Where Toronto’s ultra‑luxury homes are — and who is buying them
Toronto's high-end real estate market is climbing into new territory, with several homes currently listed well above $10 million.
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Toronto's high-end real estate market is climbing into new territory, with several homes currently listed well above $10 million. (SilverhouseHD photography).
While sales in most price categories have slowed, homes above $10 million are moving in the opposite direction.
A recent report from Sotheby’s International Realty Canada says 12 properties worth more than $10 million sold in the Greater Toronto Area between January and June, seven of them in Toronto proper. THE CANADIAN PRESS/Graeme Roy
That’s a 200 per cent jump from the same period last year, when just four sales cleared that threshold. For James Milonas, managing director at The Agency, the city’s priciest homes are defined by exclusivity and value relative to global peers. (Photo by James Milonas)
“The difference with Toronto and the rest of the world is our price per square foot is so much lower,” he said in an interview with CTV. “(Toronto’s ultra-luxury market is) flashy but understated… flashy in the sense that it’s a lot of new money being built… understated in the sense that if you look at the rest of the world, our price point is peanuts.”
(THE CANADIAN PRESS/Sean Kilpatrick)
He places ultra‑luxury between $15 million and $30 million, with “entry‑level luxury” starting around $3 million–$5 million. Milonas says transactions can take years, but notes most sellers can afford to wait.
“There’s always gonna be a buyer for that ultra luxury home. And for those who are selling those kinds of properties, they don’t need to sell… they’re putting it out there. They’re testing the waters.” (Courtesy of Sonam Grover, Broker, RE/MAX Millennium Real Estate.)
Looking beyond Bridle Path: It's no secret Bridle Path is one of the city's most luxurious neighbourhoods but Milonas is challenging that assumption. “People automatically think of the Bridal Path as upper ultra luxury, which to be honest, yes, it has some of the most expensive homes in the city, but in terms of net worth, it's not even the highest," he said. "Bayview and York Mills pocket… has (some of) the highest income in the city, followed by Forest Hill.” (Courtesy of Sonam Grover, Broker, RE/MAX Millennium Real Estate.)
Current listings in Forest Hill are among some of those gems. At 43 Hillholm Road in South Forest Hill, listed at $16,800,000, agent Olga Cohen describes it as “iconic design" with "unmatched craftsmanship, in the heart of exclusive South Forest Hill Village." (Photos by Olga Cohen).
Cohen adds, “the home features soaring ceilings, open concept design, floor-to-ceiling windows with automated coverings, and radiant heated floors in every room including the garage.” She explains this property is perfect for
“upscale executives" or "those that love to entertain.” (Photos by Olga Cohen).
Milonas explains deals at this level often happen out of public view. “A lot of the deals fall under the radar, and it’s not always traded on the MLS.” (Photos by Olga Cohen).
In Etobicoke, 25 North Drive is listed at $14,995,000. Agent Cailey Heaps describes it as “timeless, private and deeply rooted in nature.” (SilverhouseHD photography)
Who’s buying — and what they want: According to Milonas, buyers for these properties frequently arrive from overseas, particularly from the Middle East and Asia, adding that access to showings is tightly controlled. (SilverhouseHD photography)
“It’s going to be someone who has the funds to spend $15-20 million, who’s liquid, who shows proof for funds, who has no problem signing an NDA.” (SilverhouseHD photography)
“It isn’t just a property it’s a lifestyle,” Heaps added. (SilverhouseHD Photography).
In the Bridle Path, 38 Park Lane Circle is asking $21,888,000 and leans on celebrity adjacency. (Courtesy of Sonam Grover, Broker, RE/MAX Millennium Real Estate)
Listing agent Sonam Grover says, “38 Park Lane Circle is one of Toronto’s most exclusive estates… right next door to Drake’s residence — the property spans over two acres with meticulous landscaping, cathedral-like interiors, and bespoke high-end finishes.” (Courtesy of Sonam Grover, Broker, RE/MAX Millennium Real Estate).
“This home truly sets the bar for ultra-luxury living in Canada’s most prestigious enclave," Grover added. (Courtesy of Sonam Grover, Broker, RE/MAX Millennium Real Estate).
With so few true peers, Milonas says pricing is tricky.
“A lot of these homes, there are not enough comparables to price it on,” he said. (Courtesy of Sonam Grover, Broker, RE/MAX Millennium Real Estate).
“The people in that price bracket, they know that it’s not going to be the average buyer buying it. They know there’s only going to be one in 500 people can afford that," he added. “We’re an expensive city, right in terms of freehold properties.”(Courtesy of Sonam Grover, Broker, RE/MAX Millennium Real Estate).
Toronto still on the rise: “(Toronto is like) Mini Manhattan in some aspects," Milonas said. (THE CANADIAN PRESS/Cole Burston).
“Give this city 5-10 years, we’re gonna be unrecognizable.”(SilverhouseHD photography).
