market shift has largely been supported by economic diversification, population growth and soaring demand for lifestyle-oriented properties. “Meanwhile, in the country’s largest and more expensive markets, uncertainty has prompted affluent buyers to take a more measured approach.”
To his point, sales were markedly up in Saskatoon (+27.3 per cent), Ottawa (+17.5 per cent) and Calgary (+13.5 per cent).
Re/Max’s findings signal that Toronto’s housing slump is not confined to the condo scene. Even in the upper echelon of the market, where buyers tend to be insulated from interest rates, uncertainty is weighing heavily on demand.
Zakiya Kassam is a writer and fact checker whose work has appeared in Post City Magazines, This Magazine and Now Toronto. She was previously the associate editor at Storeys.
