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 |
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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.
