While the weight of the Ontario Fair Housing Plan and the mortgage stress test resulted in 2018 being one of the worst years in recent record for the Toronto real estate market, condos saw a boost in popularity among home buyers.
While the average home price fell 4.3% to $787,300 over the year, the average condo saw the most price growth among all property types. With an overall increase of 8.7%, condo prices averaged at $593,366 for 2018.
At the other end of the spectrum, detached home prices offset the increase with a price decline of 7.1%. Semi-detached and townhouses had a slight uptick for price growth at 1% and 2.7%, respectively.
The Price of Luxury
Specifically, luxury condos are quickly drawing attention from young entrepreneurs and investors, who are willing to pay a little more for a comfortable life.
Doug Vukasovic, a Toronto based Zoocasa agent who specializes in the luxury living segment, says that these young professionals are attracted to world-renowned and branded suites.
He notes that “several factors set these buildings apart from others in Toronto, including access to five-star amenities like restaurants, notable spa facilities, housekeeping and valet services, and upgraded in-home finishes like high-grade pre-engineered floors and detailed millwork. Further, these units are typically larger than the average condo, and fewer suites per floor gives residents greater privacy.”
Using the average price per square foot based on dollar volume and the estimated total square feet sold for the year, Zoocasa determines the top ten most expensive condos in Toronto. Data is sourced from the Toronto Real Estate Board, and only buildings with at least 10 transactions were included.
High-End Yorkville Neighbourhoods Are the Most Expensive
With more than half of the top 10 condos located in the high-end neighbourhoods of Yorkville, the exclusive location is among the most prestigious addresses.
In particular, the Four Seasons Private Residences takes the top spot as the most expensive condo to live in Toronto for 2018. With an average price per square feet of $1,770, which is a 17% uptick since 2017, the condo saw a total sales volume of $33,970,000 for an estimated total square feet of 19,200. The priciest condo sold over the year went for $4,995,000.
The second most luxurious condo in Toronto goes to the Residences at the Ritz-Carlton located in the Entertainment District, where the least expensive unit was sold for the tall price of $1,425,000 and the most expensive unit went for $5,750,000. With a sales volume of $28,040,000 and an estimated 20,475 square feet sold, the price per square feet for this impressive tower is $1,369, making for a 22% increase in price year over year.
The third luxury condo to make the list is yet again in Yorkville, and while the building is just over a year old, the Exhibit Residences saw regular activity with 16 units sold over the year. The total sales volume for the year was $18,630,000 and the estimated square feet sold was 13,800, resulting in a $1,350 price per square feet. Units sold ranged from a low of $580,000 to a high of $3,650,000, for a 3% increase from the year it opened.
According to Vukasovic, other infamous luxury buildings like 155 Cumberland Street, 118 Yorkville and 36 Hazelton Avenue, likely didn’t make the cut due to their ultra-exclusivity and hard to come by listings.
While Toronto luxury condos are a hot topic among young professionals, homebuyers with larger families will find listings on Edmonton MLS and even Waterloo homes for sale to offer much more square feet for the price they’re paying.
Check out the infographic for more details on the 10 most expensive condos in the â€˜Six.