Toronto has earned the title of being the ‘most multiculturally diverse city in the world’. It is estimated that more than 140 different languages can be heard among its residents and that at least half of them are not Canadian-born. So what is it about living in the city that appeals to so many nationalities? Christie’s International Real Estate’s recent research report has provided an interesting insight on sales growth in Toronto. It states that the city ranked as the second hottest luxury housing market in the world based on speed of sale and volume of sales. The research also reports a 48 per cent increase last year in the number of luxury home sales year-on-year. It reaches the conclusion that affluent overseas buyers, many from China, continue to be drawn by the city’s abundance of new construction and home prices that are lower than many other global economic hubs. Chris Kapches, President and CEO, Chestnut Park affiliate of Christie’s International Real Estate, says,
“The luxury property market has been moving more or less in tandem with the overall market, which has been very strong, particularly in the last two years. The bulk of the luxury property sales are local buyers, successful entrepreneurs, investment bankers and business people. We are seeing, however, more foreign buyers in the luxury market sector, primarily Asian buyers. We have not witnessed the Vancouver phenomenon, where foreign investors buy high-end properties and they remain vacant. In some fashion or another they are owner-occupied in Toronto.
“Although there are fewer buyers for luxury properties than lower priced properties the demand in this sector is increasing, particularly as more foreign buyers become engaged in Toronto’s luxury property market place. This can only lead to one thing, rising prices, even for luxury properties.”
Established in 1913, Royal LePage now has over 16,000 agents in more than 600 locations across Canada. Elli Davis, sales representative for Royal LePage, is finding that the high-end property in Toronto is having an increased amount of supply as the Boomer generation is moving to smaller houses or condos. She says,
“We are seeing the next generation, often with their own children, moving into these higher end homes that are located close to well established schools and have easy access to the central downtown core. Another group of purchasers we are seeing are executives moving from other cities or countries who also find these properties desirable.”
93 & 95 Old Forest Hill Road, Forest Hill (Above)
Stunning mansion on a magnificently landscaped double lot offering total privacy and one-of-a-kind craftsmanship. It features spectacular oak paneling and baronial size rooms with five plus one bedrooms and eight bathrooms. The property has been modernised and updated and offers garden vistas from every window and French doors spilling out on to flagstone terraces. It includes a Koi pond and a fabulous swimming pool with infinity spa and waterfall wall.
£7.6m / €8.7m / $9.7m
Royal LePage
www.royallepage.ca
10 Highland Avenue
With almost an acre of gardens, and approximately 17,000 square feet of living space, this residence presents the perfect combination of family living and formal entertaining. Its park-like setting forms the perfect backdrop to an interior of momentous sophistication. This includes a two-storey entrance hall, panelled great room and library, family kitchen with giant family room, six bedrooms and 10 bathrooms.
£16.3m / €18.7m / $20.94m
Christies International Real Estate
www.christiesrealestate.com
46 Forest Hill Road, Forest Hill
This property on a premiere lot has undergone two years of stunning renovations. It features 11,000 square feet of steel-frame and concrete construction with another 5,000 square feet at its lower level including an attached four-car garage. The interior has soaring 14 feet ceilings, radiant floors, five fireplaces, an elevator and a Savant smart home system. It also includes a chef’s kitchen with large pantry, six plus one bedrooms, all with en suite bathrooms, two family rooms, two offices an extensive gym and a wine room. Outside there is a gorgeous landscaped west garden complete with pool and cabana, power front entry gates and a snow-melt drive.
£11.15m / €12.8m / $14.3m
Christies International Real Estate
www.christiesrealestate.com
20 Elm Avenue, South Rosedale
The ‘Mary Davies house’ is a stunning example of high Victorian opulence. This 1898 heritage property has been beautifully restored and renovated to the highest quality standards and includes five plus one bedrooms and nine bathrooms. It has approximately 9,000 square feet of living space on three floors and an additional 3,062 square feet on a lower level. The property includes an elevator with access to all floors, a separate entrance for the staff/guest quarters and a detached triple garage. Its immaculate back yard features a 45-foot lap pool with fountains, flanked by a 19th century stone turret from St James Cathedral, and a wood-burning fireplace on the stone terrace.
£6.5m €/ 7.4m / $8.3m
Royal LePage
www.royallepage.ca
