With a generally lackluster spring season, the Toronto real estate market might keep on this path of volatility and uncertainty due to the newly implemented mortgage policies and cooling measures. Real estate professionals state that the spring startup seems to have moved to June, as this is the first month when sales have started to pick up.
Although the Toronto luxury real estate market is far removed from average trends and average figures, this sector started losing steam as well, a sign that the restrictive measures aimed at tempering the market have a wide-reaching impact. However, the slowdown in the luxury market is mostly reflected in sales volume rather than prices: the number of sales is decreasing, but the price tags aren’t budging.
This is most evident at the very top of the high-end segment. Looking at the most expensive homes for sale in Canada, Toronto not only maintained its status as one of the priciest luxury markets in the country, but actually went from having only one listing in 2017 to having three entries in the ranking of Canada’s most expensive properties this year.
Stunning 68 Bridle Path Remains Toronto’s Most Expensive Luxury Home for Sale
Although British Columbia takes the cake with no fewer than six listings, Toronto boasts three of the most stunning (and priciest) pieces of real estate in the nation. 68 Bridle Path went up two places from last year: with an asking price of $35,000,000, it is the second most expensive home in Canada. And some would say for good reason – this majestic French Chateau-style home is the epitome of class and extravagance. It boasts an opulent two-storey ballroom and it showcases hand-carved marble mantles and an exquisite collection of gilt bronze chandeliers.
To those who are not necessarily looking for a verdant oasis downtown, Toronto offers high-end buyers another option, right in the heart of the city. With floor-to-ceiling windows and terraces exhibiting spectacular city views, the condo at 155 Cumberland Street is any urbanite’s dream. Created in the 1960s by renowned architect Philip Johnson, this landmark condo was renovated and restored to meet the highest demands of class and comfort, according to the listing website. This dream home covers more than 10,000 square feet and for $31,000,000 it could be yours.
469 Spadina Road is the “cheapest” property in this year’s ranking ($25,000,000). The location of this luxurious Forest Hill brownstone is in one of Toronto’s most prestigious and beautiful communities. The proposed luxury townhome promises over 11,000 square feet of living space, a six-car garage, six bedrooms, eight bathrooms, an amazing rooftop terrace and an outdoor kitchen.
Toronto currently has around 330 luxury listings, but this red-hot market is definitely cooling down: according to the latest reports, sales of luxury homes in the GTA fell nearly 68% compared to 2017. The luxury condo market is only marginally better, with sales down 28.2%. However, real estate professionals are hopeful purchases will increase in the coming months as buyers and sellers adapt more and more to the measures implemented in the past months.