Nearly two years after the Ontario Fair Housing Plan, and coming off the first 12 months of the mortgage stress test, the Toronto housing market continues to adjust. Sales fell 16.1% over the course of 2018, while the average home price dipped 4.3% to an average of $787,300.
However, despite a slower pace and softer pricing reality, condos for sale in Toronto continue to appreciate at a smoldering pace, with the strongest price growth of any home type over the 2018 calendar year. The average unit appreciated 8.7% to $593,366, well outpacing the rest of the market; In comparison, detached home prices saw an average depreciation of -7.1%, while semi-detached and townhouse prices rose 1% and 2.7%, respectively.
However, while affordability was a main driver behind condos’ popularity over the course of the year – the average multi-family unit continues cost a whopping $726,967 less than the average detached price of $1,320,333 – luxury units are also in hot demand across the city – and particularly among condos for sale in downtown Toronto.
Toronto’s Priciest Condos by Square Footage
According to recent calculations by Zoocasa, six of the city’s 10 priciest buildings are located in the high-end neighbourhood of Yorkville with the remaining four spaced among the in-demand Entertainment District, Old Toronto, and Summerhill neighbourhoods.
To determine which buildings fetched the most, the study determined the average price per square foot based on dollar volume for the year, as well as the estimated total square feet sold, based on data sourced from the Toronto Real Estate Board. Only buildings with at least 10 transactions in 2018 were included.
The calculations reveal the priciest condo building per square foot in the ‘Six is the Four Seasons Private Residences; a total of $33,977,000 in deals traded hands in 2018 in the iconic Yorkville tower, at an average of $1,770 per an estimated 19,200 square feet sold, and the most expensive unit sold clocking in at $4,995,000.
The Residences at the Ritz-Carlton, located in Toronto’s Entertainment District, ranked second; despite higher overall unit prices (the least pricey unit still went for a whopping $1,425,000 over the course of the year), a total volume of $28,040,000 over an estimated 20,475 square feet brings each to an average of $1,369.
Rounding out the top three is the Exhibit Residences – also located in Yorkville, an estimated 13,800 square feet sold for a total of $18,630,000, at an average of $1,350 each. While this building offers units below the luxury price point – the least expensive of the year sold for $580,000 – a total of 16 units and an upper range of $1.6 million kept it firmly among the city’s priciest abodes.
“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,” says Doug Vukasovic, an agent in Toronto who specializes in the luxury home segment. “Further, these units are typically larger than the average condo, and fewer suites per floor gives residents greater privacy.”
Vukasovic also noted that the cachet of living in world-renowned, branded, luxury properties draws in Toronto’s affluent professionals, entrepreneurs, and investors to these properties. He said that listings can be hard to come by in the high-end buildings highlighted in this report and in ultra-exclusive buildings like 155 Cumberland Street, 118 Yorkville and the famous 36 Hazelton Avenue, which all had fewer than 10 sales in 2018.
Check out the infographic below for the Top 10 priciest Toronto condos in 2018:
5 Most Expensive Toronto Condos by Square Foot
1 – Four Seasons Private Residences (Yorkville)
2018 sale volume: $33,977,000
Est. square feet sold: 19,200
Units sold: 13
Price per square foot: $1,770 (+17% y-o-y)
Least expensive unit sold: $820,000
Most expensive unit sold: $4,995,000
2 – Residences at the Ritz-Carlton (Entertainment District)
2018 sale volume: $28,040,000
Est. square feet sold: 20,475
Units sold: 11
Price per square foot: $1,369 (+22% y-o-y)
Least expensive unit sold: $1,425,000
Most expensive unit sold: $5,750,000
3 – Exhibit Residences (Yorkville)
2018 sale volume: $18,630,000
Est. square feet sold: 13,800
Units sold: 16
Price per square foot: $1,350 (+3% y-o-y)
Least expensive unit sold: $580,000
Most expensive unit sold: $3,650,000
4 – One Bedford (Yorkville)
2018 sale volume: $18,443,000
Est. square feet sold: 14,500
Units sold: 11
Price per square foot: $1,313 (+0% y-o-y)
Least expensive unit sold: $670,000
Most expensive unit sold: $3,400,000
5 – The St. Regis Residences (Old Toronto)
2018 sale volume: $36,007,500
Est. square feet sold: 28,150
Units sold: 14
Price per square foot: $1,279 (+0% y-o-y)
Least expensive unit sold: $530,000
Most expensive unit sold: $7,900,000