Toronto has an extremely diverse selection of Luxury homes. Toronto luxury homes feature estates up to $22 Million with a myriad of architecture options. Toronto is attracting international attention for its combination of economic stability, diverse culture, and affluent lifestyles. In fact, diversity is actually a marker of Toronto.
As the capital of Ontario, Toronto is surrounded by natural landmarks such as the Great Lakes, as well as parks, woodlands, and vineyards. Toronto’s metropolis status has led to growth in the real estate sector. The home buyer has many Toronto Luxury Homes to choose from: high-rise condominium towers to Victorian heritage homes, to cutting-edge modern architecture, to stone mansions.
Toronto luxury homes are booming, especially for single-family detached homes. The term “luxury” can be interpreted differently in each market, but in Toronto, it generally refers to properties priced $2 million upwards. The luxury housing market has experienced solid and consistent growth in recent years, with detached homes getting a whopping 89% increase over last year. While luxury condos saw a 26% increase, which by any standard is amazing. Condos account for a small portion of the luxury market priced over $2 million, whereas detached single-family homes are much more in demand with less overall inventory.
The rise in Toronto’s luxury real estate market can be attributed to a price increase across the board, as well as low inventory and high demand, particularly for single-family homes. The luxury housing market demand is driven primarily by local move-up buyers, followed by foreign buyers. The high demand for luxury homes in the Greater Toronto Area has led to a spillover effect in other areas. The city is made up of nearly 250 neighborhoods (some not officially recognized, but still prominent), with affluent areas including The Annex, Summerhill, Yorkville, and Deer Park. The city’s mansions generally lie northeast of Downtown, with C12 being one of, if not the most, expensive neighborhood in the Greater Toronto Area.
The only other areas in Canada that are typically on the “American” luxury radar is Vancouver. With developments like Burnaby condos for sale, it’s no wonder why Vancouver is another destination. In any case, check out this luxury Toronto Real Estate.
A great example of luxury living in Toronto is this home below. With a home like this, it’s a wonder why Canadians want to retire to Florida!
About the Toronto Luxury Homes Featured Here:
This 8200 sq ft sprawling luxury home is set on over an acre of land and located on the most exclusive street in all of Toronto’s east end. Surrounded by nature giving you total privacy whilst offering breathtaking water views. Neighboring local celebrities, this modern day castle is spectacular with every detail carefully considered and done to perfection.
This beautiful home has 7 bedrooms, 5 bathrooms, heated flooring, multiple fireplaces, theatre room, gym, handyman’s dream 3 car garage, 8 car circular driveway, private nanny quarters or in-law suite, outdoor spa featuring an in-ground pool, hot tub, outdoor shower, built-in grilling station, wrap around decks, and the list goes on and on. It’s a great example of why real estate agents want to break into luxury home sales.