With Toronto’s luxury condos offering a broad range of amenities that rival a country club, the shift to luxury condos by boomers has driven demand for luxury condo residences to record high pricing.
With Toronto’s luxury condos offering a broad range of amenities that rival a country club, the shift to luxury condos by boomers has driven demand for luxury condo residences to record high pricing.
Some of Toronto’s most iconic buildings, including the Shangri-La, Four Seasons Residences, St Regis Residences and Ritz Carlton Residences are all enjoying a non-stop supply of interest from boomers.
Toronto’s boomers want to enjoy the riches of their real estate portfolios which have been the main reason for this trend, as this aging demographic is cashing out of the detached homes and gleefully moving towards amenity-rich living that is free of any physical maintenance needs and offers a social lifestyle they are happy to embrace.
Canada enjoyed the fastest growth rate of newly-minted millionaires above any other developed country, including the U.S., due the rising real estate wealth, according to a recently published report by banking giant, Credit Suisse. This report suggests a 54% increase in millionaires by 2023, with most, in Canada’s top markets of Toronto and Vancouver.
Demand for Toronto luxury condos has also been breaking records for new construction sales, including Actor Robert De Niro’s Nobu Residences, the ultra-luxury 50 Scollard in Toronto’s posh Yorkville neighbourhood and KING Toronto by globally renowned ‘starchitect’ Bjarke Ingels, with pricing topping out around $2000 per square foot.
The shift in Toronto’s luxury real estate market has been towards luxury high-rise living and the trend only seems to be getting stronger.
If you are considering downsizing and wish to explore the many luxury condos that Toronto has to offer, send us an email or call us at ilan@ilanjoseph.com.
Ilan Joseph is a Real Estate Broker with Sutton Group and is co-founder of a 10-person award-winning Toronto, Thornhill and Vaughan real estate team. Since 2002, Ilan has been privileged to advise and service thousands of buyers and sellers, enabling them to reach their real estate goals.