Winnipeg’s Strong Performance

Winnipeg saw a 61.9% increase in luxury home sales in the first eight months of 2024, making it one of the strongest-performing luxury markets in Canada. This trend contrasts with larger cities like Toronto, where luxury prices rose modestly by 3.9%, and Vancouver, which saw a slight decrease of 1.8%.

Prairie Provinces Attract Out-of-Province Buyers

The Royal LePage report highlighted notable growth in Prairie cities, with Edmonton and Calgary also showing resilience due to demand from out-of-province buyers. Alberta’s markets have been especially popular among relocating buyers.

Luxury Buyers Less Impacted by Economic Factors

Phil Soper, CEO of Royal LePage, noted that luxury buyers, often unaffected by interest rates, tend to prioritize quality and long-term value. Many purchase properties with substantial down payments or in cash, making the luxury market less sensitive to economic changes.

Minimal Impact from Foreign Buyer Ban

The 2023 federal ban on foreign buyers, extended to 2027, has had little effect on Canada’s luxury market, as most buyers are domestic.

Outlook for Continued Activity

Royal LePage anticipates further growth in high-end sales, with smaller markets like Winnipeg leading the trend but expecting broader luxury market activity across Canada’s cities in the fall.