Canada’s luxury housing markets in Vancouver, Calgary and Toronto exceeded analyst expectations in the second half of 2013 according to a report from Sotheby’s International Realty Canada. With positive year-over-year sales growth in each of the major Canadian cities, the luxury residential real estate sector is showing no signs of slowing in 2014.

“2013 proved to be a year that defied many analyst predictions,” says Ross McCredie, CEO of Sotheby’s International Realty Canada. “We expect to see continued growth in western Canada’s high-end housing market, specifically in attached and single family homes in Vancouver and Calgary. Entering 2014 we also anticipate Toronto maintaining its current upward sales trajectory.”

In 2013, Calgary beat out Vancouver and Toronto in luxury sales growth with a 33 per cent increase from 2012. The city also saw record-breaking luxury sales statistics in 10 out of 12 months. Sales of luxury homes — defined as closing at $1 million or higher — totaled 722 transactions. These include condominiums, attached and single family homes.

In Vancouver, 2,505 luxury homes were sold, indicating a 19 per cent gain over 2012. In the high-end luxury residential sector — meaning homes in the $4 million-plus range — a 48 per cent increase over 2012 was reported. Toronto-area data revealed the smallest growth, with 5,449 properties exceeding $1 million sold and a 13 per cent year-over-year increase.