Luxury realtors are worried that the ultra-rich are now backing off Toronto's market

But while this may be the case for average homes , the GTA still has a growing share of luxury houses reserved for the elite, and prices for these properties remain high and are rising still, jumping 3.7 per cent from January to June.

Real estate brokerage Engel & Völkers Canada, which has some of the bougiest of listings, purports in its 2023that lawmakers should be concerned about the high-end buyers that this sect of the market caters to, who are now being shut out thanks to the recent foreign buyer ban and high non-resident speculation and vacancy taxes.

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