The Greater Toronto Area’s Top Luxury Markets

Bridle Path-Sunnybrook-York Mills, St. Andrews-Windfields-Hoggs Hollow (C12)

Homebuying activity is heating up in the Toronto Regional Real Estate Board’s C12 district (consisting of the Bridle Path-Sunnybrook-York Mills and St. Andrew-Windfields-Hoggs Hollow), where luxury purchasers will find the greatest selection of high-end homes and estates available for sale. Forty-one properties have sold in the first four months of 2023 in the area, with most sales occurring in March and April.

Average price over $2 million hovered at $5,648,033 in the Bridle Path–Sunnybrook-York Mills pocket between January and April of 2023, falling eight per cent short of the $6,152,438 reported during the same period in 2022. Forty-eight homes are currently listed for sale, ranging in price from $2.6 million to two at almost $29 million.

Forty properties are also available for sale in St. Andrew-Windfields-Hoggs Hollow, where prices start at $2.2 million and climb to almost $30 million. Values have held relatively steady year-over-year as well, with the average price sitting at just under $3.9 million in 2023.

Bridle Path-Sunnybrook-York Mills and St. Andrew-Windfields-Hoggs Hollow, well-known for spacious homes on well-treed and generous lot sizes, continue to attract affluent buyers. In fact, five of the 10 properties that changed hands over the $7.5 million price point in the GTA to-date have occurred in the C12 district. The average days on market for a property in C12 sat at 30 in April.

GATED

FIFESHIRE ESTATE Offered at $7,880,000

Bridle Path-Sunnybrook-York Mills

Average Sold Price 2023 $5,648,033

Average Sold Price 2022 $6,152,438 -8% Year-over-year

St.

Hollow

Average Sold Price 2023 $3,868,535

Forest Hill South, Humewood-Cedarvale (C03)

Tight inventory levels prevailed in both HumewoodCedarvale and Forest Hill South during the first four months of the year, hampering sales activity in TRREB’s C03 district. Just three properties are currently listed for sale over $2 million in Humewood, while selection is scarce over the $5 million price point in Forest Hill, with just 10 homes available.

To date, ten homes have sold in Forest Hill South, with all but three sales occurring under the $4 million price point. Thirty-three properties are currently listed for sale. In Humewood-Cedarvale, ten properties moved between January and April, with just three currently available for sale.

While average price over the $2 million price point is down in both markets year-over-year, there has been upward pressure on pricing for freehold properties throughout the GTA. New listings that are well priced tend to move quickly in Forest Hill South and Cedarvale-Humewood, with some selling in multiple offer situations. Properties that are overpriced, however, continue to stagnate in today’s competitive environment.

Forest Hill South

Rosedale, Moore Park (C09)

While demand for luxury properties within Rosedale, Moore Park remains strong, a limited number of homes listed for sale across all price points has had a substantial impact on sales in the area. Twenty-four properties changed hands in the first four months of the year, down from 36 during the same period in 2022. Nearly half of those properties moved in multiple offer situations in 2023, with one selling for substantially more than asking price.

Just 21 properties are currently listed for sale in the area, with values ranging from $2.2 million to close to $11.9 million. Sellers are reluctant to sell their properties, given softer prices, that, in large part reflect the 11 sales between $2 million and $2.9 million to date. Upward pressure on pricing has been noted in recent months, but average price remains six per cent off year-ago levels.

Luxury purchasers will continue to be drawn to the Rosedale, Moore Park area in the coming months. While the advent of the traditional spring market is expected to bring new listings to the market, quantity and quality will dictate sales activity in this hot pocket.

Rosedale, Moore Park

January 1st - April 30st, 2023 vs. same period in 2022

Average Sold Price 2023 $3,548,202

Average Sold Price 2022 $3,763,827

-6% Year-over-year

Yonge-St. Clair, Casa Loma, Annex (C02)

While fewer homes were sold in the Yonge-St. Clair, Casa Loma, and Annex neighbourhoods in the first quarter of 2023, momentum appears to be on the upswing heading into the spring market, with most sales occurring at the entry-level to luxury. Of the 32 properties sold in TRREB’s C02 district, 72 per cent occurred between $2 million and $3 million.

Downsizing purchasers and young professionals make up the lion’s share of purchasers, with many seeking properties in close proximity to the vibrant core areas, along Yonge St., Bloor St., and St. Clair Ave. By far the greatest demand this year existed in the Annex, where 10 sales occurred over the $2 million price point, followed by Casa Loma and Yonge-St. Clair at five and two sales respectively.

Tight inventory issues were apparent in Casa Loma and Yonge-St. Clair moving into the strong spring market. Thirteen properties were listed for sale in the Yonge-St. Clair area, while 14 were available in the Casa Loma area, with prices ranging from $2 million to $25 million. Twenty-eight properties were available for sale in the Annex.

Although the number of homes listed for sale is expected to climb in the Annex, Casa Loma, and Yonge-St. Clair in conjunction with the traditional spring market, conditions should remain tight throughout the second quarter. Days on market, at eight in C02, were the lowest in the central core districts in April.

Average Sold Price 2023 $2,959,333

Average Sold Price 2022 $3,337,834 -11% Year-over-year

January 1st - April 30st,

Casa Loma

January

Average Sold Price 2023 $2,969,907

Average Sold Price 2022 $3,566,200 -17% Year-over-year

Average Sold Price 2023 $2,945,250

Average Sold Price 2022 $3,874,667 -24% Year-over-year

Leaside continues be one of the city’s strongest housing pockets, with the average price of a home over $2 million up three per cent over year-ago levels, climbing to close to $3.3 million in the first four months of 2023. Twenty-five properties were sold in between January and April, down from the 31 sales reported during the same period in 2022. Nearly half of the 25 properties were sold for more than list price.

Homebuying activity in Leaside is greatest between the $2 - $4 million price point, with young families leading the charge for the area’s detached and semi-detached properties. Eight homes are currently listed for sale, ranging in price from close to $2.4 million to just under $5.4 million.

With demand outpacing supply in Leaside yet again, upward pressure on housing values is expected to remain strong. Properties sold in April spent an average of 10 days on market and the trend is likely continue throughout the busy spring market.

Leaside (C11) Leaside

SOLD | 61 Southvale Drive

Average Sold Price 2023 $3,281,732

Average Sold Price 2022 $3,176,833

3% Year-over-year

Bedford Park, Lawrence Park, Lytton Park, Forest Hill North (C04)

The Bank of Canada’s decision to maintain the overnight rate at 4.5 per cent in April is likely to further bolster homebuying activity in TRREB’s C04 district, comprised of the Bedford Park-Nortown, Lawrence Park North and South, and Forest Hill North communities, in the second quarter of 2023.

In Forest Hill North, eight sales occurred in the first four months of the year, just one short of year ago levels for the same period. Listings are typically tight in the neighbourhood and this year is no different, with just five homes currently listed for sale. Average price over $2 million is up twelve per cent over last year in the area, hovering at close to $3.1 million so far this year, up from $2,745,333 during the same period in 2022.

Sales of homes in Bedford Park-Nortown were down year-over-year, with just 43 properties sold in the first four months of the year. Average price, however, held relatively steady, down five per cent to just short of $3.2 million. There are 33 homes available for sale at present, ranging in value from $2.15 million to close to $7.6 million.

Housing values in Lawrence Park remain steady, with the average price over $2 million down three per cent in Lawrence Park North to $2,683,787 year-to-date, compared to the same period in 2022, and 16 per cent off year-ago levels in Lawrence Park South. Lawrence Park has experienced some softening in sales in the first four months of the year. Just 14 homes are currently listed for sale between almost $2.6 million and $11.35 million in Lawrence Park South, while 10 priced from almost $2.2 million to close to $15 million are available in Lawrence Park North.

Park-Nortown

January

Average Sold Price 2023 $3,267,875

Average Sold Price 2022 $3,882,975 -16% Year-over-year

Forest Hill North

Average Sold Price 2023 $3,084,563

Average Sold Price 2022 $2,745,333 12% Year-over-year

Banbury-Don Mills (C13)

While luxury sales have tapered year-over-year in the Banbury-Don Mills neighbourhood, demand remains steady for entry-level product priced from $2 million to $3 million. Twenty-eight homes changed hands in the first four months of 2023, eleven of which sold for more than list price.

Young families continue to drive activity, with most drawn to the value offered by homes in the community. Sixteen sales occurred under $3 million and 12 at $3 million plus. Just 16 homes are currently listed for sale, priced from almost $2.3 million to $13.8 million.

Inventory levels at the $2 million to $3 million remain tight across the GTA, including the Banbury-Don Mills community. Supply is expected to increase in the second quarter, but if new listings fail to materialize, we could see upward pressure on prices yet again.

Average Sold Price 2023

$3,082,679

Average Sold Price 2022 $3,451,123 -11% Year-over-year

Luxury Condominiums (GTA)

Despite lower year-over-year sales activity, demand for luxury condominiums throughout the GTA has held up relatively well. Eighty-one condominium apartments and townhomes were sold in the first four months of the year, down from 113 units reported during the same period in 2022. The average price of a luxury condominium over $2 million softened in the first quarter of 2023, falling about four per cent from the $3.02 million posted in Q1 2022.

The 416-area code continues to draw the vast majority of condominium buyers, with 89 per cent of year-todate sales over $2 million occurring in Toronto Proper. Communities in the city’s downtown core such as the Annex, Bay St. Corridor, and Waterfront Communities (C1/C8) are most sought-after, although there has been a flurry of activity in older, established neighbourhoods such as Rosedale and Bedford Park this year. Waterfront condominiums in Old Oakville are also a popular choice with luxury condominium buyers, many of whom are downsizing from larger homes in the Oakville area.

While inventory may be tight in some sought-after buildings in the core, more than 216 condominiums, ranging in price from $2 million to almost $35 million, are currently listed for sale in the GTA.

Luxury Condominiums

January 1st - April 30st, 2023 vs. same period in 2022

Average Sold Price 2023 $2,902,961

Average Sold Price 2022 $3,026,531 -4% Year-over-year

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