Luxury Toronto Real Estate

The luxury real estate market in Toronto is off to an excellent start so far in 2011. In the Old Toronto Midtown neighbourhoods west of Yonge Street including: Yorkville, Forest Hill and Deer Park there have been a robust 22 sales over the $1 million mark. One house in historic Yorkville sold for more than $3 million and two houses in the affluent Forest Hill neighbourhood sold for over $5 million. Just as impressive were the 21 sales in the Old Toronto Midtown neighbourhoods east of Yonge Street including: Bennington Heights, Moore Park and Rosedale. One sale in the Bennington Heights enclave and another sale in stately Rosedale surpassed the $3 million mark.
The Old Toronto North corridor was remarkably frothy with 58 houses selling for over a $1 million. The neighbourhoods west of Yonge Street including Bedford Park, Ledbury Park, Cricket Club, Allenby and Lytton Park were the most busy with 30 sales including 7 sales over $2 million and 1 sale each over $3 million in both the Cricket Club neighbourhood and Lytton Park. In the popular North Toronto neighbourhoods east of Yonge Street including: North Toronto, Lawrence Park, Davisville Village, Lawrence Park and Wanless Park there have been 21 sales in excess of $1 million. One of these sales in the exclusive Teddington Park neighbourhood surpassed the $17 million mark.
North York neighbourhoods including: the Bridle Path, Hoggs Hollow, and York Mills, were also busy with 27 sales over $1 million recorded. One sale in the Bridle Path topped the $8 million dollar mark. In the east end The Beach saw 5 houses sell for over $1 million. In East York the popular Leaside neighbourhood had 10 sales over $1 million. Noteworthy is that 6 of these sales sold for over the asking price which likely reflects the more affordable real estate here, as this is a fairly new entry in Toronto's luxury real estate market. The west end neighbourhoods north of Bloor Street along the picturesque Humber River including: Kingsway Park, Humber Valley Village, Princess Anne Manor and Gardens and Thorncrest Village had a combined 18 sales over $1 million with 3 of these selling in excess of $2 million.
The price for luxury real estate in Toronto is definitely up from 2010. This is not entirely unexpected as new home luxury builders have had to raise their prices due to the Toronto land transfer tax and then a double whammy in the HST. They have simply passed these costs on to the end user. In fairness to the builders their margins have shrunk dramatically with all these new taxes which has pushed many reputable builders to the sidelines creating a pent up demand for quality new homes. Expect prices to stabilize after this initial flurry for the balance of this year.