Escalating trade tensions and economic pressures have slowed the trading of multi-million-dollar homes in Canada, but Montreal and Calgary are resilient in the face of these challenges, according to Sotheby’s International Realty Canada.
Calgary’s residential sales over $1 million saw a modest 3 per cent uptick to 1,164 properties in the first half of 2025. Of those, 10 were in the $4 million-plus category, compared to seven in the same period of 2024, according to Sotheby’s State of Luxury report, released Wednesday.
Montreal’s luxury housing market “defied national headwinds in the first half of 2025,” reads the report. Residential sales above $1 million climbed 26 per cent year-over-year to 1,086. Of those, 22 were $4 million-plus, a 22 per cent increase from 2024. One “ultra-luxury” home sale over $10 million was reported on in the first half of 2025, in contrast to zero sales in this price segment in the same period last year.
“Canada’s luxury real estate market continued to show resilience in the first half of 2025, despite persistent macroeconomic volatility and uncertainty,” says Effi Barak, president of Sotheby’s International Realty Canada, in a press release.
“Montreal and Calgary led performance across the country, with healthy sales activity supported by relatively attainable housing prices and measured consumer confidence. These conditions enabled upward mobility and sustained demand across the luxury market.”
Luxury pullback in Canada’s biggest cities
Toronto
Residential real estate sales over $4 million in the Greater Toronto Area fell 28 per cent year-over-year to 222 properties sold on MLS between January 1 to June 30. Sales of properties priced over $1 million saw a 23 per cent decline to 13,563 units sold.
In contrast, ultra-luxury sales over $10 million increased 200 per cent year-over-year, with twelve properties – all single-family homes – sold in the first half of the year, compared to four in the same period of 2024.
Sotheby’s experts noted an increase in ultra-luxury transactions occurring “off-market” as sellers increasingly sought greater discretion and privacy.
“While overall activity in Toronto and Vancouver remained subdued in the first half of the year, premier neighbourhoods in both cities continued to attract interest,” said Barak.
“In Toronto, ultra-luxury sales outperformed the prior year, underscoring the ongoing confidence of high-net-worth buyers in premier assets.”
Vancouver
Vancouver’s luxury market also contracted sharply in the first half of the year.
Sales over $4 million fell 51 per cent year-over-year, with two transactions above $10 million recorded, compared to seven in the same period in 2024.
Sales of properties priced above $1 million also fell 26 per cent compared to the same period last year.
