Why luxury buyers are leaving major markets for one Canadian city

Canada's high-end housing market is undergoing a geographic rebalancing, with smaller and mid-sized cities driving luxury sales growth while the country's two largest markets lose ground, according to REMAX Canada's 2026 Spring/Summer Spotlight on Luxury Report.

The report tracked activity across 12 major Canadian markets between January 1 and April 30, against the same period in 2025.

Edmonton posted the steepest year-over-year gain at 47.7%, followed by Saskatoon at 27.3%, Ottawa at 17.5%, and Calgary at 13.5%.

In Edmonton specifically, 65 properties priced at $1.5 million and above changed hands in the first four months of 2026, up from 44 during the same period last year.

Don Kottick, President of REMAX Canada, said the results point to a structural shift in how and where Canadians are spending at the high end.

"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. Meanwhile, in the country's largest and more expensive markets, uncertainty has prompted affluent buyers to take a more measured approach."

The contrast with the Greater Toronto Area (GTA) is stark. Luxury sales above $3 million fell nearly 17% to 300 transactions, down from 361 a year earlier. That's consistent with Canada's sharpest regional housing market divergence in years.

Read more: Slow start to 2026 hides Canada’s sharpest housing market split in years

What's driving demand in smaller markets

The REMAX report identified several converging forces behind the smaller-market surge. Luxury demand is heaviest at entry-level price points in Calgary, Edmonton, Ottawa, Halifax, and London–St. Thomas, where inventory is turning quickly.

Employment diversity is reinforcing that activity: markets anchored by government, technology, advanced manufacturing, logistics, and energy sectors are holding up best against broader economic uncertainty.

Interprovincial migration is reshaping buyer pools in Calgary, Saskatoon, Ottawa, and Niagara, with movers drawn to markets offering value and lifestyle advantages unavailable in the country's priciest cities.

Read more: GTA price map widens as luxury enclaves soar and condo hubs strain

As secondary luxury markets continue to outshine Toronto and Vancouver in sales activity, lifestyle-oriented purchasing is rising in Halifax, Niagara, Edmonton, and Ottawa, where buyers are gravitating toward waterfront, acreage, and estate-style properties.

In Vancouver, London, Winnipeg, and Montréal, the picture is more selective: buyers are gravitating toward turnkey and well-renovated properties, and high-priced listings in Toronto's cooling luxury sector are taking longer to sell.

Kottick said the broader picture is one of redistribution rather than contraction. "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."

Source: Canadian Mortgage Professional