Prairie cities and Ottawa are emerging as Canada's new luxury hotspots as buyers grow more cautious in Toronto and Vancouver
Luxury real estate demand is broadening across Canada, with smaller and mid-sized cities posting some of the country's strongest sales growth even as activity softens in its two most expensive markets, according to new data from RE/MAX Canada.
The company's 2026 Spring/Summer Spotlight on Luxury Report - which tracked activity across 12 Canadian markets between January 1 and April 30, 2026, against the same period a year earlier - found that Edmonton recorded the sharpest year-over-year increase among all markets surveyed, with luxury sales climbing 47.7 per cent. Saskatoon followed at 27.3 per cent, Ottawa at 17.5 per cent, and Calgary at 13.5 per cent.
The contrast with Canada's traditional luxury leaders was pronounced. Luxury sales fell 19.8 per cent in Greater Vancouver and 16.9 per cent in the Greater Toronto Area, as buyers in those markets grew more measured in their approach.
A changing map of Canadian luxury
For financial advisors whose high-net-worth clients hold real estate as a meaningful portion of their overall portfolio, the findings signal a structural shift worth tracking.
The regionalization of Canada's luxury market - once heavily concentrated in the GTA and Metro Vancouver - has implications for how advisors approach property-linked wealth conversations with clients considering both primary residences and investment holdings.
RE/MAX said the shift reflects a broader regionalization of Canada's luxury market, with demand increasingly shaped by relative affordability, population growth, local economic momentum and buyer confidence rather than simply by traditional concentrations of wealth.
Don Kottick, President of RE/MAX Canada, pointed to economic diversification and population growth as the primary catalysts. "Luxury is no longer defined solely by Canada's largest urban centres," Kottick said. "Smaller and mid-sized markets are experiencing increasing or stable conditions at the higher end of the luxury segment, largely supported by economic diversification, population growth, and continued demand for lifestyle-oriented properties."
Wealth Professional has previously reported on how luxury real estate functions as a top wealth indicator for high-net-worth Canadians, with real estate consistently ranking as a primary asset class among affluent households. The RE/MAX report underscores how that preference is now playing out across a wider set of markets than in past cycles.
Prairie and capital region strength
The Prairie provinces were among the standout performers. Prairie markets benefited from stronger provincial economies, population growth and interprovincial migration, while Ottawa was supported by government, technology and executive demand. In Atlantic Canada, Halifax continued to attract buyers drawn by lifestyle considerations and ongoing population inflows.
The report noted that activity remains most concentrated at entry-level luxury price points - properties priced at $1.5 million and above in several markets. Buyers are favouring move-in-ready, well-renovated homes and properties offering privacy, acreage, or access to waterfront and estate-style settings. Listings at higher price thresholds are taking longer to sell across all markets.
Advisors supporting clients in these growing markets may also find relevant context through Wealth Professional's coverage of how Canadian wealth management firms are defining success in a high-net-worth practice, particularly as client assets diversify geographically.
Caution persists in major centres
RE/MAX said buyers in the country's most expensive markets remain more cautious amid economic uncertainty, evolving tax policies and broader questions about Canada's longer-term economic outlook.
Kottick described the broader dynamic as a rebalancing rather than a retreat. "Canada's luxury market is becoming more dynamic and more regional, focusing less on where wealth has been historically concentrated and more on where buyers see value and long-term opportunity," he said.
For advisors, this rebalancing carries practical implications. Clients with real estate exposure concentrated in the GTA or Greater Vancouver may be weighing whether to diversify into markets offering better relative value at comparable quality thresholds - a conversation that intersects directly with portfolio construction, estate planning, and long-term wealth strategy.
Wealth Professional has also highlighted how advisors in Canada can operationalize client conversations around alternative and real asset holdings as the investment landscape continues to evolve.
The RE/MAX 2026 Spring/Summer Spotlight on Luxury Report is based on data sourced from real estate boards across 12 major Canadian markets for the period January 1 to April 30, 2026.
