Canada Housing Market

For years, Toronto dominated conversations about Canada’s luxury real estate market. But new data suggests another city is now leading the country’s high-end housing sector.

According to a new report from Re/Max Canada, Edmonton recorded the strongest growth in luxury home sales among major Canadian markets, with transactions increasing 50% year-over-year. Meanwhile, luxury home sales in the Greater Toronto and Hamilton Area (GTHA) declined 17% over the same period.

The results highlight a growing divide between some of Canada’s most affordable major cities and traditionally expensive housing markets like Toronto and Vancouver.

Edmonton Luxury Home Sales Surge 50%

The Re/Max report found Edmonton’s luxury housing market experienced the strongest growth in the country during the first half of 2026.

In Edmonton, luxury homes are defined as properties priced above $1.5 million. While that’s considerably lower than luxury thresholds in larger markets, sales activity has accelerated significantly as buyers continue to move to Alberta.

Re/Max says factors supporting the market include:

• Strong population growth
• Economic diversification
• Relative affordability compared to other major cities
• Increased demand for larger, lifestyle-focused properties

The report suggests affluent buyers are increasingly viewing Edmonton as an attractive alternative to more expensive markets.

Toronto Luxury Home Sales Continue To Slow

At the same time Edmonton’s luxury market is expanding, Toronto’s high-end housing sector is moving in the opposite direction.

Luxury properties in the Greater Toronto and Hamilton Area are defined as homes priced above $3 million.

According to Re/Max, luxury sales in the region fell 17% compared to the same period last year.

The decline reflects broader weakness across the GTA housing market, where slowing demand, elevated inventory levels, and economic uncertainty have weighed on sales activity.

Other Smaller Markets Are Also Outperforming

Edmonton wasn’t the only city to post strong gains.

The report found several smaller and mid-sized Canadian cities recorded growth in luxury home sales, including:

• Saskatoon: +27.3%
• Ottawa: +17.5%
• Calgary: +13.5%

The trend suggests demand is becoming more geographically diverse as buyers increasingly consider markets outside Canada’s largest metropolitan areas.

Affordability Remains A Key Advantage

One reason Edmonton is attracting attention is the significant price gap compared to Toronto.

While luxury status begins at $1.5 million in Edmonton, Toronto buyers typically need at least $3 million to enter the luxury segment.

That difference allows buyers to purchase larger homes, bigger lots, and more premium features while spending substantially less than they would in Canada’s most expensive housing markets.

As a result, Alberta continues to attract both businesses and residents from other provinces seeking lower housing costs.

What It Means For Canada’s Housing Market

The latest luxury market data highlights how dramatically Canada’s housing landscape has shifted in recent years.

While Toronto remains the country’s largest real estate market, some of the strongest growth is now occurring in cities offering lower costs and stronger affordability.

For years, luxury real estate growth was concentrated in Canada’s largest urban centres. Today, buyers appear increasingly willing to look elsewhere, particularly in markets where housing remains comparatively affordable.

Whether Edmonton can maintain its position remains to be seen, but for now, Canada’s fastest-growing luxury housing market isn’t Toronto—it’s Edmonton.

References

Re/Max Canada. (2026, June). 2026 Luxury Market Report. Re/Max Canada.

Edmonton leapfrogs Toronto as Canada’s hottest luxury real estate market – Toronto Life

Kassam, Z. (2026, June 19). Edmonton leapfrogs Toronto as Canada’s hottest luxury real estate market. Storeys. https://storeys.com