Luxury market not following same real estate trends as the rest of Toronto: realtors

A new report by RE/MAX says Toronto real estate prices will remain stable into the spring, but in the luxury market, things move at their own pace.

For example, right now, you can own a home in the Bridle Path neighbourhood for a mere $29 million or if you don’t have that, $60,000 a month.

CityNews received a tour of one of Toronto’s most unique and exclusive property featuring a pool, a tennis court and 17,000 square feet.

It last sold in 2021 for $13 million and the current owners estimate they spend $8 million on renovations.

“It caters to a very niche clientele,” Paige Torkan, a realtor alongside her husband Peter. They also both appeared on the show Luxe Listings Canada. I

For those not in this niche who wonder what more regular home prices will do with easing interest rates, Re/Max’s Canada report predicts some neighbourhoods will do well and will balance out areas with challenges like the condo market.

Due to low supply and lack of affordable housing, Toronto is only expected to see a slight price increase of 0.1 per cent.

In the luxury market, things will move differently. Numbers from earlier this year show sales of homes and condos over $4 million are up just four per cent.

“It’s got it’s own sort of niche sort of trend that it follows. They look for specific needs and wants,” said Peter Torkan.

There has been an uptick in the number of homes sold for more than $20 million dollars in Toronto in the past year, and the Torkans don’t think the $29 million home will remain on the market for long despite the hefty price tag.