Toronto's ultra-luxury real estate market sees whopping 200 per cent increase in sales
According to Sotheby's International Realty Canada's 2025 'Mid-Year State of Luxury Report,' residential sales in Canada's largest luxury real estate market declined in the first half of 2025 as uncertainty slowed activity. But the region's ultra-luxury real estate saw 12 sales for homes over $10 million in the first half of 2025, compared to four sales for the same period last year.
'Typically, this price range for the homes that are over $10 million takes longer to sell, as these buyers tend to be more selective,' said Dianne Usher, a managing broker at Sotheby's International Realty Canada.
'But we have more sellers in this market and buyers had more selection and when they see what they want they go for it. It was the right mix of buyers and inventory in the first two quarters of 2025.'
Sotheby's experts also reported an increase in ultra-luxury real estate transactions occurring 'off-market' as sellers increasingly sought greater discretion and privacy in the sale of their properties.
These are typically public figures, such as politicians, athletes, entertainers, who don't want anyone to know they were in the marketplace, Usher said.
Despite these gains, luxury residential real estate sales over $4 million for all property types saw a decline in the first half of 2025, falling 28 per cent year-over-year to 222 properties sold between Jan. 1 and June 30.
Sales of properties priced over $1 million experienced a 23 per cent annual decline to 13,563 units sold in the first half of 2025.
Buyers in these price ranges were more impacted by economic uncertainty with the U.S. and are waiting on the sidelines to see how the market reacts.
Within the city of Toronto, luxury residential real estate activity was also muted, as prospective buyers delayed decisions.
Overall, sales of top-tier properties over $1 million declined 13 per cent annually to 4,951 properties sold in the first six months of the year, while sales over $4 million fell 23 per cent year-over-year to 142 properties sold in the first half of 2025.
Despite this general trajectory, ultra-luxury transactions over $10 million more than doubled to seven properties sold, compared to three sold in the same period a year prior.
Luxury single-family homes in prestigious neighbourhoods near top-tier schools, including Leaside, Riverdale, Upper Forest Hill, High Park and The Kingsway, remain coveted by prospective buyers, the report said.
Buyer's market conditions remained pervasive across the GTA's luxury condominium segment in the first half of 2025, as inventory surged, purchasing timelines lengthened, and price negotiations skewed in favour of prospective buyers, the report said.
Buyers also prioritized longer closings, Usher said, as those downsizing need time to sell their bigger, single-family home properties.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Eater
9 hours ago
- Eater
One of Seattle's Oldest Diners Is Closing After 62 Years
The Ravenna Varsity — typically just called the Varsity — which has been holding down the corner of 65th Street and 23rd Avenue Northeast for an astonishing 62 years, will close permanently on Sunday, August 3, Vanishing Seattle reports. The diner was a North Seattle landmark and outlived its original building, which was torn down in 2002; the Varsity reopened in the mixed-use building that replaced it in 2004. According to Vanishing Seattle, Mariners manager Lou Pinella had a meal at the Varsity after arriving in town for the job and asked waitress Sandy Pelkey for directions to the Kingdome. Pelkey has been working there since 1979 and bought the Varsity from original owner Ozzie Boyle; she now runs the restaurant with her son Bryan. Pelkey told Vanishing Seattle that the Varsity is closing after she couldn't reach an agreement on a new lease with the landlord. Rising prices and pandemic-related losses also contributed to the decision (common factors in many recent restaurant closures). 'While it breaks our hearts to see the Varsity shut its doors, what we will miss the most is the customers that have become like members of our family,' the Pelkeys told Vanishing Seattle. 'The doors may shut, but the connections and community we built will last a lifetime.' Here are more notable restaurant and bar closure announcements from around Seattle. If you know of a closure we missed, please email us at seattle@ CAPITOL HILL — Gold Bar, on Pike and 12th Avenue, has closed permanently, reports Capitol Hill Seattle Blog. The owners told CHS that they lost the lease due to a 'real estate deal,' but the building has not been sold recently, notes CHS. Afterlife, a nightclub that was connected to the bar, has also closed. FREMONT — Acclaimed restaurant the Whale Wins will be closing on October 28, the Sea Creatures restaurant group announced this month. Star chef Renee Erickson still has several restaurants in her portfolio (with plans to open more in Pioneer Square), but the Whale was the one that earned her a James Beard Award in 2016. Still, it had been losing money for some time, Sea Creatures co-owner Jeremy Price told Eater Seattle, and ownership decided not to renew the lease. BAINBRIDGE ISLAND — Longtime Seattle-area chef Greg Atkinson, a pioneer in the 'eat local' movement, has retired, closing his restaurant, Marche. The Seattle Times reports that it will be replaced by a new seafood restaurant called Sweetwater Tavern, which will open later this year. RAVENNA — A bizarre early July incident in which a car drove through the storefront of the Mioposto on 55th Street and 35th Avenue Northeast led to the pizzeria being closed temporarily for repairs. Several diners were injured by the car crash, though thankfully none critically. MADISON PARK — Three years after opening, the nonalcoholic-friendly bar, restaurant, and hangout spot Kamp Social House has closed permanently. 'This decision comes after much reflection and is rooted in the need to take a personal pause,' wrote owners Marceil Van Camp and Katy Knauff in an Instagram announcement. KIRKLAND — Arleana's, a Carribean cocktails and dinner spot from the owners of Island Soul, has closed after just two years, reports the Seattle Times. 'This wasn't an easy decision, but please know how grateful we are for every visit, every shared meal, and every smile,' the owners wrote on Instagram. The family's Columbia City restaurant remains open. BELLTOWN — Also via the Times, Korean Bamboo, home of some killer silken tofu, has closed permanently, 'with a notice from the owner citing safety issues in the neighborhood and more, while sincerely thanking fans for all the love.' CAPITOL HILL — Finally, Capitol Hill Seattle Blog reports that Finch and Pine has closed permanently. Owner Sara Moran (of famed Seattle restaurant Sitka and Spruce) wrote on Instagram that 'the main reason is because I'm ready for a new chapter.'
Yahoo
10 hours ago
- Yahoo
Young families are shrinking their mortgages. But does this mean they are priced out?
Younger Canadian families are bucking the national trend and reducing their overall mortgage debt, figures from Statistics Canada suggest, but the decrease may not be all good news. After hitting a peak in the third quarter of 2022, average mortgage balances among families where the primary income earner is aged 35 or younger have fallen by about $15,500, according to a report out Tuesday from Toronto-Dominion Bank citing data from Statistics Canada. Even accounting for any seasonal variation, when comparing the first quarter of 2023 to this first quarter of 2025, there was an 8.5 per cent decline (or about $10,400 less on average) in mortgage balances among younger Canadians, said Maria Solovieva, TD economist and author of the report. All other age groups have seen a steady increase in household mortgage debt since the second quarter of 2020, Statistics Canada data show. It is likely many younger households are unable to access the housing market altogether due to affordability challenges, Solovieva said. After home prices hit their peak in March 2022, following the frenzy of homebuying amid lower interest rates during the COVID-19 pandemic, the Bank of Canada started raising interest rates and home sales began to soften. Solovieva said younger Canadians have been prioritizing reducing their debt obligations in the face of rising borrowing costs. About 35 per cent of young adults are likely to rent, compared with less than a quarter of older age groups, according to Statistics Canada's 2024 Canadian Social Survey. There may also be other reasons for the drop in mortgage balances among young people. It is possible some younger Canadians are purchasing cheaper homes or own their homes outright, especially if they have received financial gifts from their parents, Solovieva said. Since the total value of real estate assets for younger Canadians has grown since the third quarter of 2022, it suggests more people in this age group are receiving financial help to buy homes than those who may be buying less expensive homes, Solovieva said. In the meantime, older Canadians are taking on more debt, although there is no sign they are taking on more investment properties or renovations to account for this, she said. In fact, Statistics Canada reported recently that households aged 55 to 64 years increased their mortgage balances by more than eight per cent from the first quarter of 2024 to the same period in 2025, while those aged 65 years and older increased their mortgage balances by nearly nine per cent. Older Canadians are expected to pass down $1 trillion to their heirs over the next few years, according to the most recent data from the Chartered Professional Accountants Canada. Many wealth advisers have reported these wealth transfers are already arriving in the form of early inheritances; in most cases to help adult children purchase their first homes. A 2024 Bank of Canada report also found more than 20 per cent of first-time home buyers received gifts to help make their down payments. Younger first-time home buyers were even more likely to receive gifts when purchasing their homes. This could exacerbate an existing trend, Solovieva said. Data show the lowest-income young households have seen their debt-to-income ratio balloon from 244 per cent before the pandemic to 446 per cent in Q1 2025. 'A lot of wealth (is) built through real estate, (so) somebody who is not in the market is left out,' said Solovieva, noting existing homeowners have largely benefited from rising real estate values over time. 'It's basically going to continue on as long as we still have this dynamic of unaffordability.' The best mortgage rates in Canada right now The best reverse mortgage rates in Canada right now Solovieva does not expect this trend of waning mortgage balances to entirely reverse in the near future but does anticipate it to level off as immigration levels decline, which could cool growth in housing prices. The latest report from the Canadian Real Estate Association revealed the national average sale price was down 1.3 per cent year-over-year to hit $691,643 in June. • Email: slouis@ Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
10 hours ago
- Yahoo
TD names next board chair
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Dive Brief: TD Bank has tapped John MacIntyre as the chair of its board, effective Sept. 1, the lender said Monday, as it continues making changes to reassure investors. MacIntyre will replace Alan MacGibbon, who became chair of the board in February 2024. MacGibbon will retire, which the bank announced in January. MacIntyre has served as an independent director on the board since 2023 and chairs its human resources committee. Dive Insight: The Toronto-based lender's latest appointment aligns with its strategy to hire executives with strong regulatory experience, as the bank has started overhauling its leadership team amid an anti-money laundering scandal that resulted in more than $3 billion in penalties and a $434 billion asset cap on the bank's U.S. retail operations. MacIntyre has had a 30-year career in capital markets. Prior to joining TD, he retired as a partner emeritus from Birch Hill Capital Partners, which he co-founded in 2005. He has also served on public, private and nonprofit boards, including those of Park Lawn Corp., HomeEquity Bank, Maple Leaf Sports and Entertainment, YMCA Toronto and the University Health Network Foundation. TD aims to benefit from MacIntyre's 'deep understanding of financial services, global capital markets, technology, and risk management,' the bank said in the press release. 'Alongside my fellow directors and in concert with our strong leadership team, I look forward to supporting TD's strategy, further strengthening governance, and delivering long-term value,' MacIntyre said in a statement Monday, thanking MacGibbon for his contribution to the board and the bank. Earlier this month, TD hired Andrew Jensen, a veteran of the Treasury Department, as head of financial crime risk management in Canada, effective July 14. He replaced Stephen Joyce, who had been serving as the interim head of the unit. In January, TD's now-CEO Raymond Chun, who at that time was soon to replace outgoing CEO Bharat Masrani, said the bank 'rebuilt' its AML team in the U.S. with a new head of U.S. financial crimes and risk management. Chun stressed the importance of lessons learned from the debacle, including the significance of experienced staff. 'You need to have talent that is commensurate with the size and complexity of a bank [like] TD,' Chun said in January. 'Talent at the most senior levels in AML is absolutely one of the top priorities that we have as an organization.' Following the AML scandal and the penalty, TD expedited its CEO succession date to February — two months before Masrani's scheduled departure in April. In April, TD named four new members to its board of directors: Elio Luongo, Nathalie Palladitcheff, Frank Pearn and Paul C. Wirth. Pearn has served as a compliance and risk executive at JPMorgan Chase, while Wirth has been a finance and accounting executive at Morgan Stanley. As part of its broader restructuring move, TD announced in May that it would cut roughly 2% of its workforce and wind down a $3 billion portfolio tied to its U.S. point-of-sale financing business. Recommended Reading Making the case for women-owned banks
