{"id":25794,"date":"2025-05-14T11:11:18","date_gmt":"2025-05-14T18:11:18","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=25794"},"modified":"2025-05-14T11:14:05","modified_gmt":"2025-05-14T18:14:05","slug":"buyers-in-toronto-montreal-drive-10-million-ultra-luxury-sales","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2025\/05\/buyers-in-toronto-montreal-drive-10-million-ultra-luxury-sales\/","title":{"rendered":"Buyers in Toronto &#038; Montreal Drive $10 Million Ultra-Luxury Sales"},"content":{"rendered":"<p style=\"text-align: justify;\">A fragile recovery in Canadian real estate unravelled in the first quarter of 2025 as escalating Canada\u2013US trade tensions, new tariffs, and macroeconomic uncertainty sidelined homebuyers and sellers.<\/p>\n<p style=\"text-align: justify;\">According to Sotheby\u2019s \u2018International Realty Canada\u2019s Top-Tier Real Estate: Spring 2025 State of Luxury Report\u2019, while the broader residential market declined, ultra-luxury segments in key metropolitan areas showed isolated signs of resilience.<\/p>\n<p style=\"text-align: justify;\"><strong>Toronto\u2019s Ultra-Luxury Homes Buck Downturn<\/strong><\/p>\n<p style=\"text-align: justify;\">In the Greater Toronto Area (GTA), the ultra-luxury residential market defied national trends.<\/p>\n<p style=\"text-align: justify;\">Sales over $10m rose, with five properties sold on MLS from January to March 2025 &#8211; none had sold in this range during the same period in 2024.<\/p>\n<p style=\"text-align: justify;\">However, sales over $4m dropped 15 percent year-over-year to 90 units, and $1m-plus sales declined 29 percent to 5,479 transactions.<\/p>\n<p style=\"text-align: justify;\">The city of Toronto recorded four of the five $10m-plus transactions. Ultra-high-net-worth buyers in the GTA remained active, with some transactions taking place off-market as sellers sought privacy.<\/p>\n<p style=\"text-align: justify;\">Despite declining activity in the $1m\u2013$4m range, buyers in top neighbourhoods such as Rosedale and Forest Hill continued to drive demand for select properties.<\/p>\n<p style=\"text-align: justify;\"><strong>Montreal Shows Steady Gains<\/strong><\/p>\n<p style=\"text-align: justify;\">Montreal stood out for defying broader national trends.<\/p>\n<p style=\"text-align: justify;\">The Quebec Professional Association of Real Estate Brokers reported a 14 percent year-over-year increase in overall residential sales in the CMA in Q1 2025.<\/p>\n<p style=\"text-align: justify;\">Sales over $1m rose 11 percent year-over-year to 420 transactions. Eight homes sold over $4m, matching the first quarter of 2024. There were no sales over $10m.<\/p>\n<p style=\"text-align: justify;\">The city saw notable strength in the condominium segment. Condominium sales over $1m climbed 27 percent to 124 units, the highest annual percentage growth among Canada\u2019s major cities.<\/p>\n<p style=\"text-align: justify;\">Although no sales exceeded $4m in Q1 2025, this segment drove overall condo market performance. Falling interest rates and an expanded premium inventory supported the upswing.<\/p>\n<p style=\"text-align: justify;\"><strong>Calgary Sees Stable Sales Backed by Population Growth<\/strong><\/p>\n<p style=\"text-align: justify;\">Calgary\u2019s luxury market maintained stability, buoyed by the province\u2019s population gain of 28,496 residents in Q1 2025, according to Statistics Canada.<\/p>\n<p style=\"text-align: justify;\">Sales over $1m rose 2 percent year-over-year to 450 transactions, with one property selling over $4m compared to two in Q1 2024. No homes sold over $10m.<\/p>\n<p style=\"text-align: justify;\">Single-family homes dominated the top-tier segment, accounting for 80 percent of $1m-plus transactions.<\/p>\n<p style=\"text-align: justify;\">Condominium sales over $1m increased 13 percent to 17 units, all in the $1m\u2013$2m range.<\/p>\n<p style=\"text-align: justify;\">Attached home sales over $1m rose 25 percent to 75 units.<\/p>\n<p style=\"text-align: justify;\">CREB data indicated a 17 percent year-over-year decline in overall residential sales in Q1 2025. Despite this, low inventory levels in the luxury segment maintained sellers\u2019 market conditions in key areas.<\/p>\n<p style=\"text-align: justify;\"><strong>Vancouver Experiences Sharp Pullback<\/strong><\/p>\n<p style=\"text-align: justify;\">Vancouver\u2019s luxury market saw the steepest decline among major cities.<\/p>\n<p style=\"text-align: justify;\">Sales over $4m fell 48 percent year-over-year to 33 properties, and there were no sales over $10m\u2014unchanged from Q1 2024. Residential sales over $1m declined 30 percent to 723 units.<\/p>\n<p style=\"text-align: justify;\">The city&#8217;s housing market cooled under the pressure of tariffs, economic uncertainty, and sluggish job growth.<\/p>\n<p style=\"text-align: justify;\">According to Greater Vancouver REALTORS, overall residential sales fell 13 percent in March 2025, while inventory rose 38 percent compared to March 2024.<\/p>\n<p style=\"text-align: justify;\">Single-family homes continued to dominate the luxury segment, making up 94 percent of sales over $4m. Sales of these homes dropped 47 percent year-over-year to 31 properties.<\/p>\n<p style=\"text-align: justify;\">Condominium sales over $1m fell 27 percent to 236 units. Only two condos sold over $4m, down from five in Q1 2024. Attached home sales over $1m dropped 28 percent to 233 units, with no homes selling above $4m.<\/p>\n<p style=\"text-align: justify;\">According to Sotheby\u2019s International Realty Canada, Vancouver\u2019s luxury market remains in buyers\u2019 territory with growing inventory and subdued demand, particularly among small-scale investors in the condo segment.<\/p>\n<p style=\"text-align: justify;\"><strong>Outlook : Cautious Buyers, Selective Gains<\/strong><\/p>\n<p style=\"text-align: justify;\">According to Sotheby\u2019s International Realty Canada President Effi Barak, the ongoing Canada\u2013US trade dispute has weakened consumer confidence, contributing to the broad slowdown in both conventional and luxury real estate.<\/p>\n<p style=\"text-align: justify;\">However, Barak stated that select segments remain resilient due to population growth, pent-up demand, and the financial strength of luxury buyers.<\/p>\n<p style=\"text-align: justify;\">Barak noted that Toronto\u2019s ultra-luxury single-family home market remains poised for activity, while Montreal has exceeded expectations across all housing types.<\/p>\n<p style=\"text-align: justify;\">Calgary\u2019s market continues to benefit from sustained in-migration.<\/p>\n<p style=\"text-align: justify;\">While conditions remain cautious, Barak added that elevated inventory and soft prices in the luxury condominium segments of Toronto and Vancouver may present opportunities for long-term buyers.<\/p>\n<p style=\"text-align: justify;\">As construction slows and new development pipelines contract, experts anticipate that the constrained future supply could support existing condo values.<\/p>\n<p><a href=\"https:\/\/www.wealthprofessional.ca\/news\/industry-news\/amidst-slowdown-ultra-luxury-homes-stay-in-demand\/389111\" target=\"_blank\" rel=\"noopener\">Amidst Slowdown, Ultra-Luxury Homes Stay in Demand<\/a> by Freschia Gonzales | WP Wealth Professional<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A fragile recovery in Canadian real estate unravelled in the first quarter of 2025 as escalating Canada\u2013US trade tensions, new tariffs, and macroeconomic uncertainty sidelined homebuyers and sellers. According to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2025\/05\/buyers-in-toronto-montreal-drive-10-million-ultra-luxury-sales\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,13],"tags":[],"class_list":["post-25794","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Buyers in Toronto &amp; Montreal Drive $10 Million Ultra-Luxury Sales &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2025\/05\/buyers-in-toronto-montreal-drive-10-million-ultra-luxury-sales\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Buyers in Toronto &amp; Montreal Drive $10 Million Ultra-Luxury Sales &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A fragile recovery in Canadian real estate unravelled in the first quarter of 2025 as escalating Canada\u2013US trade tensions, new tariffs, and macroeconomic uncertainty sidelined homebuyers and sellers. 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