Luxury home sales increased in seven of 13 Canadian markets during the first nine months of 2026, with five markets recording double-digit growth, according to a new report from REMAX Canada. However, sales declined in six markets, including Greater Vancouver, Oakville and the Greater Toronto Area (GTA), highlighting differences in regional economic conditions and buyer activity.
REMAX Canada's Fall/Winter 2026 Spotlight on Luxury Report found that while high-end residential sales softened in several major markets, some properties at the upper end of the market continued to attract buyers. The findings suggest regional economic strength, purchasing power and changing investment priorities are influencing luxury housing activity across the country.
The report examined luxury residential sales between Jan. 1 and Sept. 30, 2026, compared with the same period in 2025, across 13 Canadian markets.
"Regional economic strength is shaping luxury demand, with stronger economies providing a sturdier foundation for homebuying activity," says Don Kottick, President of REMAX Canada. "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."
Regional differences shape luxury housing activity
Burlington led the 13 markets with a 26.3 per cent increase in luxury home sales, followed by St. John's at 21 per cent. Calgary recorded a 20.6 per cent gain, while Edmonton sales increased 15.9 per cent and Saskatoon posted a 15.3 per cent increase.
In contrast, Greater Vancouver recorded a 17 per cent decline in luxury sales, followed by Oakville at 16.7 per cent and the GTA at 9.4 per cent. These markets recorded the steepest declines at their respective luxury price thresholds.
The report attributed growth in Alberta and Newfoundland and Labrador partly to energy investment, while Saskatchewan's resource and agricultural sectors supported sales activity in that province. Burlington recorded the strongest overall increase among the markets examined.
Despite declines in some of the country's largest luxury markets, activity at higher price points showed greater resilience, particularly among buyers with substantial home equity and financial flexibility.
In the GTA, sales of homes priced above $7.5 million increased 17.6 per cent year over year. The City of Toronto also recorded 15 transactions above $10 million, the highest number in a decade.
Oakville experienced a similar divergence between overall luxury sales and its highest-priced properties. While sales above $3.25 million declined 16.7 per cent, transactions above $5 million increased by almost 18 per cent.
In Greater Vancouver, detached home sales above $5 million declined eight per cent, compared with a 17 per cent decrease in overall detached sales above $3 million. Edmonton recorded 15 transactions above $3 million, up from 11 in 2025, representing an increase of 36 per cent.
"Wealth enables a home purchase; confidence and the right opportunity motivate it," says Michael Altneu, Vice President of Luxury at REMAX. "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."
Buyers gain negotiating power as priorities shift
The report found that increased inventory and greater negotiating power for buyers have not eliminated demand for properties in desirable neighbourhoods. Several high-value transactions during the reporting period included a $28-million waterfront property in Vancouver, a newly constructed Forest Hill residence in Toronto that sold for more than $23 million and an $18.5-million waterfront property in Oakville.
REMAX also identified opportunities for established homeowners to move into higher-priced properties as the gap between existing home values and move-up purchases narrows. This trend was evident in markets including the GTA, Vancouver, Oakville and London, where some homeowners are considering trading up even if it means accepting a lower price for their current properties.
At the same time, economic and policy uncertainty is influencing purchasing decisions among affluent Canadians. Some are delaying major purchases or considering alternative investment opportunities, potentially contributing to softer luxury sales in larger markets such as Toronto and Vancouver.
The report suggests that declining sales in those markets may reflect changing investment priorities rather than an absence of purchasing power among prospective buyers.
The Fall/Winter 2026 Spotlight on Luxury Report incorporates data and insights from REMAX brokerages, analyzed by Point Blank Communications. REMAX brokers and agents are surveyed about market activity and local developments, with the findings intended to capture broader industry-level information rather than company-specific growth trends.