Luxury dwelling gross sales rise in Calgary, Edmonton, Ottawa

Canada’s luxurious housing market is changing into more and more regional, with smaller and mid-sized cities seeing stronger high-end housing exercise as consumers search worth, life-style advantages and financial alternative exterior the nation’s largest city centres.

BNN Bloomberg spoke with Barry Cohen, dealer/proprietor at RE/MAX Realtron Barry Cohen Homes Inc., about growing luxury housing demand in cities resembling Edmonton, Calgary and Ottawa, the function of migration and taxation, and why consumers proceed to prioritize house, privateness and life-style facilities.

Key Takeaways

• Luxury housing demand is broadening past Toronto and Vancouver, with stronger gross sales progress in a number of smaller and mid-sized Canadian cities.
• Migration, inhabitants progress and diversified native economies are serving to drive luxurious dwelling purchases in markets resembling Calgary, Edmonton, Ottawa and Saskatoon.
• Buyers stay targeted on worth, in search of bigger properties, extra land and life-style facilities at cheaper price factors than Canada’s largest cities.
• Taxes and affordability considerations proceed to weigh on luxurious housing exercise in Toronto and Vancouver, contributing to a extra cautious shopping for surroundings.
• Privacy, house, turnkey properties and lifestyle-oriented options resembling waterfront entry and leisure facilities stay key priorities for luxurious consumers.

Read the complete transcript under:

LINDSAY: A brand new report from RE/MAX Canada suggests Canada’s luxurious actual property market is changing into extra regional. While high-end gross sales have cooled in conventional powerhouses like Toronto and Vancouver, smaller and mid-sized markets are seeing sturdy progress as consumers chase worth, life-style and financial alternative. Joining us now’s Barry Cohen, dealer and proprietor of RE/MAX Realtron Barry Cohen Homes. Good morning. Thanks a lot for becoming a member of us.

BARRY: Good morning, Lindsay.

LINDSAY: Let’s speak about that headline, which is that luxurious demand is broadening past Toronto and Vancouver. What do you assume is driving that shift?

BARRY: Well, I believe Toronto and Vancouver have all the time led the way in which, they usually’re nonetheless essential hubs. But you’ve seen these different areas which might be wealthy in diversified employment, know-how, manufacturing, pure assets and, in lots of provinces, decrease taxation. They have now grow to be the choice, just because they’re extra enticing in land dimension and home dimension, and infrequently amenity-rich.

LINDSAY: So it feels like that’s not a short lived pattern. That’s a structural change shifting ahead?

BARRY: I don’t assume it’s momentary. I believe individuals have taken discover. You take into consideration Edmonton up 47 per cent. I imply, that’s simply magnificent, proper? But we had progress in seven of the 12 main cities throughout Canada, in order that’s fairly good.

LINDSAY: Can you go over these numbers for a few of the progress that we’ve seen? Because I’ve obtained a few of the numbers, like Edmonton jumped almost 48 per cent, which is fairly stunning. Toronto luxurious gross sales fell nearly 17 per cent. What are the opposite cities that we’re seeing extra luxurious properties being bought in?

BARRY: Saskatoon at 27 per cent, Ottawa 17, Calgary up 13.

LINDSAY: I’ve obtained Winnipeg on there, Montreal. Were you shocked to see this shift beginning to develop?

BARRY: Yes, as a result of I believe Toronto, though costs are down, remains to be very enticing now. I believe consumers are migrating between provinces, they usually’re searching for financial alternative. So I’m not shocked that a few of these different smaller markets are getting the eye, simply due to a decrease entry level and variety and amenity.

LINDSAY: So this isn’t a matter of — as a result of we all know for lots of homebuyers exterior of luxurious homebuyers, rates of interest, the financial system and world commerce are a few of the components which might be conserving consumers again on the sidelines. That’s not a state of affairs right here in Toronto, within the luxurious housing market, is it?

BARRY: Well, it’s, as a result of I believe there nonetheless is a wait-and-see method. Toronto, very similar to Vancouver, is sadly wealthy in taxation. We have the land switch tax that was raised as soon as, after which the mayor, in her knowledge, raised it once more simply in April. Vancouver has its model of a hypothesis tax. Both cities have emptiness taxes. These are the issues that affected the market. So I believe that, sooner or later, a few of that taxation — I’m hopeful reasonably than satisfied — will probably be diminished as a result of it has affected the market. Yet these two hubs stay the primary attraction in Canada. But look what’s occurring throughout Canada.

LINDSAY: And the report factors to migration as a significant factor supporting luxurious demand in cities like Calgary, Saskatoon and Ottawa. How essential is inhabitants progress in at the moment’s market?

BARRY: Well, I believe it’s essential. It’s not simply international migration, but it surely’s additionally interprovincial migration. But let’s circle again to international migration. I believe that the international purchaser ban is because of expire in January, and if Carney, in his knowledge, lets that occur, I believe we’ll see a secure and constant progress price throughout Canada. So it’s essential.

LINDSAY: We’re listening to additionally that consumers have gotten extra selective and value-focused. What does a luxurious purchaser search for now in 2026? What are a few of the issues they’re expecting?

BARRY: Well, I believe they’ve all the time regarded for privateness. So you get expansive lands in a few of these different populations, however they’re searching for luxurious, they’re searching for youth, they’re searching for dimension of dwelling and dimension of land and amenity. Natural assets within the case of Saskatoon and the Prairie provinces, and you then’ve obtained doubtlessly decrease provincial taxes. So they’re very targeted on expense.

LINDSAY: Lifestyle properties are additionally excessive in demand. I’m questioning in case you can clarify what precisely a way of life property is, to start with?

BARRY: Well, a way of life property often means it’s amenity-rich. Everybody has their want and dream, but it surely actually comes right down to dimension of dwelling, dimension of lot, age of dwelling or final renovation, and what are the facilities? Home theatres, play areas, tennis courts, pickleball courts — all these issues are great. Or is the neighbourhood amenity-rich in neighborhood belongings?

LINDSAY: It feels like these are a few of the issues individuals have desired ever for the reason that pandemic period. Is that also influencing purchaser choices, do you assume?

BARRY: Very a lot so. I hope that was the final pandemic, however some individuals see that it might not be, and they’re nonetheless in search of out these facilities. Families are having fun with it. We see it on a regular basis, asking for sure issues: wine rooms, theatre rooms, play areas, proximity to parks, proximity to waterfronts. All these issues play a job.

LINDSAY: What about decrease borrowing prices in contrast with a 12 months in the past? How does that issue into the luxurious market outlook?

BARRY: Well, I believe it’s essential as a result of if you mix the rate of interest with the taxation, the whole lot turns into one expense. People are selecting areas throughout Canada primarily based on value of residing. So I believe whether or not the rate of interest is 4 per cent or six per cent, it’s nonetheless relative to the exercise that’s occurring throughout the nation.

LINDSAY: And simply lastly, waiting for the second half of 2026, do you count on luxurious exercise in Toronto and Vancouver to get better, or are these secondary markets nonetheless going to proceed to develop?

BARRY: I believe the secondary ones will proceed to develop. But in case you have a look at Toronto for instance, I believe the place we’re, due to taxation — I don’t say dangerous authorities, due to taxation — we had a very lengthy, chilly winter. We’ve not had a winter like that, and when the snow melted in mid-April, the Toronto market simply exploded.

LINDSAY: Yes, I’m nonetheless recovering from that final winter too. Okay, we’ll have to depart it there. Barry Cohen, dealer and proprietor of RE/MAX Realtron Barry Cohen Homes. Appreciate your time. Thanks for becoming a member of us.

BARRY: Thank you, Lindsay.

—

This BNN Bloomberg abstract and transcript of the June 17, 2026 interview with Barry Cohen are printed with the help of AI. Original analysis, interview questions and added context was created by BNN Bloomberg journalists. An editor additionally reviewed this materials earlier than it was printed to make sure its accuracy and adherence with BNN Bloomberg editorial insurance policies and requirements.