What are Toronto's Most Expensive Condos?

The real estate market from 2023 to 2024 has faced significant challenges globally, and Toronto is no exception. The condo market has been particularly hard hit, with many builders temporarily pausing their projects as they grapple with high construction and material costs, coupled with lower demand.

As the market begins to stabilize, it’s fascinating to observe property trends. I’ve noticed many listings that have been on the market for two years or more, with asking prices gradually decreasing to attract buyers.

Despite these challenges, there are still individuals who prioritize quality over price, seeking the best properties available. Personally, I focus on identifying undervalued properties and finding ways to enhance them, ultimately building substantial value that can be realized in the long run.

Despite the challenges in the market, I find the high-end segment fascinating, particularly how it sustains itself during tougher times and what it offers to those seeking instant gratification at any cost.

Read on to explore Toronto’s most expensive condos as we enter the final quarter of 2024, with an improving interest rate scenario for consumers, including those leveraging financing and building.

Yorkville Private Estates at 200 Cumberland Street

First up is a stunning 4,012-square-foot suite in the Yorkville Private Estates at 200 Cumberland St., a building I’ve discussed in my Condo Chronicles, which you can read right here.

Priced at $17,800,000, this unit comes with monthly maintenance fees of over $6,300 and annual property taxes exceeding $37,000. The floor plan is well-designed, featuring spacious areas for entertaining and a separate bedroom wing that includes a large master suite with windows on two sides, as well as two additional spacious bedrooms, each with its own en suite bathroom.

To me, the price of nearly $4,500 per square foot seems steep; despite its supreme view of downtown Toronto, the suite’s finishes, though visibly expensive, may not fully cater to the most exclusive buyers. The marketing mentions furnishings and rugs from Milan, which adds a touch of luxury in one’s mind.

One drawback is the relatively small private outdoor space, which might disappoint some buyers. However, the suite offers a rare enclosed garage with six parking spaces and three private lockers for additional storage—an impressive feature for those who prefer the convenience of their cars. Whether buyers will be willing to pay 50% more than the price it sold for just two years ago remains to be seen.

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The Four Seasons Private Residences

At the Four Seasons Private Residences, there’s a nearly 5,000-square-foot suite on the 52nd floor, featuring two terraces that total just over 250 square feet. This unit boasts a well-conceived floor plan with an impressive living area overlooking downtown.

The superb master suite, which includes access to a terrace, is situated on one side of the entertaining space, while the two additional bedrooms, each with en suite bathrooms, are located 60 feet across the expansive foyer.

However, in this sleek, modernist building, the suite’s decor appears to draw heavily from Baroque influences, with plaster embellishments that may overwhelm potential buyers.

At just under $19 million—less than $4,000 per square foot—this may a challenging sell. The building offers truly world-class amenities, accessible through monthly maintenance fees of nearly $7,500 and property taxes exceeding $60,000. While there are three underground parking spots available with valet service, it’s worth noting that this suite has been on the market for two and a half years. Although there has been a minor price adjustment, it remains over 60% higher than its 2021 sale price and roughly triple what it sold for when new in 2013.

Learn more about The Four Seasons Private Residence with my condo guide right here.

The Residences of the Ritz Carleton

In another hotel/condo development further downtown, the Residences of the Ritz Carlton features two combined suites on the 46th floor of 183 Wellington St. W., offering over 5,800 square feet of space. The suites boast contemporary finishes and unique features, including a spectacular fireplace and an impressive wine wall in the dining area.

With its perimeter wrapped in glass, the entire unit provides stunning views in three directions, showcasing superlative vistas of the lake, although the view toward the financial district is unfortunately obscured by a neighbouring office building.

Additionally, there is no outdoor space adjacent to this suite. However, the monthly maintenance fees of over $8,000 grant access to impressive amenities and include four underground parking spots. Property taxes are $36,000 per year. Listed at $23,500,000 since the beginning of 2024, the unit is priced at $4,000 per square foot, reflecting a substantial premium over the previous purchase price of the former two suites.

Interested in Toronto condos? Check out my condo guides next. Click here to see the buildings I’ve profiled so far.

155 Cumberland Street

In the super-exclusive 155 Cumberland St., a stunning 6,644-square-foot unit on the 17th floor features an additional 1,000 square feet of outdoor terraces overlooking the city. The foyer, accessed directly from the elevator, opens into a grand 80-foot-long space that encompasses both entertainment and family areas, allowing natural light to flood in throughout the day from the East and West.

This unique unit is finished to a high standard with warm yet contemporary touches throughout. The kitchen and dining area are less formal than those typically found in this echelon of condominium units, yet they maintain an air of sophistication that is rare in the city.

Priced at $29 million and on the market since spring, the unit includes four underground parking spots and requires a monthly maintenance fee exceeding $10,000, reflecting the exclusivity of this boutique building, which houses only 15 units. Property taxes exceed $56,000 per year. Located in the heart of Yorkville, this residence demonstrates that you don’t need to be high above the ground to enjoy stunning views; in fact, it offers a more personalized feel.

This unit is being offered by the original owner, who purchased it in 2010 for roughly a quarter of the current asking price.

As an architect, condo floorplans have always fascinated me. That’s why I critique them and dream of making them better on my blog! Check out the other posts in my Condo Chronicles series right here:

The One

In the recently acclaimed building known as The One, located at the crossroads of Yonge and Bloor, suite 8000—naturally on the 80th floor—offers an expansive 8,758 square feet. It has been on the market since late 2022 for approximately $35 million, though maintenance fees have yet to be established, as the building is still under construction.

There’s a possibility that the layout of other suites may change to expedite sales and improve the development’s financial situation. Additionally, this unit does not include any parking spots, so it’s likely that they will be offered at an extra cost.

This offering combines two suites on the floor, and while definitive floor plans are not yet available, it is listed as having 6+2 bedrooms and eight bathrooms, with walls of windows providing views in all directions. It occupies the “sub-penthouse” level, as the Penthouse Collection features units above it that span four stories and include their own en suite elevators.

At this point, I find it difficult to gauge the potential of this building. Foster + Partners Architects certainly bring star power, having created a remarkable structure. However, the building’s height remains uncertain due to ongoing financial challenges affecting the development as it aspires to become Canada’s tallest building—currently projected to be 91 floors and 328 meters (1,077 feet) tall.

Additionally, a proposal for another massive tower just west of The One threatens to obstruct views, with plans for 19 Bloor St. W. set at 99 floors and 1,041 feet—leading to potentially unhappy residents facing directly into the windows of their wealthy neighbours. Most units on the west side will likely have their views compromised, a consequence of poor city planning.

The latest crop of luxury real estate reality shows might give the wrong impression of high-end condos in a world-class city. Read my blog about what real estate reality shows don’t tell you right here.

Which Luxury Toronto Condo Would You Choose?

So, in the end, which would you choose if your funds were unlimited? For me, I would select the unit at 155 Cumberland. Alternatively, I might opt for a beautifully renovated unit on the ninth floor of an older building overlooking the Seine and the Eiffel Tower, complete with a rooftop garden that exudes the extraordinary style characteristic of the French. Now that’s true luxury.

Whether you’re considering a move to a luxury Toronto condo, or you’re hoping to achieve a record sale in your building, I’d love to help. Call 416-824-1242, email robert@lifeofluxury.ca, or fill out the form on this page to get in touch.

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What are Toronto’s Most Expensive Condos?