Toronto Luxury Real Estate Market Tops Sales for 2018
I thought I should highlight some of the top sales in Central Toronto neighbourhoods for the year 2018. It has been an interesting project for myself and I realize how lucky I am to have preview most of these signatures homes! Why I love my job. There have been a few off-market properties that are not part of these MLS sales. Only properties listed on the MLS system are included in the Toronto Real Estate Board’s (TREB) sales statistics.
Rosedale saw a sale of a signature home boasting a double lot on Highland Avenue for over $18,000,000 which shows there is still strength in the luxury market. The grounds were both vast and well landscaped with a pool. There was underground parking for 10 cars and large principal rooms for entertaining. It had been on the market for over 1 year. This home has currently been gutted for a full renovation!
A stately home overlooking the ravine on Inglewood Avenue just south of St. Clair also sold for over $12,000,000. It was a stunning house but truly needed a few updates for today’s lifestyle. There were interesting features and hidden passageways that made you feel you as if you were in a castle in Europe. It truly was a special property.
There were 6 Sales between $5 million and $10 million. A complete land value property on Crescent Rd fetched over $6 million. This property had extensive approved plans to add a garage and complete renovate this heritage property. A stunning home on Binscarth sold for $8.6 million in a bidding war but it checked many boxes with a gourmet kitchen with double island, beautifully finished principal rooms, 5 bedrooms, finished basement with custom walnut built-ins, wine cellar and bar as well as a coveted heated drive. A Glen Road home that was 20 years new sold for $8 million after a price reduction, required an update but had a great floor plan and was extremely well built. A perfect condo alternative sold for over $6.5 million on May Street after a price reduction. The May Street home was very contemporary and well built just 10 years ago. 81 homes sold in Rosedale between $2,000,000 and $5,000,000. In December an “off-market” property on Crescent Rd with laneway parking sold for just under $4 million. It will require a complete top to bottom renovation to bring it up to today’s standard so the sale price surprised many in the industry.
Forest Hill had one sale north of $10,000,000 on Old Forest Hill Road. It was fully renovated by designer Lori Morris and landscaping was done by Ron Holbrook. 8 homes sold in Forest Hill between $5 million and $10 million. One of my favourites was a beautiful Warren Road home that managed to retain the old work charm however it was beautifully renovated with a white kitchen and marble countertops yet some of the principal rooms had bold colour to add some visual interest. Quite a few homes on Dunvegan came up for sale this past year with 3 homes fetching over $5 million and one achieved a sale price of over $7 million. My favourite was 179 Dunvegan as it presented as the perfect family home and sold within 3 days on market! There were 45 sales between $2,000,000 and $5,000,000.
ANNEX, CASA LOMA AND YONGE ST. CLAIR AREA:
The Annex did not have any home sales over $10,000,000 however there were 13 sales over $5,000,000. One sale to note was a $5,000,000 land value purchase with plans on Roxborough Street west. It has a lovely city view on the south side of the street. Roxborough Street West is one of the most desired streets in the city right now based on walkability to the TTC, fantastic shops and restaurants.and the stunning Victorian architecture. Many have been completely renovated into contemporary interior spaces. MacPherson saw a record sale for a renovated detached home that on a coveted 50 foot wide lot that cleared over $6mill and has been re-renovated! Woodlawn Avenue (Yonge-St Clair) saw a signature home with amazing bones sell for over $6 million. Farnham (Yonge-St. Clair) saw two sales over $5,000,000. 111 Sales took place in these area between $2,000,000 and $5,000,000. These areas are where everyone wants to be as it is close to everything including the subway!
The Bridle Path caught Toronto’s attention when Drake purchased a mid-century bungalow, tore it down to build his massive Chateau designed by Oakville architect Ferris Rafaul Design who also designed his private club at the ScotiaBank Arena. There were two sales over $10 million. One sold for over $17 million on High Point Road that certainly checked all the boxes for those looking for a glamorous home with a huge property over 314ft by 360ft and 36,000 ft of living space! The other property was located on The Bridle Path. It sold for $11,0000 and was a dated bungalow on a 244ft by 353ft lot which was predominately a land value sale. There were 18 sales over $5 million within the Bridle Path, St Andrews and a section of Lawrence Park that is for real estate mapping is considered Bridle Path and St Andrews. 103 Properties sold in this area for between $2 million and $5million.
LAWRENCE PARK AND LYTTON PARK:
There were two sales in Lawrence Park and Lytton Park between $5 million and $10 million. One on Lytton Blvd and one on Dawlish Avenue that were both signature homes of newer construction. This area continues to be desirable because of the school districts and both Lytton Park and Lawrence Park are great family neighbourhoods. 103 homes sold between $2 million and $5 million
I am doing my commentary on Condos based on the entire Central Toronto Region. Most of the luxury condo sales occur in Yorkville, downtown and Yonge Summerhill. On the MLS system not one condo sold for over $10 million however there are many sales that occur in the luxury condo market off MLS. 2017 saw the off-market sale of the Four Season’s Residences penthouse listed at $36 mill. The buyer of that property is completely renovating to suit his own taste! There were only 8 condos that sold over $5 million dollars last year however please know many are selling through builders as pre-construction. The Shangri-La had 2 significant sales of which one was over $8 million. The Ritz Carlton saw a sale over $6 million and the newly transformed St. Regis saw a sale over $8 million. I provided the buyer for a condo in One St. Thomas that was north of $5 million however on a price per sq. ft. of just over $1400 was an excellent value for a signature Robert Stern Building in Yorkville. Scrivener Square in Rosedale is now seeing units selling at $2000 price per sq. ft. with work still required as people want the Yonge Summerhill corridor. 146 condo units sold in central Toronto for between $2million and $5million.
For those looking for the ultimate in a luxury condo here are two options available listed by Jimmy Molloy of Chestnut Park Limited. The first is Suite 1400 in my favourite building 155 Cumberland listed for $28,750,000 .
The second listing is Suite 5401 in The Four Seasons Residences at 50 Yorkville Avenue listed for sale at $12,900,000
What we currently have is a lack of condo inventory. There is demand for luxury larger condo units however not many come to market as people love the turn-key life style and location.
I could carry on with a summary for many more Toronto neighbourhoods however I will overwhelm. If you would like specific information on your neighbourhood and the sales taking place or a neighbourhood of interest then please contact me and I would be happy to assist in preparing a comprehensive package for that neighbourhood. An educate buyer or seller is very important!