Toronto and Vancouver have been typically Canada’s hot beds for luxury real estate , but other markets are now feeling the heat.

Sales in the luxury markets — defined differently for each city — in Calgary, Edmonton, Saskatoon and Ottawa have each grown more than 10 per cent between Jan. 1 and April 30 compared to the same time frame in 2025, according to a Re/Max Canada report.

Meanwhile, sales in Vancouver, Hamilton, the Greater Toronto Area, the Island of Montreal and St. John’s, N.L., have each declined by more than 10 per cent.

“Luxury is no longer defined solely by Canada’s largest urban centres,” Don Kottick, president of Re/Max Canada, said in a news release. “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.”

A particular bright spot for the market is in Edmonton, where luxury is defined as a home sold for $1.5 million or more. The region had 65 such sales in the first four months of the year, good enough for a year-over-year growth of 47.7 per cent.

In Saskatoon — where luxury consists of homes sold for $900,000 or more — sales were up 27.3 per cent.

On the other end, Hamilton was the biggest loser, with luxury home sales — $1.2 million or more — down 20.9 per cent.

Sales fell 19.8 per cent in Vancouver and 16.9 per cent in Toronto, where luxury homes are defined by those that sold for $3 million or more.

Re/Max said luxury has been strongest at lower price points, allowing more buyer activity, and in regions with a diversified job market and strong interprovincial migration.

“We’re seeing a rebalance of luxury spending, not a decline overall,” Kotick 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.”

Home sales across Canada climbed 5.5 per cent in May, its strongest month-over-month increase of the year, though sales were down year over year, according to the Canadian Real Estate Association (CREA ).

“The national sales increase from April to May was broad-based but driven disproportionately by Ontario, suggesting the HST rebate on new builds may have only briefly drawn the attention of buyers away from the existing home market,” CREA senior economist Shaun Cathcart said.

With files from Shantaé Campbell Sign up here to get Posthaste delivered straight to your inbox.

SpaceX has only been publicly trading for a few days, but it is already close to surpassing both Amazon.com Inc. and Microsoft Corp. in terms of market capitalization.

Shares climbed as much as 17 per cent on Tuesday, pushing the rocket company’s market value to nearly US$3 trillion.

The move puts its value about US$300 billion higher than Amazon’s and US$20 billion higher than Microsoft’s.

  • Final day of G7 summit in France
  • 2:00 p.m.: U.S. Federal Reserve interest rate announcement and summary of economic projections
  • Today’s Data: New housing price index for June, U.S. retail sales for May, U.S. pending home sales for May
  • Today’s earnings: CarMax Inc., Korn Ferry, NorthStar Gaming Holdings Inc.
  • Canadian home sales post first ‘meaningful’ gain in 2026
  • We shouldn’t hate the world’s first trillionaire — we should encourage Canadians to emulate him
  • Why a Newfoundland company is offering to stockpile Canadian oil
  • Oil markets fall on news of U.S.-Iran deal, but experts expect ‘prices will start to grind higher’

Read more here. While Elon Musk — the world’s first trillionaire — is often maligned for his outspoken nature and political views, there is a lot the public can learn from him, writes columnist Kim Moody. Read the column here.

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McLister on mortgages

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Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff and Bloomberg.

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