Jun 23, 2026
For years, Toronto and Vancouver have dominated Canada’s luxury housing market. But a new report suggests some affluent buyers are increasingly looking elsewhere.
According to RE/MAX Canada’s 2026 Spring/Summer Spotlight on Luxury Report, luxury home sales rose across several smaller and mid-sized markets during the first four months of the year, with some of the strongest growth recorded in Edmonton, Saskatoon, Ottawa and Calgary.
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“Luxury is no longer defined solely by Canada’s largest urban centres,” said Don Kottick, president of RE/MAX Canada, in a statement. “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.”
Even luxury buyers are searching for value
While luxury buyers have larger budgets than most, the report suggests they’re becoming just as focused on value.
Edmonton posted the largest year-over-year increase in luxury home sales activity at 47.7%, followed by Saskatoon at 27.3%, Ottawa at 17.5% and Calgary at 13.5%.
Part of the appeal is straightforward: buyers can often get significantly more house, more land and more amenities than they could compared to buying in Toronto or Vancouver.
Barry Cohen, broker and owner of RE/MAX Realtron Barry Cohen Homes, said buyers are increasingly looking at regions where larger properties and lifestyle features remain attainable at lower price points.
“These other regions have become the alternative, simply because they’re more attractive in land size and house size, and often amenity-rich,” he told BNN Bloomberg.
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Migration and economic growth are reshaping demand
The report also points to migration as a key factor driving demand in several markets.
Cities such as Calgary, Edmonton, Saskatoon and Ottawa continue to attract new residents from other parts of the country, supported by growing populations, employment opportunities and relatively lower housing costs.
“We’re seeing a rebalance of luxury spending, not a decline overall,” Kottick said. “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.”
Cohen also noted that interprovincial migration is playing an important role in that shift.
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“I think buyers are migrating between provinces, and they’re looking for economic opportunity,” he said.
The RE/MAX report notes that markets with diversified economies — including government, technology, manufacturing, logistics and energy sectors — have generally seen stronger luxury market performance than regions facing greater economic uncertainty.
Space, privacy and lifestyle continue to matter
The definition of luxury may be evolving, but some buyer priorities remain remarkably consistent.
Across several markets, RE/MAX found strong demand for waterfront properties, acreages, estate homes and other properties offering space and privacy. Buyers are also showing a preference for turnkey homes that require little or no renovation work.
Cohen noted that many luxury buyers continue to prioritize features that became increasingly important during and after the pandemic, including larger lots, recreational amenities and proximity to parks or waterfronts.
“People are still seeking out these amenities,” he said. “Families are enjoying it. We see it all the time.”
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Some buyers are looking for home theatres, wine rooms and recreational space, while others are focused on privacy, outdoor living and access to natural amenities.
The common thread is that many buyers appear willing to look beyond Canada’s largest cities if it means finding a property that better fits their lifestyle.
Toronto and Vancouver remain Canada’s largest luxury housing markets by a wide margin. But the latest data suggests more affluent buyers are expanding their search radius.
For many, the appeal isn’t just a lower purchase price — it’s the opportunity to get more space, more privacy and a different pace of life while still benefiting from strong local economies.
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Steven Brennan is a freelance finance writer based in Vancouver, BC. He holds a BA and an MA from Maynooth University, Ireland. His work regularly appears at Canadian Mortgage Trends, Lowest Rates, Loans Canada and other Canadian and US brands, while also working as a ghostwriter for financial influencers.
