Canada Crowns New Luxury Real Estate Capitals

Canada’s luxury housing market is shifting toward places most people wouldn’t expect to find million-dollar homes. A new ReMax Canada report shows sales of properties priced at $1.5 million or more rose by over 10 percent in several secondary markets between January and April, compared to the same stretch last year.

Edmonton led the country with a 48 percent jump in luxury sales — from 44 to 65 transactions — during the first four months of the year. That city’s luxury price threshold sits at $1.5 million. By contrast, sales in Greater Vancouver dropped 19.8 percent, and Toronto saw a 16.9 percent decline. Both of those markets define luxury at $3 million.

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Several smaller cities followed Edmonton’s lead. Saskatoon posted 27.3 percent growth with 28 sales, Ottawa recorded 17.5 percent (94 sales), and Calgary saw 13.5 percent (218 sales). Their luxury price points range from $900,000 to $1.5 million.

Prairie cities came out ahead in the report. Western Canadian markets showed some of the strongest gains, supported by local economic growth, people moving from other provinces, and a growing willingness to pay higher prices for homes.

“Luxury is no longer defined solely by Canada’s largest urban centres,” said Don Kottick, president of ReMax Canada, in the report. “The growth occurring in many of Canada’s emerging luxury markets extends well beyond sales volume.” He noted that buyers are now more willing to invest in places where local economies are performing well and long-term prospects look solid.

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The report pointed to consumer confidence as a key factor shaping luxury home purchases in 2026. Rather than focusing only on affordability, wealthy buyers are putting more weight on economic stability, future growth potential, and overall value when deciding where to buy.

Ottawa performed particularly well. The city benefits from a stable federal government workforce, a growing technology sector, and a steady stream of executive and professional buyers moving into the area. Some high-net-worth buyers in Toronto and Vancouver, however, have taken a more cautious approach, citing economic uncertainty and shifting tax policies.

Luxury market conditions held steady or improved in Halifax, Winnipeg, London, Montreal, and St. John’s. Atlantic Canadian markets continued to benefit from population growth and new investment, while Montreal and London maintained solid demand for well-located luxury properties.

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Across Ontario’s Greater Golden Horseshoe — including Oakville, Burlington, Hamilton, and Niagara — demand stayed strong among buyers looking for waterfront homes, estate properties, and lifestyle-oriented communities. Improved inventory levels gave more buyers a chance to find long-term value, according to ReMax.

One thing that stands out: the definition of “luxury” itself is shifting. In Edmonton, a $1.5 million home buys something very different than it does in Vancouver or Toronto. That gap in price points is drawing attention from buyers who might have once only looked in the country’s biggest cities.