{"id":21526,"date":"2025-05-07T05:00:17","date_gmt":"2025-05-07T09:00:17","guid":{"rendered":"https:\/\/sothebysrealty.ca\/insightblog\/en\/?p=21526"},"modified":"2025-05-08T22:52:40","modified_gmt":"2025-05-09T02:52:40","slug":"top-tier-real-estate-spring-2025-state-of-luxury-report","status":"publish","type":"post","link":"https:\/\/sothebysrealty.ca\/insightblog\/en\/2025\/05\/07\/top-tier-real-estate-spring-2025-state-of-luxury-report\/","title":{"rendered":"Top-Tier Real Estate: Spring 2025 State of Luxury Report*"},"content":{"rendered":"<p><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">A promising rebound in Canadian real estate early at the start of 2025 was swiftly derailed by rising Canada\u2013U.S. trade tensions, the threat and implementation of tariffs and counter-tariffs, and growing macroeconomic volatility. Although these shocks to the country\u2019s housing market fundamentals resulted in a broad pullback in residential transactions, segments of Canada\u2019s metropolitan luxury real estate sector showed surprising resilience, underscoring the strength of select markets and consumer groups in the face of turmoil. As the broader housing market braces for greater uncertainty this spring, select luxury segments stand out as outliers of greater stability \u2013 and may still emerge as breakout performers in an otherwise darkening landscape.<\/span><\/p>\n<div style=\"position: relative; padding-top: max(60%,326px); height: 0; width: 100%;\"><iframe style=\"position: absolute; border: none; width: 100%; height: 100%; left: 0; right: 0; top: 0; bottom: 0;\" src=\"https:\/\/e.issuu.com\/embed.html?d=top-tier_real_estate_spring_2025_state_of_luxury_&amp;hideIssuuLogo=true&amp;pageLayout=singlePage&amp;u=insightmagazineart\" sandbox=\"allow-top-navigation allow-top-navigation-by-user-activation allow-downloads allow-scripts allow-same-origin allow-popups allow-modals allow-popups-to-escape-sandbox allow-forms\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/div>\n<p>&nbsp;<\/p>\n<p><b>MARKET HIGHLIGHTS<\/b><\/p>\n<p><b>Montreal<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Montreal\u2019s housing market outperformed national trends and stood out for steady sales activity across all property types in the first quarter of the year. Falling interest rates unleashed pent-up consumer demand across the city\u2019s conventional market as its relatively affordable cost of housing facilitated purchases. This further enabled upward housing mobility into the city\u2019s top-tier and luxury segments. Despite a pullback mid-quarter, between January 1\u2013 March 31 residential sales over $1 million increased 11% year-over-year and the market leaned in favour of sellers overall. Residential sales over $4 million were stable with first quarter 2024 levels at eight properties sold.<\/span><\/p>\n<p><b>Toronto<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The Greater Toronto Area (GTA) ultra-luxury market for properties over $10 million stood out as one of the nation\u2019s rare real estate strongholds in the first quarter of 2025, defying a general pullback across the broader housing market amidst growing economic turbulence. While residential real estate sales over $4 million (condominiums, attached and single family homes) and $1 million saw annual declines of 15% and 29%, transactions over $10 million increased year-over-year. As ultra-high-net-worth homebuyers in the country\u2019s largest regional economy demonstrated strategic adaptability and financial resilience, five properties sold over $10 million on Multiple Listings Service (MLS) between January 1\u2013 March 31 where none had sold in the first quarter of 2024. Private and off-market sales over $10 million also strengthened, according to Sotheby\u2019s International Realty Canada experts.<\/span><\/p>\n<p><b>Calgary<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Calgary&#8217;s luxury real estate market remains well-positioned to withstand tariff threats and economic risks given its growth momentum from 2024. Following a record-setting population boom in 2024 that boosted Calgary\u2019s population by 6.14% year-over-year, the city remains positioned for growth in 2025, as the province of Alberta, added 28,496 new residents in the first quarter of 2025 compared to the last quarter of 2024 according to Statistics Canada, the largest net gain of population over other Canadian provinces and territories. This positioned Calgary\u2019s luxury market as an outlier for growth in the first quarter of 2025, as residential sales over $1 million achieved an uptick of 2% year-over-year. One property sold over $4 million, compared to two sold in the first quarter of 2024.&nbsp;<\/span><\/p>\n<p><b>Vancouver<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Despite an initial uptick in sales activity at the start of 2025, activity across Vancouver\u2019s conventional and luxury residential market stalled as the threat of tariffs reverberated across the city\u2019s lagging economy. As waning confidence in the job and housing delayed buying activity, the accumulation of property listings across the housing market entrenched buyers\u2019 market conditions. As a result, residential sales over $4 million were down 48% year-over-year in the first quarter of 2025, with none of these recorded over $10 million on MLS, on par with the first quarter of 2024. Overall, $1 million-plus residential sales declined 30% year-over-year. These represented the most significant annual declines for luxury residential sales out of Canada\u2019s major metropolitan real estate markets.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">*Disclaimer<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">The information contained in this report references market data from MLS boards across Canada. Sotheby&#8217;s International Realty Canada cautions that MLS market data can be useful in establishing trends over time but does not indicate actual prices in widely divergent neighbourhoods or account for price differentials within local markets. This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information and analysis presented in this report, no responsibility or liability whatsoever can be accepted by Sotheby&#8217;s International Realty Canada or Sotheby&#8217;s International Realty Affiliates for any loss or damage resulting from any use of, reliance on, or reference to the contents of this document.<\/span><\/i><\/p><\/blockquote>\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>A promising rebound in Canadian real estate early at the start of 2025 was swiftly derailed by rising Canada\u2013U.S. trade tensions, the threat and implementation of tariffs and counter-tariffs, and&#8230;<\/p>\n","protected":false},"author":31,"featured_media":21528,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[385],"tags":[251,371,863,1686,1801,1802,1803],"class_list":["post-21526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-updates","tag-luxury-real-estate","tag-sothebys-international-realty-canada","tag-top-tier-real-estate-report","tag-luxury-real-estate-market-update","tag-top-tier-spring-2025-state-of-luxury-report","tag-real-estate-market-report","tag-canadian-real-estate-market-report"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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