Aiming to possess the priciest condo in Canada? Prepare to fork over nearly $40 million then...
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 some of the most luxurious units are priced at $34,981,778. Specifically, these are the condos in "The One" - Canada's first supertall skyscraper at the intersection of Bloor and Yonge Streets.
The building was designed by Foster + Partners, a renowned architectural firm known for its innovative and sustainable designs. The local architectural firm CORE Architects also played a role in the project.
It features a unique structural system that allows for column-free spaces in the retail areas and residential units.
The building's design includes a podium with multiple levels dedicated to retail and amenities, topped by residential units that provide stunning views of the city and Lake Ontario.
The ten most expensive condos ever listed/sold in Canada, and how much they’re worth, are:
- 1 Bloor Street W, Toronto - $34,981,778
- Four Seasons Private Residences, Toronto - approximately $2,304/sq ft
- 200 Cumberland St, Toronto - approximately $2,111/sq ft
- 1 St. Thomas Street, Toronto - approximately $1,930/sq ft
- 155 Cumberland St, Toronto - approximately $1,909/sq ft
- Four Seasons Private Residences (55 Scollard St), Toronto - approximately $1,893/sq ft
- 88 Davenport Rd, Toronto - approximately $1,762/sq ft
- Bedford Rd, Toronto - approximately $1,700/sq ft
- 128 Hazelton Ave, Toronto - approximately $1,693/sq ft
- 38 Avenue Rd (The Prince Arthur), Toronto - approximately $1,673/sq ft
Located at 50 Yorkville Ave and 55 Scollard St in Toronto’s prestigious Yorkville district, the Four Seasons Private Residences are another symbol of luxury living in one of the city's most sought-after neighborhoods.
The development features two towers: the 55-story West Tower, which houses both a luxury hotel and private residences, and the 26-story East Tower, dedicated solely to 100 residential units. Unit sizes range from 1,956 sq ft to 9,000 sq ft, with a price per square foot of around $2,304, making it one of the priciest condo developments in Toronto.
Amenities include a 28,000 sq ft spa with an indoor pool, a state-of-the-art fitness center, and on-site dining options like Café Boulud and Dbar. Residents also enjoy 24-hour concierge services and private entrances for ultimate exclusivity.
With Four Seasons' historic roots in Toronto dating back to 1961, the residences reflect the brand’s legacy of luxury and attention to detail. The complex offers the best in lifestyle, combining world-class amenities with the convenience of one of Toronto’s most iconic neighborhoods.
Is Canada's Condo Market Blooming?
The Canadian residential market continues to evolve with an increasing number of apartment units and rising household wealth driven primarily by real estate appreciation and financial asset growth.
As of 2024, the total number of apartment units in Canada is estimated to be over 2.14 million. This reflects a slight increase from previous estimates, indicating ongoing growth in the residential rental market.
According to Statistics Canada, Canadian households' net worth reached a record high of $16.925 trillion in the first quarter of 2024, marking a significant increase from previous years. This figure represents a 3.3% increase from the previous quarter [1].
No Signs of Slowing Down
The condo boom is something that 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 approximately $667,700. The average home price is $1,082,200, down 4.6% from the previous year, while single-family homes average $1,307,400/
All of this could be an indicator as to why so many people in Canadian cities have turned to condominiums, rather than traditional houses [2] [3].
Here's a detailed breakdown:
Property Type | Average Price (August 2024) | Year-over-Year Change |
---|---|---|
Condo Apartment | $667,700 | -5.3% |
Detached House | $1,307,400 | -3.8% |
Semi-Detached House | $1,026,435 | -3.9% |
Freehold Townhouse | $991,307 | -3.1% |
Jordon Scrinko, founder of PreCondo, said:
"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."
References:
- https://search.open.canada.ca/qpnotes/record/fin,FIN-2024-QP-00002
- https://www.zoocasa.com/blog/covid-19-toronto-condo-prices-drop/
- https://www.zolo.ca/toronto-real-estate/trends