A Memorable, Wishfully Forgettable Year: The 2024 Condo Market in Toronto, and the 5 biggest sales
Ah, 2024. For many in the real estate world, it’s a year we’ll look back on with a mixture of bewilderment and “let’s never speak of it again.” It was a bit like going on a first date, getting your hopes up, only to find out they’re not interested in the same things, like, you know, making a sale.
But, like any good real estate drama, there were a few winners and a lot of lessons learned — and some stunning condos that almost made it all worth it. Almost.
The Condo Market: Down, but Not Out (Yet)
Let’s talk condos, because wow, did they take a hit in 2024. Picture this: high interest rates loitering around like uninvited guests at a party, making everyone tense. Buyers sat on the sidelines, anxiously waiting for the market to “bottom out” (or waiting for something resembling the bottom, because honestly, when you’re at rock bottom, there’s nowhere else to go but up, right?). But even with five interest rate drops through 2025, many buyers decided to play the waiting game. A lot of market timers decided to go for the “better luck next time” approach — and spoiler alert — they might just miss the boat.
Meanwhile, the luxury market? Oh, it was more like an upscale yacht party — a bit rocky, but no one fell off. While prices weren’t stratospheric like they had been, there were still some pretty solid transactions that made you think, “Maybe 2024 wasn’t so bad after all?”
Curious about the condo market? Check out some of my recent condo blogs right here:
- Is it Wrong to Like Older Toronto Condo Buildings? Or are they Actually Better?
- Don’t be Unduly Swayed by Glitzy Condorama
The Luxe Life: A Little Down, But Still Looking Good
When it comes to luxury condos, Toronto’s high-end market didn’t exactly fall into a puddle of despair. However, there were definitely no $20-$35 million Marc Jacobs-branded condos flying off the shelf. Anything over $10 million was practically a dust collector, but there were still some nice sales between $3 million and $7 million. So, for Toronto standards, that’s a whole lot of “luxury” packed into relatively modest sales figures.
To break it down, here’s a snapshot of the luxe landscape:
- Five sales over $7 million
- Three sales between $6 million and $7 million
- Seven sales between $5 million and $6 million
- 19 sales between $4 million and $5 million
- 34 sales between $3 million and $4 million
And don’t be fooled — that’s not much for a city like Toronto. For every “luxury” condo transaction, there were still quite a few people wondering whether they’d missed the memo on what was actually in demand.
Craving more luxury? Here are a few more posts you might find interesting:
A Closer Look at Some Standouts
So, let’s break down some of the condos that stood out in this less-than-perfect year, and maybe, just maybe, you’ll find your next dream home. (Don’t worry, they come with some juicy stories of price drops, time on market, and extravagant fees that’ll make your heart race… or stop.)
1. The Four Seasons Private Residences – $9,775,000
Ah, the Four Seasons. Toronto’s way of saying, “We do luxury, and we do it with style.” The 43rd-floor unit at 50 Yorkville Ave., spanning 3422 square feet (because who needs a mere 2000 when you can go big?), featured two underground parking spots and sweeping views of the Toronto skyline. It was like living inside a glass bubble, but a very chic one. Originally listed at $11 million, it took a mere 2.5 months to sell at just under $9.8 million — a bargain when you look at those views, high ceilings, and $5000/month maintenance fees. The condo fees alone might make you reconsider, but hey, it’s the price of luxury, right?
Learn more about The Four Seasons Private Residences in my condo guide right here.
2. Unit 5B at 36 Hazelton Ave. – $9,150,000
Now, this is a condo that screams “elegant comfort,” located in a quieter, low-rise building that made you feel like you could just live there. At 3955 square feet plus nearly 1000 square feet of outdoor space, this unit offered an over-the-top master closet and a wine cellar just in case you had too many bottles of red. The $10,000/month maintenance fees and $32,000 annual property taxes did cause a few potential buyers to hesitate, but ultimately, $2300 per square foot was a solid deal in a market like this. Sure, it took four years to sell, but at least the celebrity-owned building gave it a little extra sparkle.
3. The Four Seasons Again – 45th Floor, $8,400,000
Turns out the Four Seasons wasn’t done yet. This unit, two floors above the top seller, was a corner unit with a lovely northwest-facing balcony for sunset lovers. At $2950 per square foot, it wasn’t exactly a steal, but it was deliciously close. Listed for just under $9.5 million and sold in two months, it showed that luxury never truly goes out of style. Though, with maintenance fees around $4300 a month and property taxes nearing $35,000, it’s not for the faint of heart.
4. 7 Dale Avenue – $7,750,000
Let’s talk about something a little more park-like — the Rosedale ravine views from 7 Dale Avenue. This beautiful, newer low-slung building came with 2700 square feet of interior space and a nearly 300-square-foot terrace, with floor-to-ceiling windows letting in a ton of natural light. The quiet, serene vibe might have been enough to sell you, but when the unit sat for six months before selling at its original price, it was clear that luxury still needs a little patience. One underground parking spot and a $3200/month maintenance fee is a small price to pay for the tranquility of the ravine. And yes, property taxes will be high — don’t say I didn’t warn you.
5. One Forest Hill Road – $7,000,000
Lastly, we have Unit 901 at One Forest Hill Road, a more recent addition to the luxury condo scene. This one was on and off the market in less than two months, selling for $7 million after starting $400,000 higher. But honestly, this one didn’t blow anyone away. The 3481 square feet of space, coupled with a massive terrace, sounded great on paper, but the lack of a truly extraordinary wow factor left some scratching their heads. With a price per square foot just over $2000, it was a bit of a bargain for a luxury unit, but not exactly jaw-dropping.
Looking for some real talk on popular Toronto condos? In my Condo Chronicles series, I take a closer look at popular buildings and floor plans to give you an architectural perspective on what works and what doesn’t. Here are a few of the latest posts:
- Reflecting on Yorkville’s Changing Landscape
- Social Condos at 100 Dalhousie Street
- Symphony Place
- Vu South Tower
The Verdict: Exceptional Properties Still Get Exceptional Money
Despite the ups and downs, the condo market in Toronto has shown that exceptional properties still attract exceptional buyers. So, even if the market felt like a tough crowd in 2024, top-tier properties held their value — provided they were priced correctly and didn’t overstay their welcome on the market.
Looking ahead to 2025, new developments by world-famous architects are on the horizon, and the excitement is palpable. So, while some condos took a longer time to sell and required a little more patience than we’d like, if you’re doing it right, luxury always performs well.
In the world of real estate, trends come and go, but the best properties? They tend to stand the test of time — or at least, keep selling for some pretty impressive prices. Just be sure to watch for the bottom before jumping in. It might be closer than you think. Or maybe it’s already gone. Just ask the market timers.
Thinking about making a move in 2025? Whether buying or selling, I can help! Give me a call directly at 416-824-1242 or email robert@lifeofluxury.ca today.
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