Canadian Market Report Year End 2025

YEAR-END 2025

Introduction

Welcome to the Engel & Völkers 2025 Year-End Canadian Luxury Real Estate Market Report. On-the-ground intel from local Engel & Völkers Canada real estate experts, combined with market data, informs our analyses and serves as the basis for trends and forecasting. Homes over $1 million throughout the year, as listed on the MLS®, were evaluated. The result is a residential property and market report for Halifax, Montréal, Ottawa, Toronto and Vancouver.

7756 W Saanich Road Engel & Völkers Vancouver

National Overview

The $1 million to $1.99 million segment was the national anchor in 2025

Across Canada’s key luxury markets, properties priced between $1 - 2.99 million remained the most liquid and resilient tier in 2025, acting as the primary engine of activity. Ottawa recorded the most pronounced rebound in this segment, with sales rising sharply year-over-year as affordability improved and confidence returned. Halifax and Vancouver saw renewed momentum, supported by rate cuts and steady end-user demand.

Price stability has replaced price acceleration

Price growth moderated across Halifax, Ottawa, Montréal, Toronto and Vancouver, but it did not reverse. Even when inventory expanded, most notably in Ottawa and Montréal, average sale prices remained remarkably stable.

Transactions continued in Toronto and Vancouver within tight pricing bands, while Halifax experienced modest pressure without signs of overheating. The absence of sharp corrections pointed to a market recalibrating rather than retreating.

Ultra-luxury activity remained selective but resilient

Sales above $4 million remained limited nationwide, though prices held firm for architecturally significant or truly extraordinary properties.

Toronto and Vancouver recorded notable trophy transactions, while Montréal saw increased listings and a normalization of average prices concentrating in the $4-6 million range. Ottawa’s ultra-luxury market performed exceptionally well, seeing a record-breaking six transactions

The number of units sold between $1-$1.99 million in Ottawa grew by 37% year-over-year

37

3180 Benbow Road

Engel & Völkers Vancouver

over $4 million. Overall, Canada’s ultra-luxury market continues to function less as a volume-driven segment and more as a preservation-of-value market.

A late-year inflection point emerged

Canada’s housing market exited 2025 on firmer footing, positioned for steadier, confidence-driven conditions rather than renewed volatility. Momentum improved nationally in the second half of the year as rate cuts and greater policy clarity lifted confidence. Ottawa, Halifax and Vancouver saw particularly strong late-year activity, while Toronto and Montréal stabilized into more predictable patterns. Although volumes remained below pre2022 peaks, the tone shifted materially by year-end.

Policy and transaction costs continued to shape outcomes

Transaction friction played a defining role in shaping luxury market velocity across Canada. While interest rates eased, policy remained a key influence on market behaviour. Foreign buyer restrictions, land transfer taxes and non-resident levies continued to suppress discretionary activity at the top end, particularly in Toronto and Vancouver. When Canada’s Prohibition on the Purchase of Residential Property by Non-Canadians Act ends (currently set for January 1, 2027), expect increased competition, particularly for luxury and pre-construction homes.

Engel & Völkers key brokerages outperform the market across major Canadian cities

Across key Canadian markets, Engel & Völkers shops continued to outperform broader market conditions. In Ottawa, transactions grew by 16.59 per cent year-over-year while the overall market declined by 1.3 per cent. In Toronto, sales rose 15 per cent despite Greater Toronto Area-wide sales declining 11.2 per cent over the same period. Vancouver was up by 7 per cent as the market declined by 10.4 per cent. In Montréal, Engel & Völkers posted 7 per cent growth while the overall market declined 2.9 per cent.

Halifax

A 23% increase in $1–1.99 million sales in 2025 was recorded, with average prices up 3% year-over-year.

Welcome to Halifax

In 2025, Halifax’s real estate market continued to show resilience amid policy shifts, cautious consumer sentiment and evolving buyer expectations. On the Halifax Peninsula, the historic, vibrant heart of Halifax, the luxury segment remained active and competitive, driven by well-maintained, detached homes between $1 million and $1.5 million.

Average home prices inched upward across most luxury price bands, supported by tight supply and continued population growth, while the number of new listings rose at all price points. Halifax ended the year with a late-season surge in activity, particularly through October, following two rate cuts from the Bank of Canada that boosted momentum across the $1 million-plus market.

Despite a more favourable lending environment, buyer sentiment failed to keep pace with improving market fundamentals. Throughout 2025, Halifax operated as a seller’s market with a buyer’s market mentality — prices edged upward, albeit modestly, even as many purchasers approached with heightened caution and conservative expectations. Turnkey listings in coveted areas such as the South End and Bedford commanded multiple offers, while properties requiring updates or priced above market expectations lingered and faced gradual adjustments.

Policy also played a significant role in shaping demand. Nova Scotia’s decision to raise its Non-Resident Provincial Deed Transfer Tax from five to 10 per cent in April 2025 dampened seasonal and out-of-province activity, particularly among buyers from Ontario and British Columbia.

The $1-$1.99 million million price band remained the foundation of Halifax’s luxury market, representing the highest number of $1 million-plus transactions. Between January and December 2025, 242 residential properties in this segment changed hands, up from 196 in 2024, marking a 23 per cent year-over-year increase. Average sale prices held steady, ranging from $1.2 million to $1.43 million, underscoring stable demand for homes offering space, privacy and access to the coast.

“Halifax’s premium market is expanding, with modern architectural gems and historic properties emerging. Many were held for decades, making today’s inventory rare and sought-after.”

Donna Harding License Partner Engel & Völkers Nova

Scotia

Condo sales in this tier remained limited, with modest turnover in premium developments. Prices fluctuated between $1.05 million and $1.4 million throughout 2025, while entry-level condo supply — particularly units priced between $350,000 and $500,000 — remained elevated, contributing to longer absorption periods despite strong rental demand.

Activity in the $2-3.99 million segment expanded notably in 2025. Residential listings climbed from 45 to 66 units year-over-year, while sales grew from 13 to 22 transactions. Average sale prices ranged from $2 million to $2.8 million, reflecting increased confidence among both sellers and buyers at the upper end of the market.

At the top end, the $4 million-plus category remained ultraexclusive. Between January and December 2025, 16 new listings entered the market — including waterfront and

Average Sold Price

estate properties — yet no sales were completed during that time. In 2024, only three transaction occured, reinforcing the rarity and selectivity of homes in this price point.

The city also faces an inventory imbalance. Overall supply remains below equilibrium at 2.5 months, compared to the four to six months typically considered balanced. Builders continue to face challenges, but housing starts in the HRM are leading nationally, growing by 32% year-over-year as of December.

Property Spotlight

38 Island Watch Run

Donna Harding . Engel & Völkers Halifax

Susan Diamond Engel & Völkers Chester

Rockbound is an architectural masterpiece by Omar Gandhi, nestled into the untouched granite coastline of St. Margaret’s Bay with unobstructed views of the iconic Peggy’s Cove lighthouse and the open Atlantic. Anchored directly into the bedrock, this custom-built residence embodies resilience and respect for the surrounding landscape. Its exterior, armoured in weathered cedar, Shou Sugi Ban and Corten steel, echoes the rugged North Atlantic environment, while the interiors offer a serene space defined by soft natural tones, white oak cabinetry and expanses of glass framing uninterrupted views of Peggy’s Cove and the open ocean.

The home consists of two distinct volumes, with the upper level appearing to hover above the sea. Purposefully concealed sightlines at the entrance build anticipation before revealing the dramatic panorama through floor-toceiling windows. Generous decks extend the living space outward, sheltered to allow for year-round enjoyment of summer days and winter storms. Rockbound is a rare union of architectural mastery, environmental sensitivity and coastal sanctuary. A residence shaped as much by its setting as by its design.

Advisor Commentary

Nova Scotia’s luxury market is seeing unprecedented interest from buyers across Canada and abroad. Architectural coastal properties like Rockbound perfectly illustrate why. It represents the new face of Atlantic luxury, design-driven, environmentally mindful and deeply connected to place.

While comparable oceanfront architectural homes in markets such as British Columbia or New England often trade at two to three times the price, Nova Scotia continues to offer exceptional value without compromising on design or setting. Today’s buyers are seeking meaningful architecture and a true sense of refuge. Rockbound delivers a home sculpted from the coastline, with privacy and craftsmanship. As prices remain comparatively attainable, properties of this calibre are attracting design-savvy purchasers who recognize the province’s growing profile in architectural excellence and sustainable coastal living.

Nova Scotia’s luxury market remains resilient, with architecturally significant coastal homes seeing strong demand and multiple $4 millionplus sales recorded this fall.

Engel & Völkers forecasts Halifax residential properties worth over $1 million will see a 3% price increase in 2026.

Market Outlook

Engel & Völkers projects that Halifax’s luxury market will continue to experience stable to moderate price growth into early 2026, with $1 million-plus properties expected to appreciate by approximately three per cent in the first half of the year.

Halifax remains well-positioned among Canadian luxury markets for its relative affordability and lifestyle appeal. Waterfront and leisure-oriented homes in Chester, Lunenburg and Baddeck are expected to maintain interest. Still, the loss of out-of-province buyers seeking a second home or coastal retreat will be felt by local owners.

With the Bank of Canada’s rate cuts in September and October 2025 expected to further stimulate confidence, and a growing pipeline of high-end new listings, the market is poised for a steady and confident start to 2026.

Continued economic stability and predictable government policy will be essential to sustaining buyer momentum and reinforcing Halifax’s reputation as one of Canada’s most desirable mid-sized markets.

NEIGHBOURHOOD RADAR

Halifax

Montréal

2025 saw a 32% rise in $1–3.99 million detached sales, with average prices holding at $1.49 million for a second year, despite a 21% increase in listings.

Welcome to Montréal

In 2025, Montréal’s luxury real estate market shifted decisively from caution to confidence. After a slower 2024 marked by affordability concerns and hesitant buyer psychology, the year brought stability across most price bands, supported by easing interest rates, improving consumer sentiment and meaningful sales growth throughout Montréal.

Across the island and surrounding communities, average prices for homes over $1 million held firm, underscoring the resilience of Montréal’s premium market even as the number of new listings grew. Declining borrowing costs and improved clarity encouraged qualified buyers to re-enter the market, resulting in smoother, more strategic transactions compared to 2024.

Despite higher inventory, the luxury segment remained fundamentally strong. Buyers approached 2025 with a more focused mindset — driven by architectural quality, location, space flexibility and sustainability. Engel & Völkers Montréal converted this momentum into record performance, supported by rising exclusive listings and consistent price premiums. Lifestyle shifts continued to shape housing choices. Families and professionals increasingly favoured areas that offered character, access to green spaces, hybridwork compatibility and multi-generational living potential.

The $1-3.99 million tier remained the foundation of Montréal’s luxury market. Between January and December 2025, 5,598 residential class properties were listed in this segment, compared to 4,613 during the same period in 2024 — up 21 per cent year-over-year.

Average sale prices in this band held steady. In 2024, the average sale price was $1.48 million, which remained effectively unchanged in 2025 at $1.49 million, reflecting stable demand for well-maintained single-family homes and spacious condos in established neighbourhoods.

Turnkey homes in central or amenity-rich areas, such as Outremont, Westmount, Griffintown and parts of the West Island, continued to attract multiple offers, while properties

“Montréal’s luxury market has transitioned from caution to strategic confidence. Prices held firm, qualified demand strengthened and buyers remained highly focused on quality and architecture.”

Patrice Groleau License Partner Engel & Völkers Montréal

requiring renovation or priced above comparable sales experienced longer selling cycles.

In the $4 million-plus category, Montréal’s ultra-luxury market remained steady but selective. Between January and December, 212 new residential and condo class listings entered the market, virtually in line with 213 during the same period in 2024.

Average residential class sale prices adjusted modestly, from $6.10 million in 2024 to approximately $5.7 million in 2025, reflecting a higher concentration of transactions in the $4–6 million range, bringing down the overall average. Best-in-class properties — architecturally significant estates, homes with panoramic views and large-format luxury condos continued to see strong interest from highly qualified buyers.

Prior to the federal foreign-buyer ban, non-residents accounted for up to 20 per cent of Engel & Völkers Montréal’s transactions. While the current restriction remains in place until 2027, its impact has been limited within the ultra-luxury tier, where most purchasers are local or internationally established within permitted channels. Once this buyer cohort returns, Engel & Völkers anticipates a significant acceleration in high-end activity.

Montréal’s luxury condo segment experienced a measured reset rather than a retreat. New listings over $1 million rose by eight per cent year-over-year, while average prices rose softly from $1.39 million in 2024 to $1.38 million in 2025, consistent with broader market trends.

Property Spotlight

177 Av. Maplewood

Rochelle Cantor . Engel & Völkers Montréal

Sold in May 2025, 177 Av. Maplewood is an exceptional showpiece residence, perfectly positioned in highly coveted Upper Outremont. Inspired by Frank Lloyd Wright’s iconic vision, this architectural masterpiece features a distinguished granite facade and more than 6,000 square feet of refined living space, set on an estate of over 20,000 square feet.

Recognized with the Montreal Architectural Heritage distinction, the home reflects uncompromising craftsmanship and timeless elegance. Its oak parquet flooring and custom brass hardware with intricate inlays to

hammered wrought-iron artistry and preserved marble accents define its interiors.

177 Av. Maplewood is among Outremont’s top five highestvalue single-family home sales and at a selling price of $5.8 million, it stands as the second-highest sale in the neighbourhood for 2025. It follows an all-time recordbreaking sale for Outremont, also by Engel & Völkers, in 2025, when the property at 80 Duchastel sold for an astonishing $11.8 million. Although this home is set on a more modest lot, it mirrors the refined condition and architectural pedigree seen at 177 Av. Maplewood.

Advisor Commentary

Celebrated locally for its architectural significance and inspired by the legendary Frank Lloyd Wright, the home stands as a true masterpiece within the community. Taking the lead as listing agent and collaborating with Félix Jasmin, Engel & Völkers Montréal Outremont, played a key role in achieving the successful sale of this exquisite home.

Securing the second-highest sale in Outremont in 2025, the transaction reflected both the property’s stature and the strength of today’s high-end market. With rising demand for heritage and architecturally significant homes in Outremont, 177 Av. Maplewood remains a defining example of the value placed on design pedigree and preserved craftsmanship.

Outremont’s luxury market is strengthening, with seven sales above $3 million in the first half of 2025, driven by lower rates and limited high-end single-family supply.

Engel & Völkers forecasts a 3% increase in average sale prices for residential properties over $1 million in 2026.

Market Outlook

A growing pipeline of premium listings, stable, qualified demand, and a more accommodative monetary environment position Montréal for continued growth, supported by its relative affordability, cultural appeal and strong domestic migration.

The luxury sector is expected to outperform the broader market once again, with turnkey homes in prime

neighbourhoods leading to price stability and absorption. As interest rates ease and international buyers return in 2027, Montréal’s high-end segment is poised for another period of expansion, one that could surpass even the record-setting performance of 2025.

NEIGHBOURHOOD RADAR

Montréal

Ottawa

The $1–1.99 million residential detached market saw a 33% increase in units sold, with average prices rising 2% year-over-year.

Welcome to Ottawa

Ottawa’s residential real estate market closed 2025 with renewed confidence following a slow first quarter and a gradual buildup of inventory across most price segments. The turning point arrived in late spring, when improving affordability, steady rate cuts and rising consumer confidence aligned to lift market activity. By early summer, Engel & Völkers affiliated advisors were reporting consistent showings and a deeper pool of qualified buyers. Across the city, overall sales volume for residential and condo class properties in the $1 million-plus segment rose 39 per cent year-over-year, reinforcing Ottawa’s reputation as one of Canada’s most stable luxury markets amid continued national volatility.

Despite higher inventory, residential home prices remained remarkably stable, extending the multi-year pattern of flat but resilient strength. Buyers approached the market deliberately rather than with urgency. Decision timelines lengthened, financing and inspection conditions reappeared, and negotiation margins widened as buyers scrutinized layout efficiencies, renovation requirements and neighbourhood trajectories. Engel & Völkers advisors noted a rise in “micro-bursts,” short-lived pockets of intense activity in high-demand areas where well-priced, well-located homes continued to attract multiple offers. Yet across the broader market, days-on-market reached their highest level in nearly a decade, a clear indicator of the market’s shift toward balance.

The $1-1.99 million residential class segment remained Ottawa’s anchor. New listings in this tier surged, with 2,189 residential class properties coming to market, a 59 per

cent increase compared with 1,375 in 2024. Strong uptake from move-up families, federal professionals and relocating executives fuelled sales, which climbed 38 per cent yearover-year. Despite the influx of supply, pricing in this bracket held firm and average sale prices for residential class properties hovered between $1.2 million and $1.4 million — closely aligned with 2024’s annual average of $1.25 million.

“Ottawa’s luxury market has matured into a stable, informed environment. Prices are steady, buyers are discerning and value is increasingly defined at a street-bystreet level. Strategic pricing and trusted guidance matter more than ever, bringing clarity around true value, which is essential for both buyers and sellers.”

John King

License Partner Engel & Völkers Ottawa

The luxury condo market, though limited in volume, continued to post modest gains as demand remained concentrated in buildings offering larger floor plans and premium amenities. However, it should be noted that luxury condos are a difficult housing type in the Ottawa area because buyers are seeking larger floor plans than are currently available.

Overall activity in the $2-3.99 million segment was particularly robust. New listings rose by over 76 per cent as sellers regained confidence and capitalized on increased buyer engagement. Sales rose approximately 64 per cent across 2025, from 69 sales in 2024 to 113 in 2025 — driven by interest in heritage homes in the urban core, custom builds in desirable pockets and move-up buyers seeking long-term stability. Pricing remained stable, with monthly averages fluctuating between $2.2 million and $3.1 million. Buyers demonstrated willingness to pay for turnkey homes but hesitated on properties requiring extensive investment,

contributing to elongated timelines for listings that missed the mark on desired layout, finish or price.

The ultra-luxury segment over $4 million remained selective but steady. Inventory rose modestly as a small number of high-quality properties entered the market, yet absorption remained low. A record high of six publicly recorded sales occurred in 2025 compared to three in 2024. This pattern is consistent with Ottawa’s long-standing history of limited transactions at the top end. Pricing was stable, with the highest sale sitting at $5.6 million, underscoring Ottawa’s comparative value next to Toronto and Vancouver, where similar homes would command significantly higher price points. Average Sold Price

Property Spotlight

6351 Rideau Valley Drive North

Chris Lacharity . Engel & Völkers Ottawa South

Tucked away on over six impeccably landscaped acres, this custom-built Terra Nova waterfront estate offers complete privacy, exceptional amenities and a lifestyle that mirrors a private resort. A gated boat launch leads to all-aluminum covered docks equipped with Wi-Fi, video surveillance and remote-controlled jet ski lifts. Inside, walnut floors and heated tile run throughout, setting a refined foundation for spaces designed around comfort and convenience.

The main-floor primary suite occupies its own private wing, complete with a personal gym, coffee bar and spa-inspired ensuite with a steam shower. A four-season sunroom with a built-in grill and kitchen brings year-round entertaining

to life, while the newly designed chef’s kitchen anchors the home. The finished lower level elevates leisure with a custom bar, pool table area, theatre room and temperaturecontrolled wine cellar.

Professionally designed and award-winning landscaping surrounds a one-of-a-kind outdoor movie and sports theatre system, a refinished multi-sport court and expansive fenced grounds. Two detached garages provide over 16 indoor parking spaces, while smart-home technology and fullproperty surveillance ensure seamless, secure living in a waterfront setting of rare scale and serenity.

Advisor Commentary

This spectacular waterfront estate is far more than a home, it’s a complete lifestyle experience. Set on its own serene bay, it delivers an unmatched blend of privacy, recreation and refined living. From mornings spent kayaking along the shoreline to afternoons by the pool or on the tennis court, every element is designed for ease and connection to the outdoors.

Comparable waterfront homes have recently sold for just over $4 million on smaller parcels, highlighting the value of this estate. Its resort-style amenities and flexible, enthusiast-friendly layout make this property an extraordinary value within the current market for premier waterfront homes.

Luxury real estate demand in Manotick continues to rise, with tight inventory and rising buyer confidence driving strong interest in large estates and premium waterfront properties.

Engel & Völkers forecasts a 5% increase in average sale prices for properties over $1 million in 2026.

Market Outlook

Growth through 2026 will be driven by tightening supply and incremental buyer demand. The market is expected to continue stabilizing, supported by Ottawa’s strong employment base, an expanding professional workforce and ongoing infrastructure and transit improvements. Developers continue to face financing constraints and construction delays, suggesting limited new inventory in the near term — conditions that could place upward pressure on prices over the next 12 to 18 months.

With national attention focused on the volatility in Toronto and Vancouver, Ottawa’s steady, fundamentals-driven performance positions the capital as one of the country’s most reliable long-term real estate markets. Consistent demand, stable prices and expanding luxury activity all reinforce Ottawa’s status as a safe and strategic destination for homebuyers and investors alike.

NEIGHBOURHOOD RADAR

Ottawa

Toronto

The average sold price of $1–1.99 million detached homes remained stable, sitting at $1.35 million in 2024 and 2025.

Welcome to Toronto

In 2025, Toronto’s real estate market navigated a year defined by recalibration, shifting buyer psychology, a dramatically contracting supply of new listings and the return of a more stable — yet highly selective luxury segment. Across the $1 million-plus market, activity tempo slowed, but not for lack of qualified buyers. Rather, it reflected a measured approach to pricing and valuation as consumers adjusted to a new interest rate and tax environment. Turnkey offerings in high-demand areas such as Riverdale, the Beaches, Leaside and Avenue Road and Lawrence continued to outperform the broader market in both velocity and price retention.

Policy shifts played an influential role throughout 2025. Toronto’s expanded Municipal Land Transfer Tax (MLTT), which introduced significantly higher marginal rates for purchases over $3 million, materially increased closing costs at the top end of the market. Combined with the federal extension of the Prohibition on the Purchase of Residential Property by Non-Canadians Act to 2027, this created friction for discretionary luxury buyers, especially those weighing alternative markets with lower transaction costs. The result was a noticeable cooling in the $2 millionplus categories, not driven by a lack of wealth, but by strategic wait-and-see behaviour.

The $1-1.99 million tier remained the bedrock of Toronto’s luxury market. Between January and December 2025, 3,832 residential detached properties in this segment sold, down from 4,513 in 2024, marking a 15 per cent year-overyear decline. Yet new listings fell far more sharply — from 8,474 in 2024 to 4,773 in 2025 — reflecting a meaningful

contraction in supply. Average sale prices held within a tight range year-round, with detached home selling prices sitting primarily between $1.27 million and $1.38 million, underscoring resilient end-user demand for family-sized urban housing.

Condo activity within the $1-1.99 million tier was subdued. Engel & Völkers affiliated advisors characterized the condo market as slow, shaped by elevated inventory and cautious investor sentiment. Prices fluctuated modestly, typically

“It’s a precision market. Turnkey homes still move quickly, but buyers are scrutinizing every detail, price, taxes, carrying costs and long-term value to detail — price, tax, carrying cost and long-term value.”

Anita Springate-Renaud License Partner Engel & Völkers Toronto Central

between $1 million and $1.6 million for one-bedroom units and $1 million and $1.3 million for two bedroom units, depending on location and building quality, while rising maintenance fees and borrowing costs contributed to longer absorption periods in non-boutique developments.

Activity in the $2-3.99 million segment contracted in 2025 as both buyers and sellers recalibrated expectations. Residential detached listings declined from 3,935 to 2,588 year-over-year, while sales fell from 2,026 to 1,347, representing a 34 per cent decrease in units sold. Average sale prices ranged from $2.3 million to $2.8 million, with the strongest results concentrated among renovated or architecturally distinct properties in central neighbourhoods.

At the top end of the market, sales over $4 million were lean, though notable transactions did occur throughout

the year — the most significant being a $27,350,000 Bridle Path sale in February. Another notable transaction included a $10,500,000 two-bedroom condo sale in September. Between January and December 2025, 1,093 new residential detached listings entered the market, down from 1,288 during the same period in 2024. Sales decreased from 297 in 2024 to 239, continuing a multiyear trend of constrained volume as both discretionary sellers and ultra-luxury buyers remained cautious amid rising transaction costs and global economic uncertainty. This mirrors the pattern seen in 2024, when sales also concentrated around unique, design-forward or remarkable properties.

Property Spotlight

47 Danville Drive

Anita Springate-Renaud . Engel & Völkers Toronto Central

Located in one of Toronto’s most coveted neighbourhoods, 47 Danville Drive offers exceptional finishes, expansive rooms and a level of quality that distinguishes it within St. Andrew-Windfields. Set on a rare 60-foot lot, the home benefits from impressive frontage, generous outdoor space and undeniable curb appeal, an offering seldom found in this enclave. Inside, craftsmanship takes centre stage with a Wolf and Sub-Zero kitchen, private elevator, advanced home automation and custom millwork throughout. Every detail has been thoughtfully executed to deliver the

comfort, elegance and functionality expected at the upper tier of Toronto’s market.

Designed for buyers seeking a turnkey home with long-term value, the residence balances luxury and livability across its multiple levels. With its prestigious location, premium construction and comprehensive amenities, 47 Danville Drive presents an exceptional opportunity to secure a high-end property in one of the city’s most sought-after neighbourhoods.

Advisor Commentary

47 Danville’s pricing strategy is aligned with the area’s top-tier custom homes rather than typical detached sales. Its rare 60 foot frontage alone sets it apart in St. Andrew-Windfields, where wide lots are prized and only available occasionally. With ultraluxury properties trading infrequently in this enclave, discerning buyers who value craftsmanship, premium finishes and a standout lot will immediately recognize its strong value and long-term potential.

The response to this listing reinforces the strength returning to Toronto’s upper tier. High-net-worth buyers have been notably active, and the steady stream of inquiries and showings reflects the appeal of quality homes in premier locations.

Toronto’s high-net-worth buyers are exceptionally active and wellexecuted luxury homes in premier neighbourhoods continue to draw strong interest and decisive activity.

Engel & Völkers forecasts Toronto residential properties worth over $1 million will see a 2% price increase in 2026.

Market Outlook

Engel & Völkers predict that Toronto’s $1 million-plus segment will experience stable to modest price growth in early 2026, supported by improving affordability and more predictable financing conditions. Properties between $1-1.99 million — especially renovated freeholds in desirable neighbourhoods — are expected to lead absorption, while the $2–3.99 million range moves toward a more balanced state as both pricing expectations and supply normalize.

Toronto remains one of Canada’s most economically resilient and globally connected real estate markets. While elevated land transfer taxes may continue to constrain some luxury activity, long-term fundamentals — population

growth, employment stability, constrained freehold supply and the eventual return of international buyers — position the city for gradual strengthening through 2026.

With possible additional rate cuts expected to bolster confidence and a leaner pipeline of high-quality listings entering the market, Toronto is poised for a steadier and more predictable start to 2026. Predictable policy and stable financing conditions will be essential to sustaining momentum and reinforcing Toronto’s reputation as one of North America’s most desirable and diverse urban luxury markets.

NEIGHBOURHOOD RADAR

Toronto

“Buyers are making smarter, lifestyle-driven decisions, focusing on walkability, transit, schools and layouts that support a back-to-office routine. Engel & Völkers helps clients align financing, value and life’s priorities with intention.”

Patrice Groleau License Partner, Engel & Völkers Toronto City

Vancouver

The $1–$1.99 million residential detached market saw a 9% decline in units sold in 2025, while prices held steady and new listings rose 18%.

Welcome to Vancouver

In 2025, Vancouver’s luxury market found its natural rhythm again. Following two years of constrained volume and policy uncertainty, the city’s real estate landscape transitioned to a fully stable market, balanced, consistent and realistic. The year began with cautious optimism and ended with a clear shift toward equilibrium. Quality properties sold, and well-positioned buyers found opportunities.

Detached homes continued to define Vancouver’s market identity. Sales volume improved meaningfully across the mid-luxury segments, with activity under $3 million leading the way. Between January and December 2025, detached sales priced $1-1.99 million declined from 3,705 transactions in 2024 to 3,368 in 2025, while the $2-3.99 million category recorded 2,134 detached sales, down slightly from 2,887 a year earlier, despite higher new-listing counts. Average sale prices across these mid-luxury bands held firm, ranging between $1.49 million and $1.56 million for detached homes and $2.5 million to $2.7 million for those in the $2-3.99 million range.

New listings rose modestly year-over-year — reflecting sellers’ renewed confidence — though the quality of inventory remained mixed. New detached home listings priced $1-1.99 million climbed from 7,358 in 2024 to 8,718 in 2025, while those between $2-3.99 million grew from 7,780 to 8,207. Homes under $1.5 million operated in balanced-to-seller conditions.

Sales in Fairview and Kitsilano were among the city’s strongest, signalling robust demand for lifestyle-driven homes close to downtown. Point Grey and Coal Harbour

lagged, reflecting the slower pace of ultra-luxury transactions and buyers’ preference for vibrancy and walkability. East Vancouver and Mount Pleasant continued to attract fam-ilies seeking detached homes in the $1.5 to $2.5 million range, while Yaletown condos saw modest improvement thanks to competitive pricing and investor exits.

“Vancouver has entered a new phase of maturity. The days of frenzied bidding and speculation are behind us, but that’s not a weakness. It’s about stability. Quality properties are still commanding strong prices, and informed buyers are finding real opportunity. It’s a balanced market driven by intention rather than impulse.”

Andrew Carros Chief Operating Officer Engel & Völkers Vancouver

Across the $4 million-plus market, sales volumes remained thin, but prices proved resilient. Sales of detached homes priced over $4 million in October 2025 grew to 43 units — the highest month of the year — compared to 34 in October 2024. Detached home listings in this category fell from 2,391 in 2024 to 2,281 in 2025, while sales volumes were stable. The average sale price ranged from $5 million to $6.2 million. Trophy properties function more like art than commodities, retaining value and commanding attention even as overall sales volumes soften.

Luxury condos above $3 million remained the weakest segment, with excess inventory and cautious financing slowing absorption. Developers in Burnaby and Coal Har-

bour offered aggressive incentives by mid-year, including 25 per cent discounts, underscoring the current reset in high-rise pricing.

Despite renewed optimism, Vancouver’s market remains well below pre-2022 transaction volumes. Yet prices have held firm, supported by constrained supply and sustained demand for quality listings. The market has settled into a period of steady equilibrium, stable by most measures, though less dynamic than those active in the market have grown accustomed to.

Average Sold Price

Property Spotlight

21740 44 Avenue

Matt van den Boogaard . Engel & Völkers Ocean Park

21740 44 Avenue is a custom-built luxury residence in the heart of Murrayville, set on a 19,267 square foot lot with a private, south-facing backyard overlooking a quiet Agricultural Land Reserve. Built in 2017 with 3,940 square feet of living space, the home blends elegance, comfort and craftsmanship. A main-floor primary suite anchors the layout, while a vaulted great room with a 15-foot-wide, 8-foot-tall sliding door system creates seamless indoor–outdoor living. The oversized gourmet kitchen features custom cabinetry, Thermador appliances, dual dishwashers, three sinks and a walk-in pantry, supporting both everyday living and large-scale entertaining.

The flexible floor plan includes a main-floor den or fifth bedroom, while the upper level offers three additional bedrooms, walk-in closets and a spacious recreation room. Outdoors, the property offers exceptional utility with a two-car attached garage, an oversized detached garage and workshop, gated RV parking, in-ground sprinklers and extensive driveway space. 21740 44 Avenue represents a rare combination of luxury, privacy and functionality in one of Langley’s most coveted communities.

Advisor Commentary

This sale reflects the realities of today’s softer, rate-driven market. Even a well-built, beautifully maintained home in a desirable area required a price adjustment before buyers engaged. Although the original March listing price aligned with recent comparables, activity remained limited, underscoring how sensitive buyers are to pricing right now. Once the property was offered at $2,899,000, interest increased immediately, and two offers followed within the first week, leading to a successful sale.

We continue to advise sellers to price ahead of the market rather than behind it. Conditions are shifting quickly and a price that feels right based on past sales may already be too high by the time the listing launches. Longer days on market and multiple adjustments are becoming more common, but motivated buyers are still active, provided a home is positioned with today’s realities in mind.

Langley’s luxury market remains price-sensitive, with strong interest for quality homes that meet current buyer expectations on value, condition and location.

Engel & Völkers forecasts Vancouver residential properties worth over $1 million will see a 3% price increase in 2026.

Market Outlook

Vancouver’s housing market heads into 2026 on firmer footing, defined less by speculation and more by discernment. Buyers continue to favour lifestyle-oriented neighbourhoods such as Kitsilano, Fairview and Mount Pleasant, where access to amenities, schools and walkable streets enhances long-term value.

For sellers, precision matters. Homes that are realistically priced, well-maintained and strategically presented are still attracting multiple offers, while listings that test the upper limits of value are sitting longer. This divergence

reflects a more mature and measured marketplace, one where informed participants are driving outcomes rather than momentum or fear of missing out.

Despite years of policy intervention, evolving zoning rules and global economic volatility, Vancouver has avoided any significant price correction. The city’s constrained geography and enduring appeal as a safe-haven market have reinforced its stability, positioning 2026 as a year of steady growth and renewed confidence across the luxury and mid-luxury segments.

NEIGHBOURHOOD RADAR

Vancouver