Luxury properties in Halifax, Ottawa, Toronto and Vancouver outperform in key $1 million-plus segments

Detached residential demonstrates impressive resilience despite the slowdown in sales volume

NEW YORK and TORONTO, July 16, 2024 /CNW/ - Engel & Völkers has unveiled its 2024 Mid-Year Luxury Real Estate Market Report, revealing luxury properties in Halifax, Ottawa, Toronto, and Vancouver are outperforming market trends in the $1 million-plus segment. The report also highlights misconceptions about The Prohibition on the Purchase of Residential Property by Non-Canadians Act, known as "Canada's foreign buyer ban", affecting the country's welcoming image and disrupting condo market dynamics, especially in the new construction sector. Additionally, the Canadian real estate market is experiencing a decline in domestic investor activity, with condo sales remaining sluggish as buyers await interest rate relief.

"Canada's luxury real estate markets are demonstrating impressive resilience despite the slowdown in overall sales. While interest rates impact the conventional market, particularly first-time buyers, luxury buyers often pay in cash and are therefore less affected," says Anthony Hitt, president and CEO of Engel & Völkers Americas. "We anticipate that Canada's luxury markets will remain stable as real estate continues to be an appealing and safe investment."

Halifax: Halifax saw a five per cent increase in units sold priced over $1 million in the first half of 2024 compared to last year.

Ottawa: From January to June 2024, home prices in Ottawa grew eight per cent for residential homes priced between $1 - 1.99 million.

Toronto: The value of homes priced at $8 million and higher grew by 4.73 per cent compared to last year's first half.

Vancouver: Despite more listings and fewer units sold, the average sales price of $2 - 3.99 million residential homes grew by 4.72 per cent from January to June 2024.

2024 Mid-Year Canadian Luxury Real Estate Market Report

About Engel & Völkers
Engel & Völkers is a global luxury real estate brand. Founded in Hamburg, Germany, in 1977, Engel & Völkers draws on its rich European history to deliver a fresh approach to luxury real estate in the Americas with a focus on creating a personalized client experience at every stage of the home buying or selling process. Engel & Völkers currently operates approximately 300 shop locations with approximately 6,000 real estate advisors in the Americas, contributing to the brand's global network of over 16,600 real estate professionals in 34 countries, offering both private and institutional clients a professionally tailored range of luxury services, including real estate and yachting. Committed to exceptional service, Engel & Völkers supports its advisors with an array of premium quality business services; marketing programs and platforms; as well as access to its global network of real estate professionals, property listings and market data. Each brokerage is independently owned and operated. For more information, visit www.evrealestate.com. 

SOURCE Engel & Völkers

MEDIA CONTACTS: Lina Zhao, Matte PR, 416-515-7667 ext. 702, [email protected]; Katelyn Castellano, Senior Vice President, Marketing, Engel & Völkers Americas, 212-234-3100 ext. 9842, [email protected]