This post is a summary of Sotheby’s Top-Tier Real Estate: Mid-Year State of Luxury 2024 report. 

The luxury market in Downtown Toronto remains resilient despite economic headwinds such as higher interest rates and market uncertainty. If you’re considering buying or selling, here’s what you need to know.

For Buyers

Downtown Toronto is offering some of the best opportunities since 2017. Elevated inventory levels are giving buyers more options and greater negotiating power. In fact, luxury listings, particularly in the $4 million-plus range, have grown, providing a rare chance to find the perfect home or investment at competitive prices.

Key Market Trends

• $4 million-plus properties: Sales have increased by 4% year-over-year within Toronto, showing strong demand, but an influx of listings gives buyers leverage.
• $1 million-$2 million homes: This segment represents the bulk of Toronto’s luxury market. You’ll find plenty of variety, especially with buyers being more selective.
• Condo market: Lux condos are increasing for sale, and price negotiations are common. If you’ve been eyeing a downtown penthouse, this may be the time to buy.

Buyer Tip: With many listings available, could you take your time to evaluate and negotiate? Sellers are more open to discussions, especially for properties on the market longer.

Looking to make the most out of your next home purchase? Check out these blog posts for unique pointers on buying.

• 3 Neighbourhoods That Are Perfect For First-Time Homebuyers
• How Many Real Estate Agents Should You Interview Before Choosing One?
• How to Realistically Save For a Downpayment in Toronto

For Sellers

Though buyers enjoy more favourable conditions, Downtown Toronto’s luxury market remains robust, especially for well-priced, move-in-ready homes. Buyers are still active, but they expect value.

Seller Recommendations

• Pricing is key: The market favours realistic pricing. Homes listed above market value may sit unsold. Properties in prime condition and priced competitively are still attracting attention and can even spark multiple offers.
• Highlight amenities: Homes with modern upgrades, such as cutting-edge technology or security, are highly sought after, especially in top-tier neighbourhoods.
• Condo sellers: With more buyers hesitating, ensure your unit stands out through pricing and quality.

Seller Tip: Work with your realtor to set the right price. In a market where buyers are in control, correctly positioning your property ensures you sell without prolonged listing times.

Ready to head to the market? As Toronto’s leading real estate experts, we can help you find a home that speaks to your heart. Send us an email or call 416-587-3300 to discover your path to success. 

Are you looking for a new way to check out real estate in Toronto? Downloaded Listed, a new real estate app that lets you work directly with your agent to buy or sell seamlessly. It’s as easy as using Instagram! Download the app via our exclusive link right here.

As a major metropolitan city, Toronto has its fair share of condos with more developments joining the skyline every year. However, many of these new condo buildings are different from their predecessors of decades past.

Most condo buyers don’t realize that there’s a big difference between older condos and newer ones. Beyond just the physical age of the property, condos tend to offer a different lifestyle depending on the year they were built. So, if you’re on the hunt for a condo in the near future, you’ll want to consider these differences as you start searching for the perfect one.

Condos: Past Vs. Present

Condos in Toronto have evolved significantly over the past few decades. In simple terms, older condos tend to be bigger, with a greater emphasis on making the unit itself feel as comfortable and homey as possible. New condos are more compact but they typically come with a more robust range of on-site amenities, offering an added degree of convenience

Every condo building is unique, so exact differences will vary case by case. However, this is the most visible (and common) distinction when we look at condos built today versus condos built 30 or 40 years ago.

Thinking about downsizing to a condo? Explore these blogs for more helpful advice.

• What to Expect From Rightsizing
• A Guide to Interim Occupancy in Toronto
• Why You Should Consider Downsizing in Downtown Toronto

Lifestyle Oriented Properties

One of the advantages of buying a modern condo in Toronto is the elevated lifestyle that it affords. In recent years developers are responding to shifting trends in buyer preferences – creating lifestyle-oriented properties that aim to improve owners’ quality of life.

Modern condos boast a wide range of sight-after amenities that add an extra degree of convenience for residents. While some older buildings do have certain value-adding features, the volume and variety of on-site amenities are typically lesser.

Common Modern Condo Amenities Include

• Guest suites
• Fitness facilities
• Swimming pools and jacuzzis
• Common areas and terraces
• Co-working and social spaces
• On-site concierge services
• Secure parking
• Electric vehicle charging
• Car wash bays

Finding the Right Balance

Amenities are one of the primary attractions for people looking to buy a newer condo in Toronto. That said, these amenities come at a cost. In a general sense, the more maintenance-intensive or extravagant a building’s amenities are, the higher your condo fees will be. As a result, buyers who go for a new condo should try to find a property that has enough amenities that they’ll use and enjoy, and as few irrelevant ones as possible.

Be Cautious of New Developers

Another potential pitfall of buying a modern condo is that many active developers in Toronto are extremely new. With the high demand for housing in the city, more and more condo development firms are forming every year looking to get in on the action. On one hand, having more developers provides buyers with more options and selection. On the other hand, not all of these developers are experienced. In fact, some of the new condos in Toronto have been built by developers who have just started in the last five years.

Choosing the right developer to work with is extra important if you’re in the market for a pre-construction condo. While buying pre-con has its perks, there are a number of special considerations too – especially around delays. With that in mind, making a major financial commitment to a developer that’s inexperienced can be risky. If something goes wrong, you’re essentially paying for their mistakes.

On the other hand, older condos (which are often built by reputable developers) have already stood the test of time. You’ll know what issues the building (or developer) has faced and have an idea of what concerns could arise in the future.

Not sure if you want to live in a condo? Check out these blog posts for unique insights.

• Not Ready For Condo Life? 3 Alternatives For Downsizers
• Downsizing as a Snowbird
• Your Questions About Garden Suites Answered

As an experienced and collaborative real estate team, we can help you navigate the process of rightsizing. When you’re ready to begin your next chapter, get in touch. Click here to send us an email or call 416-587-3300.

Are you looking for a new way to check out real estate in Toronto? Downloaded Listed, a new real estate app that lets you work directly with your agent to buy or sell seamlessly. It’s as easy as using Instagram! Download the app via our exclusive link right here.

There is a new land transfer tax change coming to Toronto beginning on January 1. Also known as the Municipal Land Transfer Tax, this is a one-time fee paid when a buyer takes possession of a property. In Toronto, buyers are required to pay both the provincial land transfer tax as well as the municipal. The new changes are to the municipal taxes and the increase will have a significant impact on many real estate transactions in the city.

We have put together a short presentation explaining the ramifications of the new tax as well as what buyers need to know moving forward:

Watch the Presentation

Do you have questions about buying a home in Toronto or the new municipal land transfer tax? Get in touch with us directly by calling 416-587-3300 or email us at office@torontoism.com.

Are you looking for a new way to check out real estate in Toronto? Downloaded Listed, a new real estate app that lets you work directly with your agent to buy or sell seamlessly. It’s as easy as using Instagram! Download the app via our exclusive link right here.

You may have heard the news about the Trust in Real Estate Act (TRESA) coming to Ontario this year. What is it? What does it mean for Realtors®? How will it impact buyers and sellers?

We have put together a few key things you need to know about TRESA in a helpful presentation below.

Watch the Presentation

Here are a few key takeaways:

TRESA is bringing in regulatory changes to the way Realtors® in Ontario operate. Some of the most significant changes include:

Higher Professional Standards

TRESA aims to elevate the professional standards for real estate professionals, making Ontario a leader in North America in this regard. This means you’ll be held to higher standards of accountability and ethics. (OREA)

Changes in Consumer Relations

The legislation brings significant changes in how real estate professionals engage with consumers. For instance, brokerages will now be permitted to enter designated relationships, altering the dynamics of buyer and seller interactions. (RECO)

Modernized Legislation

TRESA is part of an ongoing effort, initiated in 2009, to modernize the legislative framework governing the real estate profession in Ontario. This modernization may include updates to compliance, ethical standards, and transaction processes. (OREA)

Impact on Business Practices

The implementation of TRESA, which began on September 1, 2023, is reshaping business practices for Ontario realtors. You’ll need to adapt to these new practices and regulations to stay compliant and effective in your role. (Real Estate Magazine)

Enhanced Customer Trust

The new law aims to improve consumer trust and confidence in realtors, which could lead to a more favorable perception of realtors and potentially more business opportunities. (Todd Kaufman Blog)

Simplified Client Relationships

TRESA will eliminate the confusing customer relationship status, offering clearer options for buyers and sellers in terms of representation and engagement with real estate professionals. (Duncan, Linton LLP Blog)

Do you have more questions about how TRESA will impact real estate in Ontario? Get in touch with us directly by calling 416-587-3300 or email us at office@torontoism.com

Here is a direct link to the Information Guide provided by the Real Estate Coucil of Ontario, click here.

Are you looking for a new way to check out real estate in Toronto? Downloaded Listed a new real estate app that lets you work directly with your agent to buy or sell seamlessly. It’s as easy as using Instagram! Download the app via our exclusive link right here.

Upscale markets bring unique traits and complexities. As direct affiliates of Sotheby’s International Realty Canada we’re greatly familiar with a variety of luxury markets in Toronto, Canada, and abroad. Whether through real estate or other premium assets like art, watches, wine, or automobiles, we provide unparalleled advisory services for ensuring our clients grow their wealth seamlessly. 

Here are a few high-level insights about some of the most popular luxury assets, and how you can use them to build equity. 

Searching for resources tailored to luxury home buyers? Check out these industry-informed blog posts from our team. 

• REALM: Next-Level Luxury Real Estate Technology
• How Luxury Home Staging Transforms High-Price Tag Properties 
• Toronto’s Top Purpose-Built Luxury Rental Properties

Luxury Real Estate 

As a bustling cosmopolitan city, Toronto’s luxury real estate market is globally renowned. With some of the most stunning homes in North America, high-end real estate in Toronto is deeply converted. This demand makes it an exceptional investment as property values can rise sharply in as fast a few years. 

While high-end properties do share some commonalities with traditional homes, luxury real estate is a specialized market, with affluent clients shaping and adhering to unique trends and practices. If you’re looking to buy or sell a luxury property in Toronto, it’s imperative that you work with a real estate agent who specializes in working with upmarket clients. 

Watches & Timepieces

Watch collection, formally known as horology, has long been a popular hobby for luxury-minded Canadians. Just like a home, watches are tangible assets that can hold and attain value over time. The more converted and rare a particular timepiece is, the higher the value will be upon resale.  

Unlike luxury real estate, purchasing and selling watches often occurs across a variety of market types. In most instances, buyers will shop for new pieces from one of three places: brick-and-mortar retailers, the primary auction market, or private off-market sellers. When the time comes to resell a particular watch, collectors will either sell it privately or enter the primary market by partnering with an auction house. 

Similar to luxury homes, watches are a functional investment. Beyond building equity, they allow you to elevate your wardrobe and express your personal tastes.

One of the remarkable advantages of our affiliation with Sotheby’s International Realty Canada is our relationship with Sotheby’s Auction House. A global icon in curating, selling, and distributing high-end luxury products, Sotheby’s Auction House is a paramount leader in helping affluent clientele build and maintain wealth. 

Silver Burtnick and Associates recently hosted the team from Sotheby’s New York for an evening of wine, hors d’oeuvres, and networking. The event also served as an educational introduction to the incredible selection of watches that will be auctioned in the upcoming future. 

Revisit this incredible evening by tuning into our event recap below. 

When you enter Toronto’s housing market as an investor, you’re only as sharp as your local market knowledge. To stay ahead of the curve and set yourself up for success, check out these blog posts. 

• The Best Toronto Neighbourhoods to Invest in
• How Real Estate Experts Collaborate (And Why it Matters)
• Looking to Buy Property Outside of Canada? Read This First

Rare Automobiles

From an investment perspective, automobiles offer many of the same benefits as luxury properties and timepieces. Where vehicles differ from these two categories is in appreciation of value. In an ever-growing market like Toronto, the vast majority of luxury homes will significantly appreciate in market value in as short as a few years. However, in the case of automobiles, gainful returns on investment are limited to a specialized corner of the market. 

In the case of your average car, truck, or SUV, most vehicles eventually sell to a buyer for notably less than their original price tag. This is why many deal hunters choose to buy pre-owned vehicles instead of new ones. Rather, the automobiles that make strong investment assets are those that are rare or greatly sought after. With high demand from collectors, these types of vehicles can gain value quickly. 

Automobile collection is a refined and specialized practice. For luxury investors looking to build equity, navigating the rare automobile market requires expert guidance. RM Sotheby’s offers a range of bespoke services to assist automobile collectors, including advisory services, purchases and sales, and vehicle restoration.  

Looking for expert guidance on building equity? Whether through luxury real estate, vehicles, or watches, we’re lifelong advisors in helping our clients grow their wealth. Send us an email or call 416-587-3300 to discover your path to success.

At Silver Burtnick & Associates we offer a monthly newsletter looking at all things Toronto real estate. We discuss Toronto real estate market updates, offer our professional insights, and give you priority access to our latest property listing as they come on the market. Below is a ‘Lite’ version of our December 2020 newsletter to give you a little taste, check it out and consider treating your inbox today!

Toronto Real Estate Market Report

When things get back to “normal”

Wishing you all a safe and healthy 2021!

Christmas Wishes from Jim and his son Luca from City Hall, Toronto.

From Our Blog

If you need good advice in other locales please contact us. Here is a map of our Exceptional Agent Network of Sotheby’s Agents and we will make sure you are referred to the best!