Canada's Condo Boom Produces Properties Worth Over $10 Million
Published July 29, 2020
Last modified: October 26, 2020
Want to own Canada’s most expensive condo? Well then you better be willing to splash out almost $60 million…
Condominiums are quickly becoming one of Canada’s favourite property options, and as the market continues to grow, so does demand for luxury condos.
In recent years we’ve seen many sell for well over a million dollars, however we wanted to take a closer look at the super-luxury end of the market, and what sort of condo tens of millions of dollars will buy you.
10 Most Expensive Condos in Canada
Using our own internal data, as well as an array of publicly available data from the last 30 years, we curated the list of the ten most expensive condos in the country, and discovered that a $58m top floor penthouse in Vancouver is the most expensive condo to have ever sold in Canada, followed by two more Vancouver properties, worth $38.88m and $35.8m respectively.
After being built in 2012, the 8,000-square-foot Coal Harbour penthouse was initially sold two years later for $16.6m. The property boasts four bedrooms and five bathrooms, plus two rooftop terraces and a balcony totalling 4,840-square-feet, as well as a private seven-car parking garage.
The sheer size, and luxurious interior of this property are what makes it the most desirable condo in Canada, and one of the most premium properties in the world.
The ten most expensive condos ever listed/sold in Canada, and how much they’re worth, are:
Hotel Georgia Residence 48th floor Penthouse – $35.8m
Fairmont Pacific Rim Penthouse – $29.9m
Four Seasons West Penthouse Toronto – $28m
3101-717 Jervis St., Vancouver – $16.5m
PH1801-1430 Rue de la Montagne, Ville Marie, Montreal – $15.4m
PH1802-1430 Rue de la Montagne, Ville Marie, Montreal – $13.43m
2001-1835 Morton Ave., Ocean Towers, Vancouver – $12.95m
PH1-1480 Howe St., Vancouver – $10.89m
Also built in 2012, the second property on the list, a 6,670-square-foot Coal Harbour Condo, takes up the entire 26th floor of the tower it’s situated in, and is the only apartment in the building with this feature – making it the flagship property in the complex.
Views from the property span across; the ocean, the mountains, and the Lions Gate bridge. The condo also boasts three terraces, two fireplaces, an indoor pool, and a six car garage space.
Widely considered one of the most luxury properties in Canada, the $35.8m Hotel Georgia Residence penthouse is perched on the 48th floor of one of the tallest buildings in the city, overlooking the Vancouver Art Gallery, and offering 360 degree views of the city and beyond. The panoramic views, and close proximity to the Central Business District are what makes this property so special, and why potential buyers will have to pay such a high premium.
As of January in this year, it was estimated that there were more than 2.13 million apartment units across the entirety of Canada, with more than 25,000 brand new units being built in 2019.
On top of this, Canadian households now own $5.7 trillion worth of property assets, according to Statistics Canada, a 300% increase since 2005 .
No Signs of Slowing Down
The condo boom is something which has been happening in this country for many years now, and it’s showing no signs of slowing down.
When looking at why these types of properties are so popular in metropolitan areas, we decided to compare house and condo prices in Toronto – and found that the average price for a condo in the city is $574,000  whilst the average price for a standard house is $1.04m  – this could be an indicator as to why so many people in Canadian cities have turned to condominiums, rather than traditional houses.
“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.
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.
Obviously these properties are out of most people’s price range, however not every condo on the market is going to set you back $60m. At PreCondo our aim is to connect the right people with the right property – no matter the price.”
Jordon deals exclusively in Pre-Construction Condos. Not taking on any Resale clients allows him to focus in on his niche and provide unparalleled advice and knowledge to Precondo’s clients. Feel free to get in touch with him here.