Toronto Luxury Home Report | January 2024

The luxury home market in Toronto has seen a slow start to 2024 with only 72 properties sold above $2 million in January & many of these going for under list price.

A total of 319 homes came on the market in this price range which means that less than 25% of the properties put up for sale actually sold.

We can attribute this to several factors but the main cause is still the higher interest rates which have made affording these properties unattainable for many of the home owners who may have purchased at the height of the market over the past 5 years.

Another factor that will likely influence the market over the next several years is the large demographic shift we are seeing in areas like Rosedale where the populations are aging & starting to look for alternative housing methods (i.e. large, luxury condos in the same area).

Areas with most listings

• Willowdale East/West = 23
  • Only 5 of these sold
• Trinity Bellwoods = 9
  • Only 2 of these sold
• The Beaches = 11
  • Only 3 of these sold
• St. Andrew - Windfields = 13
  • Only 2 of these sold
• Rosedale - Moore Park = 10
  • 4 of these homes sold

Areas with most sales

Lansing-Westgate

• 5 sales
  • Average list price = $3,996,576
  • Average sold price = $3,834,000
  • Average % of list price = 96%
  • Average DOM = 32

Bedford Park - Nortown

• 4 sales
  • Average list price = $3,691,750
  • Average sold price = $3,582,000
  • Average % of list price = 97%
  • Average DOM = 31

Rosedale - Moore Park

• 4 sales
  • Average list price = $2,868,250
  • Average sold price = $2,831,375
  • Average % of list price = 101%
  • Average DOM = 32

Luxury home sold stats

72 properties sold

• Average list price = $3,028,608
• Average sold price = $2,924,387
• Average % of list price = 99%
• Average DOM (Days on Market) = 42
• Average size = 4-Bed / 5-Bath

Most expensive home sold = $6,750,000

• 7-Bed + 3
• 12 Bath
• 3 Kitchens
• 16,000+ Sq. Ft
• Indoor Pool

Overall we are still seeing the luxury home sector as a buyers-market with many properties selling for drastically under asking (90-95% of list price) & most homes taking 1 month+ to sell.

There are certain exceptions of properties underpricing/holding off on offers but generally this is much rarer compared to the 2020-2022 market which was ultra competitive.

Desirable neighbourhoods with low inventory levels seem to be holding their value the best but there has been a steady influx of inventory for many areas which has lowered prices.

Have any questions about the Luxury home market?

Send me a message on Instagram @TorontoLuxuryCondosandHomes !

Rylie C.