Engel & Völkers’ 2024 Year-End Luxury Real Estate Market Report highlights trends for residential properties over $1 million in Halifax, Montréal, Ottawa, Toronto, and Vancouver.
Following five consecutive interest rate cuts, a surge in spring 2025 listings is expected to temporarily pressure prices downward before they stabilize and trend upward as demand absorbs the inventory. October 2024 marked a turning point, with increased unit sales signaling recovery from post-COVID stagnation.
First-time buyers are driving renewed activity, supported by government incentives and the higher $1.5 million insured mortgage cap. While condos face challenges from oversupply, the sector's recovery depends on competition in the detached market. Stalled developments may lead to future shortages, increasing demand and prices. Meanwhile, Canada’s $9 million investment in skilled trades aims to integrate 1,500 internationally trained professionals, bolstering construction and supporting market growth.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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