The Canadian luxury real estate market in 2025 is a story of two economies, since Montreal and Calgary Post double digits in high-end house sales, while Toronto and Vancouver have a strong decline.
Despite record-high prices and geopolitical headwinds that weigh in important markets, Montreal's turnover increased over $ 1 million in the first half of 2025, as well as the luxury segment of Calgary over $ 4 million, according to Sotheby's International Realty Canada. In contrast, Toronto and Vancouver recorded both top animal sales decline.
Vancouver had the worst market in the first half of 2025. The turnover of more than $ 1 million was 26 percent compared to the previous year, while sales of more than $ 4 million decreased by $ 51. In the first half of 2025, only two properties worth more than $ 10 million were sold.
The Greater Toronto Area (GTA) also reported a decline, with a decline of over $ 1 million by 23 percent and a decrease in transactions by USD $ 4 million. The Toronto market of more than $ 10 million was tacitly booming with 12 sales, which corresponds to an increase of 200 percent compared to the previous year.
Dianne Usher, Senior Growth Director Ontario and Managing Broker at Sotheby's International Realty Canada led the movement at the Ultra Luxury market in Toronto to the buyer and the resistance of the sellers against fluctuations.
“Buyers and sellers in the area of more than $ 10 million are more resistant to the shades and fluctuations on the market as a buyer in the price range of $ 1 million or $ 4 million,” said Usher.
“You buy what you want, when you want and you sell if you want to sell,” she continued.
At Montreal and Calgary, both an increase in transactions of more than $ 1 million and over $ 4 million increased. In Montreal, sales of more than $ 1 million increased by 26 percent compared to the previous year, while sales in the same category in Calgary rose by three percent. During sales of more than $ 4 million in Montreal by 22 percent, a total of over $ 10 million and 43 percent in Calgary. Usher attributed these profits to several factors.
“(There was a lot of interprinted movement to Alberta, especially after Calgary, in recent years, so that the markets rose there. In Montreal there was demand and many (people) who wanted to shop last year,” said Usher.
Montreal was the only region in which the condominium market with the turnover of luxury units ($ 1 million to $ 2 million) was implemented by 24 percent compared to the previous year. However, the condominium market was sluggish during the rest of the country.
In the GTA, for example, sales of condominiums in the categories of over $ 1 million and $ 4 million decreased by $ 29 and 18 percent. Vancouver recorded a sales decline of 24 percent for condominiums worth more than 1 million US
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Plus. In Calgary, sales of more than $ 1 million were eight percent.
Usher is of the opinion that the doldrums will be short -term and expects a back rash for the condominium market as soon as the effects of re -sponsored or broken projects are becoming clearer.
“In the next few years we will see a large increase (when buying) due to the lack of offer (due to the lack of buildings) and investors on the market as soon as the foreign buyer ban is lifted,” she said.
The foreign ban on the foreign buyer prohibits foreigners buying residential properties in Canada. The ban came into force on January 1, 2023 and was originally extended on January 1, 2025 in February last year until January 1, 2027.
With a view to the future, Usher expects the market to improve by the end of the year. “I think we are ready for a strong third quarter,” she said. “We see a lot of interest from buyers.”