What is the term for a luxurious boat typically used for leisure activities and racing?

The term for a luxurious boat typically used for leisure activities and racing is "yacht." Yachts are designed for comfort and pleasure, often featuring amenities that support recreational activities such as dining, sleeping, and entertaining. They can vary in size and type but are generally associated with the wealthy and are often used for both private leisure and competitive racing events.

While canoes are small, narrow vessels often used for paddling in calm waters and are not associated with luxury or racing, and barques are a type of sailing vessel that have a specific rigging setup, they are primarily used for transportation rather than leisure. Freighters are large cargo ships intended for commercial shipping and bear no relation to leisure activities. Thus, "yacht" is the clear choice when referring to a luxurious boat suitable for leisure or racing.