Lots of buyers claim to be in search of a luxury condo for sale in Toronto, and yet that doesn’t mean they’re all looking for the same thing. This is simply because luxury condos are hard to define, with factors like price, style, finishes, location, size, and reputation all to be considered. Some condo seekers might value an expensive condo in a posh neighbourhood above all else, while others won’t settle for anything less than marble-clad kitchens, built-in wine cellars, and top-notch amenities.
One thing is for certain, though: the quality of luxury condos is what sets them apart from the rest. Whether a luxury condo for sale in Toronto is situated in a prestigious hotel or a boutique building, and whether it spans 600 or 6,000 square feet, it should at the very least contain high-end appliances and quality building materials if it wants to uphold its ‘luxury’ status.
There’s also a reason why residents of luxury condos didn’t instead opt for a single-detached house. Those attracted to luxury condos for sale in Toronto are after the convenience factor — they need amenities that cater to their busy lifestyles. Pears on the Avenue, for example, is a perfect building for those who know they’ll need to relax and unwind after a long day at work: the building boasts a terrace with an outdoor lap pool, cabanas, and a fire pit, as well as a movie theatre and a yoga studio.
Those prepared to make an offer on a luxury condo for sale in Toronto aren’t alone: in 2018 over 600 condos were sold in the city for between $1 million and $2 million. Ultra-expensive luxury condos, however, are sold much less frequently in Toronto, with just 37 condos over $3 million sold that same year. And while condos that go for $10 million and up do exist in the city, these ultra-luxury homes simply aren’t on the radar of the majority of luxury condo buyers in Toronto.
There are many reasons to seek out a luxury condo in Toronto, whether buyers are solely looking for a new investment or they genuinely want a new place to call home. Regardless, those who can afford to take the leap from renting to owning a condo will improve their credit and increase their net worth. As for those thinking about trading a standard condo for a luxury one, the benefits are only more magnified.
As new towers continue to pop up left, right, and centre in Toronto, condo seekers are faced with one particularly tough decision: purchase a home in a new construction or a resale unit. One of these options isn’t any better than the other, meaning prospective buyers will have to think long and hard about what is important to them. Purchasing a brand new suite during pre-construction means having the chance to customize one’s home before taking possession, while older buildings have had time to work out the kinks — or to achieve an impressive reputation over the years.
There are also a few ways for a luxury condo buyer to get the most bang for their buck. For one, condo seekers can opt for older buildings, which typically contain suites with larger floorplans. Another great option is to consider buildings outside the downtown core, like Avoca Vale in the Yonge and St. Clair neighbourhood, which was built just before the turn of the 21st century. Those interested in living even farther north can check out the Gibson Square North Tower at 5168 Yonge Street, where residents have access to an impressive set of amenities and units are outfitted with deluxe materials and top-of-the-line appliances.
Although Torontonians seeking out luxury condos may find suitable homes in all areas of the city, there happen to be a few neighbourhoods in which high-end homes happen to be concentrated. One of these, unsurprisingly, is Yorkville. A 2017 report by the City of Toronto revealed this neighbourhood to have an average household income of nearly $140,000 — that’s second only to Cabbagetown in the downtown core.
Not only is Yorkville home to some of the most expensive luxury condos for sale in Toronto, but the neighbourhood also happens to be one of the city’s foremost shopping destinations. The strip of Bloor Street between Yonge and Avenue Road has even been nicknamed ‘Mink Mile’ for its upscale shops and the pricey rents paid by retailers who want to attract Yorkville residents.
Yorkville has been considered a posh place to live for decades now, however, in recent years a new luxury neighbourhood has emerged in Toronto. After receiving plenty of attention from developers, King Street West now attracts luxury condo buyers who want to be near all the action. By opting for a home at the Residences of the Ritz Carlton, for example, residents are able to walk to venues like Roy Thompson Hall, the Royal Alexandra Theatre, the Four Seasons Centre for the Performing Arts, and even the Rogers Centre and the CN Tower.
The Financial District, while not typically considered the most residential of neighbourhoods, is home to a handful of luxury condos as well. In fact, luxury residential offerings in the neighbourhood seem to have multiplied since the early 2010s. The St. Regis Residences at 311 Bay Street was built in 2012 as was the Shangri La at 180 University Avenue, while the Berczy followed a year later, adding 166 more luxury condos to 55 Front Street East. More recently, buildings like 88 Scott have joined the ranks of luxury condos in Toronto’s Financial District.