Real estate market in Canada: Luxury homes on sale

Sales activity among luxury homes in Toronto and Vancouver saw a decline in 2022, according to new data released by Sotheby’s International Realty Canada on Wednesday. However, other major Canadian cities such as Montreal and Calgary saw sales volumes stabilize or even increase throughout the year.

The luxury real estate company’s year-end report points to a 24-per-cent decline in residential sales valued at more than $4 million in the Greater Toronto Area throughout 2022, compared to the previous year. Residential sales of more than $10 million dropped 29 per cent year-over-year.

“Overall, $1 million-plus residential sales saw an annual decline of 28 per cent, despite underlying demand for top-tier housing and housing mobility,” reads the report.

Residents of Vancouver witnessed similar conditions in 2022, with residential real estate sales of more than $1 million falling 29 per cent in 2022 compared to 2021. However, luxury real estate markets in other cities, such as Calgary, rebounded in 2022. Home sales of more than $1 million in the Alberta city increased 16 per cent year-over-year.

“Calgary’s luxury real estate market out-performed that of Canada’s largest major metropolitan areas, as the city’s strengthening economic fundamentals ignited consumer confidence and civic optimism,” reads the report.

A separate report by real estate agency Engel & Volkers also shows a rise in sales volume for luxury homes in Ottawa year-over-year. Among homes priced at $1 million or more, sales activity rose 8.6 per cent in 2022 compared to the previous year. Meanwhile, residents of Montreal saw “more balanced conditions” in the city’s luxury real estate market throughout 2022, according to Sotheby’s International Realty Canada.

The dip in demand witnessed by some of Canada’s major cities has played a role in creating more favourable conditions for prospective luxury home buyers, said Don Kottick, president and CEO of Sotheby’s International Realty Canada, in the report’s executive summary.

“After an era of intense hyperinflation, new post-pandemic benchmarks for Canadian conventional and luxury real estate were established in 2022 as the market processed the impact of aggressive interest rate hikes,” he said. “By the end of the year, luxury housing segments in several major metropolitan areas were on the brink of buyers’ market conditions, while others had very clearly shifted into this territory.”

This comes as conventional home sales continue to drop across Canada on an annual basis. According to the latest data from the Canadian Real Estate Association, sales activity fell 39.1 per cent year-over-year in December 2022. This figure is not seasonally adjusted. has put together a list of properties currently on the market for $1 million or more in major cities across Canada. Scroll down to see what’s available.


(Kristin Gill, reAngle Real Estate Marketing / Layla Yang and Frank Peng, Dracco Pacific Realty)

Type: House

Price: $12,990,000

Year Built: 1996

Property Size: 678.29 sq. m

Lot Size: 1,590 sq. m

This private home in Vancouver’s First Shaughnessy neighbourhood has five bedrooms and eight bathrooms across more than 670 square metres. In the main bedroom are vaulted ceilings and a private balcony overlooking mountain views, while hardwood floors run throughout the main level. In the basement is a recreation room with a wet bar and a pool.


(Phil Stockely, Edmonton 360 Tours / Alan Gee, Re/Max Elite)

Type: House

Price: $1,898,000

Year Built: 2020

Property Size: 262.24 sq. m

Lot Size: 650.17 sq. m

With four bedrooms and seven bathrooms, this updated farmhouse in Edmonton’s Glenora neighbourhood features an open-concept design. On the main floor is a large mudroom with built-in shelving, along with a den, living room, dining room and kitchen area. Attached to the garage is an additional suite with a kitchen and full bathroom.


(Jordan Miller, Calgary Photos / Rachelle Starnes, Coldwell Banker Complete Real Estate)

Type: House

Price: $3,995,000

Year Built: 1995

Property Size: 516.08 sq. m

Lot Size: 0.1 to 0.2 hectares

Sharp peaks and arched windows make up the exterior of this nearly $4-million home in Calgary. The kitchen was recently renovated and includes white cabinetry and quartz countertops. In addition to six bedrooms and six bathrooms is a formal living area complete with a music room, library and a wood-burning fireplace. In the backyard are terraces offering plenty of sitting space, as well as a built-in barbecue.


(Hatch Media / Rob Pederson, Realty One Real Estate Services Inc.)

Type: House

Price: $1,499,900

Year Built: 2021

Property Size: 206.99 sq. m

Lot Size: 811.69 sq. m

Built in 2021, this four-bedroom, four-bathroom home in Regina spans about 207 square metres. On the main floor is an open-concept living room and a custom kitchen, while the upper level features a primary bedroom with vaulted ceilings and views of Wascana Lake. The two-storey home also has a finished basement as it situated on a pie-shaped lot.


(Artistic Impressions Photography / Natasha Kouk, Royal Lepage Dynamic Real Estate)

Type: House

Price: $1,295,000

Year Built: 1988

Property Size: 349.22 sq. m

Lot Size: 1,100.9 sq. m

Oak floors run throughout the main and upper levels of this contemporary-style Winnipeg home. On the main floor, the professional kitchen has a gas burner as well as a built-in griddle, two dishwashers and a butler’s pantry. In the living room are soaring ceilings and a tiled wall with a fireplace. Next to the main bedroom is a five-piece ensuite and a walk-in closet.


(Cirius 3D / Dave Elfassy, Sutton Group-Admiral Realty Inc.)

Type: House

Price: $3,199,000

Year Built: 1905

Property Size: 260.13 sq. m

Lot Size: 169.82 sq. m

This four-bedroom, five-bathroom home is located in Toronto’s Palmerston neighbourhood. Built in 1905, the house has since been renovated throughout and features custom lighting, along with other upgrades. In the gourmet kitchen are quartz countertops and backsplashes, as well as a centre island. The home also has a walk-up basement and a rooftop terrace.


( / Marilyn Wilson Dream Properties Inc.)

Type: House

Price: $2,250,000

Year Built: 2010

Property Size: 406.36 sq. m

Lot Size: 868.64 sq. m

Spanning more than 400 square metres, this Ottawa home has four bedrooms and four bathrooms, as well as an outdoor kitchen and pool. The main level has an open-concept layout with a foyer that leads into the living and dining areas. In the kitchen are granite countertops, a walk-in pantry and stainless steel appliances. Meanwhile, the basement has a family room and additional work space.


(Studio 360 Solutions / Marie Sicotte, Groupe Sutton – Centre-Ouest Inc.)

Type: House

Price: $8,250,000

Year Built: 1928

Property Size: 632.86 sq. m

Lot Size: 1091.3 sq. m

With six bedrooms and four bathrooms, this home located in Montreal’s Westmount neighbourhood was completely renovated in 2017. On the main floor is a living room with large windows, high ceilings and a gas fireplace surrounded by marble. In addition to a library and dining room is a gourmet kitchen, with French doors leading to an outdoor patio area, as well as an office.


PHOTO] (Chris Dickson / Margaret Craig, Engel & Volkers Halifax)

Type: House

Price: $2,100,000

Year Built: 2019

Property Size: 408.77 sq. m

Lot Size: 0.4 to 1.21 hectares

Situated about 30 minutes away from downtown Halifax by car, this $2.1-million house overlooks Nova Scotia’s McCabe Lake. A modern farmhouse, the home features five bedrooms and four bathrooms across 408 square metres of space. The living room has exposed beams, a fireplace and floor-to-ceiling windows offering lake views. A formal dining room and home office complete the main level.


(Simon Reid / Kelly Lantz, Century 21 Colonial Realty Inc.)

Type: House

Price: $1,950,000

Year Built: 1998

Property Size: 342.07 sq. m

Lot Size: under 0.2 hectares

This custom-built waterfront home has five bedrooms and three bathrooms, as well as a two-storey foyer. On the upper floor is the main bedroom, which overlooks the Brighton Lighthouse and has a full ensuite. On the main floor is an open-concept kitchen with granite countertops, as well as a sunroom. The home itself is a short drive away from downtown Charlottetown.


(New View Designs by Laurie Cole / Rebecca Steeves Realty Team, Re/Max East Coast Elite)

Type: House

Price: $1,389,900

Year Built: 2022

Property Size: 315.4 sq. m

Lot Size: 1292 sq. m

Built in 2022, this Fredericton home has a modern farmhouse style with high ceilings and numerous windows throughout. The open-concept floor plan features a double-sided fireplace to separate the living and dining areas on the main floor. In addition to the kitchen are four bedrooms and four bathrooms. Located nearby is the West Hills golf course and other amenities.


(Matt Grandy / Tim Crosbie, Royal LePage Property Consultants)

Type: House

Price: $1,000,000

Year Built: 2011

Property Size: 659.05 sq. m

Lot Size: 0.4 to 1.21 hectares

With five bedrooms and four bathrooms, this ranch-style bungalow is situated in the town of Paradise, N.L., a 20-minute drive from downtown St. John’s. The house has seen a number of renovations over the last eight years, including to the main bedroom and ensuite, which has a large shower, double vanity and soaker tub. In the finished basement are theatre, exercise and recreation rooms.