Luxury real estate in Canada may be entering a buyer’s market in 2023, according to a new report out this week from Sotheby’s International Realty Canada.

The report found that Canada’s luxury market cooled in 2022 across most major cities amid volatility from high interest rates and other factors, and it predicted further price drops this year as sellers adjust prices “to meet current realities.”

Sotheby’s CEO Don Kottick told BNN Bloomberg that the company defines “luxury” as properties listed at $1 million to start, with homes over $4 million marking another category and real estate valued at over $10 million considered “ultra-luxury,” though there is some variation across the country when it comes to how far $1 million can take you.

Here’s a look what more than $1 million can buy in Canadian real estate markets across the country:


A Yorkville one-bedroom condo for $1.395M

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PHOTO: Sotheby's International Realty Canada

The listing for this “seductive and moody” 1,200-square-foot condo boasts a wood-burning fireplace, hardwood floors, an open concept kitchen and proximity to restaurants and shopping in Toronto’s swanky Yorkville neighbourhood.

Renovated in 2019, the fourth-floor unit in a low-rise condo building also has access to a rooftop terrace.


A $2.9M penthouse with city and waterfront views

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PHOTO: Sotheby's International Realty Canada

This three-bedroom penthouse apartment in downtown Vancouver’s Yaletown neighbourhood features floor-to-ceiling windows and views of the waterfront from two of the bedrooms. The property measures at 1,693 square feet and includes 569 square feet of outdoor space. The listing notes two parking spots and “miles of seawalk at your doorstep.”


A detached five-bedroom house for $2.795M close to schools and parks

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PHOTO: Residence for Engel & Völkers Montreal

Located in Montreal’s affluent Outremont neighbourhood, the listing for this 3,571.92 square-foot house highlights its prime location in “an exceptional family neighbourhood” with proximity to the “best schools.”

It was transformed from a duplex into a single-family home in 2007 and includes a backyard, two living rooms and a home theatre.


A $2.2M single-family home with city views

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PHOTO: Sotheby's International Realty Canada

This five-bedroom custom-built house in Calgary’s Bridgeland neighbourhood includes a rooftop patio and hot tub with a view of the city skyline. Outdoor space also includes a backyard, balcony, “ample green space and a heated driveway to help cut down on shovelling time in Calgary’s snowy winters.


A three-bedroom heritage house for $1.195M

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PHOTO: Kelly Clark for Engel & Völkers

This 1,926 square-foot listing presents itself as an “elegant heritage property” that’s been restored and updated over the years as an “ongoing labour of love.” It includes three bedrooms, two bathrooms and an office, with new plumbing, electrical and shingles, and is located close to downtown Halifax, universities and other amenities.