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.”
CTVNews.ca 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.
VANCOUVER
(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.
EDMONTON
(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.
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.
REGINA
(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.
WINNIPEG
(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.
TORONTO
(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.
OTTAWA
(DreamProperties.com / 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.
MONTREAL
(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.
NOVA SCOTIA
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.
CHARLOTTETOWN
(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.
FREDERICTON
(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.
NEWFOUNDLAND
(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.
TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.
The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.
The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.
“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”
The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.
New listings last month totalled 15,328, up 4.3 per cent from a year earlier.
In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.
The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.
“I thought they’d be up for sure, but not necessarily that much,” said Forbes.
“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”
He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.
“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.
“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”
All property types saw more sales in October compared with a year ago throughout the GTA.
Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.
“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”
This report by The Canadian Press was first published Nov. 6, 2024.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
