Market Size of Canada Luxury Residential Real Estate Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 10.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canada Luxury Residential Real Estate Market Analysis
The Canada luxury residential real-estate Market is expected to grow at a CAGR of more than 10% during the forecast period (2022 - 2027).
Due to COVID-19, Builders and buyers have mostly shifted to virtual tours and digital contract signings. Demand for larger houses has grown as working from home becomes more prevalent. According to the Bank of Canada (BoC), the housing affordability index declined by 15.3% in the second quarter of 2020, reflecting less restrictive conditions for homeownership. Since then, it has gradually risen to exceed its pre-pandemic level in 2021 Q2.
In 2021, many Canadian housing markets are reporting an average sales price of more than USD 1 million. The Greater Toronto Area reported a 112.8% jump in sales of homes worth more than USD 3 million. Metro Vancouver saw a 75.8% increase. In the GTA and Vancouver, transactions of homes with a price point of USD 10 million saw a spike of 156% and 167%, respectively.
As reported by the industry experts, the national average home price broke an all-time record in February 2022 as Canadian home prices continue to rise across the country. For February 2022, the average home price in Canada's housing market was USD 816,720, up 20.6% from 2021. In February 2022, average Canadian home prices were up 9% from January 2022's average home price of USD 748,439.
Canada Luxury Residential Real Estate Industry Segmentation
Luxury residential real estate is defined differently across different areas, as property values, median resident income, and area development vary widely depending on the metro area. The Canada luxury residential real estate market is segmented by Type (Apartments and Condominiums and Villas and Landed Houses) and by City (Toronto, Montreal, Vancouver, Calgary, and Other Cities). The report offers market size and forecasts for the Canada luxury homes market in value (USD Billion) for all the above segments.
| By Type | |
| Apartments and Condominiums | |
| Villas and Landed Houses |
| By Cities | |
| Toronto | |
| Montreal | |
| Vancouver | |
| Calgary | |
| Other Cities |
Canada Luxury Residential Real Estate Market Size Summary
The Canada luxury residential real estate market is experiencing significant growth, driven by a shift in consumer preferences and technological advancements. The pandemic has accelerated the demand for larger homes as remote work becomes more common, leading to increased interest in luxury properties. Virtual tours and digital transactions have become standard, enhancing accessibility for potential buyers. The market has seen a surge in high-value transactions, particularly in major urban areas like the Greater Toronto Area and Metro Vancouver, where sales of homes exceeding three million dollars have notably increased. This trend is supported by the rising national average home prices, which have reached record levels, reflecting the growing appeal of real estate as a tangible asset with high return potential.
The market is characterized by its fragmented and competitive nature, with both large and small players vying for market share. Key companies such as Westbank Corp, Valencia Residential, and Onni Group are prominent in the sector, leveraging their financial resources and local market expertise. The integration of advanced technologies like drone photography and virtual reality tours is enhancing property marketing, while social media platforms are increasingly being used to reach potential buyers. These developments, coupled with a high internet penetration rate, are contributing to the market's expansion. The forecast period is expected to continue this growth trajectory, offering further opportunities for market participants.
Canada Luxury Residential Real Estate Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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1.1 Market Overview
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1.2 Market Dynamics
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1.2.1 Drivers
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1.2.2 Restraints
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1.2.3 Opportunities
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1.3 Value Chain/Supply Chain Analysis
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.5 Current Economic Scenario and Consumer Sentiment
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1.6 Luxury Residential Real Estate Buying Trends - Socioeconomic and Demogpaphic Insights
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1.7 Government Initatives, Regulatory Aspects for Residential Real Estate Sector
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1.8 Insights on size of real estate lending and loan to value trends
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1.9 Insights on interest rate regime for general economy, and real estate lending
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1.10 Insights on captial market penetration and REIT presence in residential real estate
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1.11 Impact of COVID - 19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Apartments and Condominiums
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2.1.2 Villas and Landed Houses
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2.2 By Cities
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2.2.1 Toronto
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2.2.2 Montreal
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2.2.3 Vancouver
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2.2.4 Calgary
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2.2.5 Other Cities
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Canada Luxury Residential Real Estate Market Size FAQs
What is the current Canada Luxury Residential Real Estate Market size?
The Canada Luxury Residential Real Estate Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)
Who are the key players in Canada Luxury Residential Real Estate Market?
Westbank Corp, Valencia Residential, Onni Group, Brookfield Residential and Mattamy Homes are the major companies operating in the Canada Luxury Residential Real Estate Market.
