When it comes to living a lavish life of luxury in Ontario, Toronto is the pinnacle of opulence when it comes to real estate in the Canadian market. And when it comes to luxury real estate in one of Ontario's busiest cities, it's no surprise luxury condos and expensive penthouses top the list for the most sought-after properties in Toronto.
But it isn't the only market in Canada topping the charts. Vancouver also has some of the most expensive places to live, and the most beautiful. Choosing between Vancouver and Toronto can definitely be a challenge, so the question mainly comes down to: what type of aerial view do you like more?
When it comes to stunning city views in Toronto, people immediately think of the CN Tower and the infamous Toronto skyline. An expensive penthouse condo in the heart of the downtown core is the best way for high-end big spenders to enjoy the city's expensive property investments and capture some of the most stunning photos (for their Instagram, of course).
The price of penthouse real estate in Toronto
To put things into perspective, the typical price of buying 1 bedroom condos is $679,182, whereas the price for one of Toronto's most expensive penthouses is anywhere from $2 million to $15 million. Penthouses are more expensive than traditional housing options or regular condos since the square footage can be much more than other condos, and because, simply put, they're luxurious!
These luxurious penthouses also often come with walk-in closets, panoramic views, a wine cellar, the option of modern marble floors or traditional walnut hardwood flooring, and those classic floor-to-ceiling windows that define an expensive condo. These fanciful penthouses are also often in the hottest neighbourhoods in downtown Toronto and, as such, are some of the more expensive condos due to the location, square footage, and sheer size of the condo.
Top expensive condos in Toronto
There's no shortage of amenities in downtown Toronto, so it makes sense that neighbourhoods surrounding cultural hotspots are seeing an increase in luxury listings for expensive penthouses. When it comes to finding luxury condos with views of the city, the market puts a hefty price tag on penthouses to ensure the sale of these incredible suites is taken seriously.
Instead of doing a "10 Most Expensive" list, we've listed some of our favourite luxury condos in Toronto that can be a fantastic real estate investment or lovely family home for you and your loved one.
The Four Seasons
This incredible property is managed by Lifetime Developments and the corner-unit is a whopping $13.9 million. This expensive condo property is in the Yorkville district of Toronto and features a glass-enclosed party room and a 2-storey spa. The 55th-floor corner unit offers views of the Yorkville area and with floor-to-ceiling glass, this penthouse makes for the perfect backdrop for an Instagram-worthy photo op. The Four Seasons is a condo-hotel hybrid that offers hotel rooms in addition to residential units. Residents can enjoy the amenities on-hand and bask in a master suite while taking in views of the Toronto skyline.
16 Harbour St.
This building features incredible architecture, and units with 3 bedrooms and 5 bathrooms. The property features modern kitchen appliances and has an asking price of $7.2 million. Each unit has floor-to-ceiling windows and a large family room in addition to a private sky pool. The 54th and 55th floors feature palatial luxury suites up to 4,750 square feet. with separate entrances and concierges. Take advantage of these units for sale to see stunning daily views of the CN Tower, the city and Lake Ontario from the master bedroom.
property is close to the Nordheimer Ravine and perfect for people looking for rest from the big city, while still remaining close enough to enjoy the perks of living in Toronto. The size of this luxury condo is enough to make you want to call it home. The top units in the condo's asking price vary from $2.5 to $5 million. With multiple bathrooms, modern kitchen appliances, and a large living area, these luxury properties are perfect for a high-class societal ranking within Toronto.
Finding luxury condos in Toronto
When it comes to finding an expensive, high-quality luxury condo in Canada, the Toronto market seems to be the one to list the most condo opportunities. In addition, Toronto is listed as one of the best places to live according to travelandleisure.com with Toronto having a 97.2 rating for stability, healthcare and education.
With the price of a single-family home rising dramatically over the last two decades, choosing a condo over a stand-alone house seems like a more affordable way to break into the housing market. However, seeking out a luxury condo instead of a home is the more extravagant hot-ticket item for those looking for an expensive condo that is more suitable for their specific lifestyle.
Post-pandemic luxury penthouses
When it comes to looking for a more expensive penthouse in Toronto, it all comes down to the details. Most condos are offering virtual tours for their units with footage that showcases the individual features of each expensive condo. Property management websites are also offering photo slideshows in addition to video footage, for prospective property owners to get an idea of the place they'll be buying without the need to attend in-person showings (due to COVID-19).
These websites also report on the specific specs of the space including certain kitchen appliance models, the number of bathrooms and the number and size of bedrooms. The websites list the individual perks of purchasing their penthouse, which also make it easy to justify the price of living in a lavish, expensive condo in the downtown core of Toronto, especially with state-of-the-art amenities being included.
With more real estate enthusiasts looking to the GTA for luxury property investments, it makes sense that buyers want to see the properties first-hand. The more the buyer is able to spend time in a penthouse and envision themselves living there, the more likely they'll be to put their money where their mouth is and purchase one of the 10 most expensive condos that Toronto has to offer.
Choosing your luxury condo
The price of a high-class penthouse can be daunting and cause more anxiety than excitement for some. But when it comes to buying in Toronto, buyers need to be realistic about the price of a property in the city in general. A penthouse isn't a small investment that should be taken lightly. When it comes to purchasing a high-end penthouse, keep in mind which city views you're looking for, which amenities you want to be near or have in your building, and how important the asking price of your penthouse is.
Search through footage and any photo-based materials that come from property management companies as they'll give you insight into the quality of your master suite. Ensure you have enough bathrooms and space for family and guests and think of what you plan on doing with your space in terms of interior design.
The best Toronto penthouses
Ultimately, the best penthouses are expensive penthouses. The more expensive a condo, the more square feet you'll have (and the more panoramic photo opportunities you'll enjoy). When it comes to real estate it's all about location, and although anywhere in Canada could be considered an impeccable place to live, Toronto is where it's at for those who are looking for an upbeat lifestyle that captures the opulence and extravagance of their lives. Take advantage of the hustle and bustle of downtown and get into the exciting experience that is Toronto, Ontario.
When you're ready to take the plunge and get serious about buying a luxury penthouse condo, have a game plan ready and don't take it too seriously. Enlist the help of a professional realtor or property management company.