Luxury real estate in Canada is experiencing a resurgence, but not in the traditional hotspots of Toronto and Vancouver. According to a new report from Re/Max Canada, luxury home sales in Calgary, Edmonton, Saskatoon, and Ottawa have each grown by more than 10 percent in the first four months of 2026 compared to the same period in 2025.
Edmonton Leads the Pack
Edmonton saw the most dramatic increase, with luxury home sales—defined as properties selling for $1.5 million or more—rising by 47.7 percent. The city recorded 65 such sales between January 1 and April 30. Saskatoon also performed strongly, with sales of homes priced at $900,000 or more up by 27.3 percent.
Declines in Major Urban Centers
Meanwhile, luxury markets in Vancouver, Hamilton, the Greater Toronto Area, Montreal, and St. John's each experienced declines of more than 10 percent. Hamilton saw the steepest drop, with luxury sales—defined as $1.2 million or more—falling by 20.9 percent. Vancouver and Toronto, where luxury homes are those selling for $3 million or more, saw declines of 19.8 percent and 16.9 percent, respectively.
Shifting Dynamics
Don Kottick, president of Re/Max Canada, noted that luxury real estate is no longer confined to the largest urban centers. Smaller and mid-sized markets are benefiting from economic diversification, population growth, and demand for lifestyle-oriented properties. In contrast, uncertainty in pricier markets has led affluent buyers to adopt a more cautious approach.
The report highlights a rebalancing of luxury spending across Canada, with buyers focusing on value and long-term opportunity rather than traditional wealth concentrations. Lower price points within the luxury segment have also spurred more activity.
Broader Market Trends
Nationally, home sales rose by 5.5 percent in May, the strongest month-over-month increase of the year, according to the Canadian Real Estate Association (CREA). However, sales were still down year-over-year. CREA senior economist Shaun Cathcart noted that the increase was broad-based but driven largely by Ontario, suggesting that the provincial HST rebate on new builds may have temporarily shifted buyer attention.
