Toronto's housing affordability crisis still has would-be buyers holding out until prices and interest rates fall to more reasonable levels in this near-recession, but even while the number of home sales transactions has diminished to record lows across the board, the price tags of the city's most exorbitant properties are only increasing to new heights.

The average piece of "luxury" real estate in the city — that is, homes considered to be the "finest" and most exclusive on the market as far as their features and amenities — has surged to $5,820,000 so far this year, marking a 3.9 per cent jump from the same period in 2023, according to a new report published by Royal LePage on Thursday.

The only Canadian cities that saw greater spikes in median prices for the housing type were Halifax and Winnipeg, where the typical luxury homes are still only slightly more than, or even less than a detached house, luxury or not, in the 416.

The nicest properties in Halifax are now about $1,929,500, per Royal LePage's figures — 8.6 per cent more than the same time last year, but only $237k less than the average standalone house in Toronto proper.

Winnipeg saw a 4.9 per cent increase in luxury prices, but only to $1,206,000, which is far less than the $1,692,239 it will run you to nab a detached home in T.O., and around same price as a semi-detached here (which now averages $1,204,678).

The comparison to luxury property costs in Toronto or Vancouver, the nation's most notoriously expensive markets, is baffling.

Only Toronto and Halifax saw median luxury home prices increase this year compared to last year while sales also deteriorated. Chart from Royal LePage's Carriage Trade Luxury Report, released Thursday.

Average prices for the bougiest homes in Vancouver did decline by 1.8 per cent over the year. Still, the West Coast city maintains its title as the most expensive for housing both overall and in this case, with a median price of $6,975,000 among this top tier of housing listings.

Between January 1 and the end of August this year, a whopping 38.8 per cent fewer luxury homes switched hands in Vancouver compared to the same period last year, while in Toronto, there were five per cent fewer sales year-over-year — a less dramatic decline than Van, but a noteworthy buck of the trend seen in the rest of Canada.

Only T.O., Vancouver and Halifax saw a lower volume of sales of this housing type this year, with only Toronto and Halifax seeing prices escalate despite these dwindling sales numbers.

The slight lull in Toronto's sales and glut of available inventory are attributed in part to an updated municipal land transfer tax, which came into effect January 1.

But, the firm's experts say they anticipate the city's luxury market "will see stronger levels of activity in the fall and improved market conditions in the spring," with higher consumer confidence and "brisk" activity in the luxury segment across the country.

As Royal LePage says, "luxury buyers typically have the means to be picky. Their home-buying decisions are shaped by more than the desire to live in a particular neighbourhood or to enjoy very specific high-end features and amenities."

"Often, their decision whether to buy or not is driven by their confidence in the health of the overall economy and the direction they see housing prices headed."

Must be nice!