While Toronto's overall real estate market is expected to remain relatively flat in the coming year, the city's luxury sector is marching to the beat of its own drum, showing signs of growth and exclusivity. According to a recent report by RE/MAX, home prices across Toronto are predicted to stay steady into spring 2025. However, in the high-end market, the situation is markedly different, with notable increases in sales and a strong appetite for luxury homes priced over $20 million.
For prospective buyers and sellers in Toronto's prestigious neighbourhoods, like the Bridle Path, the luxury market offers opportunities that don’t align with the broader housing trends in the city. One prime example is a mansion in Bridle Path currently listed at a cool $29 million. If that's a bit outside the budget, there’s always the option to rent it for $60,000 a month.
A Glimpse into Toronto's Elite Property Market
CityNews recently toured one of Toronto's most unique and exclusive properties, a sprawling estate featuring a pool, tennis court, and a generous 17,000 square feet of living space. The property, which sold for $13 million in 2021, has since undergone an estimated $8 million in renovations. This home is designed to appeal to a very specific group of buyers—those seeking opulence, space, and privacy.
“This market caters to a very niche clientele,” explains Paige Torkan, a realtor with her husband Peter. Both are well-known figures in Toronto’s luxury real estate scene, appearing on the show Luxe Listings Canada. Paige and Peter’s expertise reflects a market where demand is high, but the customer base is small and highly discerning.
A Market with Its Own Rhythm
The broader Toronto market may be facing challenges with inventory shortages and affordability issues, but the luxury sector is less affected by these issues. RE/MAX’s report shows that, while most home prices in the city are expected to rise only marginally—by just 0.1%—the luxury market is outpacing those predictions. In fact, homes and condos priced over $4 million have seen a 4% increase in sales this year.
Peter Torkan emphasises that the luxury market operates on a different wavelength. “It has its own sort of niche trend. Buyers in this market are looking for specific needs and wants,” he says. This distinct demand is reflected in the growing number of sales above the $20 million mark. The Torkans are confident that even with the hefty $29 million price tag, the property in Bridle Path won’t stay on the market for long.
Looking Ahead: Luxury Sales on the Rise
While much of Toronto’s real estate market may be seeing flat prices, the luxury sector is an outlier, with an increasing number of high-ticket properties being bought and sold. As Toronto’s economy stabilises and interest rates ease, it’s expected that the city's luxury market will continue to thrive, attracting wealthy buyers who are less affected by the broader market’s challenges.
For sellers, this bodes well, as demand for these ultra-exclusive properties remains strong, and the luxury sector is projected to continue to follow its own trend of growth. For those curious about entering this unique part of Toronto’s real estate world, it’s clear that the path to luxury living is still wide open—but for a very specific kind of buyer.
