REMAX Canada finds five markets posting double-digit gains as larger urban centres pull back
Seven of 13 Canadian luxury housing markets recorded year-over-year sales increases in the nine months to September 30, with five posting double-digit gains, even as Greater Vancouver and the Greater Toronto Area (GTA) retreated sharply, according to REMAX Canada’s Fall/Winter 2026 Spotlight on Luxury Report.
Burlington led national luxury growth at 26.3%, followed by St. John’s, Newfoundland and Labrador (+21%), Calgary (+20.6%), Edmonton (+15.9%), and Saskatoon (+15.3%).
Ottawa (+7.6%) and Winnipeg (+3%) also posted gains.
Greater Vancouver fell 17%, Oakville 16.7%, and the GTA 9.4% at their respective luxury thresholds, a divergence the publication has tracked since Canada’s sharpest housing market split in years became visible in first-quarter data.
Don Kottick, President of REMAX Canada, said conventional market variables are no longer the whole story.
“Regional economic strength is shaping luxury demand, with stronger economies providing a sturdier foundation for homebuying activity,” Kottick said.
“Traditional drivers such as supply and demand, pricing, purchasing power and interest rates alone are no longer the only reliable predictors of market activity. Market dynamics are evolving, becoming more complex and nuanced, and increasingly dependent on regional fundamentals.”
What’s driving gains in smaller markets
The theme is consistent with what CMP reported in June, when tracking why luxury buyers are leaving major markets for smaller cities had shifted from a cyclical question to a structural one.
“Smaller and mid-sized markets are experiencing increasing or stable conditions at the higher end of the luxury segment, largely supported by economic diversification, population growth, and continued demand for lifestyle-oriented properties,” Kottick told CMP at the time.
“Meanwhile, in the country’s largest and more expensive markets, uncertainty has prompted affluent buyers to take a more measured approach.”
| Market | Province | Luxury price point | Year-over-year change | Sales (Jan–Sep 2026) |
|---|---|---|---|---|
| Burlington | Ontario | $2,400,000+ | +26.3% | 72 |
| St. John's CMA | Newfoundland and Labrador | $800,000+ | +21.0% | 75 |
| Calgary | Alberta | $1,500,000+ | +20.6% | 563 |
| Edmonton | Alberta | $1,000,000+ | +15.9% | 458 |
| Saskatoon | Saskatchewan | $900,000+ | +15.3% | 83 |
| Ottawa | Ontario | $1,500,000+ | +7.6% | 240 |
| Winnipeg | Manitoba | $900,000+ | +3.0% | 209 |
| Source: REMAX Canada Fall/Winter 2026 Spotlight on Luxury Report. Luxury price thresholds calculated at 2x the average sale price in each market. Data covers January 1 to September 30, 2026 vs same period in 2025. | ||||
Ultra-luxury holds above the declines
Despite headline drops in Toronto and Vancouver, the top of the market proved more durable.
GTA sales above $7.5 million climbed 17.6% year over year, with 15 transactions exceeding $10 million in the City of Toronto, the highest tally in a decade.
Oakville sales above $5 million rose close to 18%, even as overall luxury sales above $3.25 million fell 16.7%.
Greater Vancouver’s detached market above $5 million declined 8%, significantly less than the 17% drop in the broader segment above $3 million.
A development since the study period closed also bears watching: the Bank of Canada raised its policy rate by 25 basis points to 2.5% on October 28, adding a fresh financing variable for buyers dependent on mortgages or the sale of an existing home.
Michael Altneu, Vice President of Luxury at REMAX Canada, said buyer readiness is not in question. Confidence is.
“Wealth enables a home purchase; confidence and the right opportunity motivate it,” Altneu said.
“Most luxury buyers have the financial resources to act, but economic and geopolitical concerns are giving purchasers reason to pause. That said, a property that meets their every expectation can still spur a buyer, especially given the narrower price gap between existing homes and move-up properties, particularly in smaller markets.”
That narrowing gap, a pattern consistent with how secondary luxury markets are outshining Toronto and Vancouver in sales velocity, also drove some of the report’s most notable transactions: a $28-million waterfront estate in Vancouver, a Forest Hill home in Toronto that sold for more than $23 million, and an $18.5-million waterfront property in Oakville.
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