Tracking luxury real estate: Pandemic not stopping the rich from buying
Vancouver owns bragging rights when it comes to the location of Canada’s most expensive condominium unit at a mind-blowing $58 million, but Toronto could one day catch up, says the author of a new survey that tracks the nation’s 10 most expensive condos ever sold or listed.
Number one unit on the list is an 8,000 sq. ft. penthouse located in Vancouver’s Coal Harbour district, sold for $58 million and is Canada’s most expensive condo on record. Built in 2012, the penthouse’s first owners moved in two years later after shelling out $16.6 million for a property that contains four bedrooms, five bathrooms, two rooftop terraces, a balcony totalling 4,840 sq. ft. and tucked away somewhere in the basement, a private seven-car parking garage.
Number two on the list is located nearby. According to the report, the $38.8 million Coal Harbour residence takes up the entire 26th floor of the tower it’s situated in and is the only apartment in the building with this feature. Views from the property span across; the ocean, the mountains, and Lions Gate bridge. The condo also boasts three terraces, two fireplaces, an indoor pool, and a six-car garage space.Spots three and four are also in Vancouver – a 48th floor penthouse at the Private Residences at Hotel Georgia which sold for $35.8 million and a penthouse in the Hotel Pacific Rim valued at $29.9 million.A Toronto condo – Four Seasons West Penthouse – sold for $28 million and secured the number five spot. From there, condos six through 10 are either in Vancouver or Montreal and valued at between $16.5 million and $10.89 million.
Toronto is getting noticed as a place of economic and social stability. Penthouses that are selling in places like Miami and New York give you of price ceilings in comparison.
A 9,000 sq. ft. condo in Manhattan sold for $109 million during the COVID-19 pandemic.
As for how and why Vancouver ended up with seven of the 10 most expensive condominiums, it’s the result of several factors including a temperate climate and a larger influx of extremely wealthy immigrants. In addition, developers in Vancouver have a history of trying to appeal to the luxury segment whereas affordability has always been the primary concern for developers in Toronto.We are starting to see a shift take place where developers are stepping out of that monotonous glass box template to create a luxury product. Give it a few years and you will see Toronto end up the one with the bragging rights. Canada is the fastest growing G7 country by population, and Toronto is the fastest growing affluent city in the world, so it’s no surprise that we’re starting to see developers creating this type of condo product.
In the Toronto market, we are just finally now seeing some pre-construction inventory to actually match up with what luxury clientele are looking for.
An example of that is the 95-storey SkyTower at Pinnacle One Yonge.
Pricing for North America’s 16th highest condo tower will start at $800,000 for a one-bedroom unit and rise as high as $5 million for a deluxe three-bedroom 2,300 sq. ft. unit.
There will also be one special unit for someone who can afford to pay the estimated $30 million price tag and earn the right to live atop the nation’s highest skyscraper.
The full-floor penthouse with a 360-degree view of Lake Ontario and the downtown core will contain 7,600 sq. ft. of living space.
The list was created via internal data, as well as an array of publicly available data from the last 30 years.These types of properties aren’t often available to buy, and make up a reasonably niche section of the market — however we’ve seen prices rise substantially over recent years, and I don’t believe this is a trend which is going to slow down going forward.
The 10 most expensive condos ever listed/sold in Canada, and how much they are worth, are:
1. Coal Harbour – 8,000 sq. ft. penthouse – $58 million
2. Coal Harbour – 26th floor 6,670-sq. ft. condo – $38.88 million
3. Hotel Georgia Residence 48th floor penthouse – $35.8 million
4. Fairmont Pacific Rim Penthouse – $29.9 million
5. Four Seasons West Penthouse Toronto – $28 million
6. 3101-717 Jervis St., Vancouver – $16.5 million
7. PH1801-1430 Rue de la Montagne, Ville Marie, Montreal – $15.4 million
8. PH1802-1430 Rue de la Montagne, Ville Marie, Montreal – $13.43 million
9. 2001-1835 Morton Ave., Ocean Towers, Vancouver – $12.95 million
10. PH1-1480 Howe St., Vancouver – $10.89 mi
Source: The Toronto Sun
If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at firstname.lastname@example.org
“Toronto’s Condo Authority”