Engel & Völkers Releases 2025 Mid-Year Canadian Luxury Real Estate Market Report

Wealthy buyers drive gains in top-tier segments, with core $1 million - $1.99 million market showing enduring strength nationwide

New York, New York and Toronto, Ontario--(Newsfile Corp. - July 16, 2025) - Engel & Völkers has released its 2025 Mid-Year Canadian Luxury Real Estate Market Report, revealing a landscape that is both resilient and increasingly segmented. The report, which analyses properties priced over $1 million in Halifax, Montréal, Ottawa, Toronto and Vancouver, highlights a distinct two-speed market, where mid-luxury homes remain stable, while ultra-luxury properties see selective but meaningful gains.

Mid-luxury remains resilient, with properties priced between $1 million and $1.99 million continuing to form the backbone of the market. Ultra-luxury condos are experiencing strong demand, driven by a surge in ultra-high-net-worth individuals seeking to downsize. However, immigration caps are beginning to temper demand from new international buyers. Regional divergences are also emerging, as market conditions are increasingly varied across provinces. Neighbourhood segmentation has become the new norm, with home prices varying dramatically — even from street to street — based on a complex mix of factors ranging from school zones to lifestyle amenities.

"We're seeing a clear wave of demand from ultra-high-net-worth downsizers who value privacy, space and convenience. In cities like Toronto and Vancouver, boutique ultra-luxury condos are outperforming, driven by buyers seeking turnkey sophistication," said Andrew Dinsmore, chief financial officer, Engel & Völkers Americas. "One thing is clear — today's Canadian market is hyper-local. It's no longer just about city averages — it's about the block, the view and the school zone. From street to street, values can shift dramatically and buyers are more focused than ever on pinpointing the right fit."

Key findings:

• Halifax saw a 9.2 per cent increase in the number of units sold priced between $1 million and $1.99 million in 2025's first half, compared to the same period in 2024.

• Montréal sales of homes over $4 million jumped 69 per cent in the first half of 2025 compared to 2024, signalling a strong rebound in Montréal's luxury market.

• Ottawa properties priced between $1 million and $1.99 million accounted for 10.8 per cent of all real estate transactions in the first half of 2025. This is up from 8.6 per cent in the second half of 2024.

• Toronto's ultra-luxury home prices surge by $1 million in the first half of 2025, averaging $14.8 million in the $10 million-plus segment.

• Vancouver's June detached sales grew by four per cent year-over-year in the $1 million to $1.99 million segment, showing signs of renewed activity.

2025 Mid-Year Canadian Luxury Real Estate Market Report

About Engel & Völkers
Engel & Völkers is a global luxury real estate brand. Founded in Hamburg, Germany, in 1977, Engel & Völkers draws on its rich European history to deliver a fresh approach to luxury real estate in the Americas with a focus on creating a personalized client experience at every stage of the home buying or selling process for today's savvy homeowner. The Engel & Völkers Network currently operates approximately 300 shop locations with approximately 6,000 real estate advisors in the Americas, contributing to the global network of over 16,000 real estate professionals in more than 30 countries, offering both private and institutional clients a professionally tailored range of luxury services, including real estate and yachting. Committed to exceptional service, Engel & Völkers supports its network of advisors with an array of premium quality business services; marketing programs and platforms; as well as access to its global network of real estate professionals, property listings, and market data. Each brokerage is independently owned and operated. For more information, visit www.evrealestate.com.

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