Matthew Slutsky
March 28th, 2011

Luxury!! The word means different things to different people. To some, it is buying brand-named clothing from Harry Rosen. To others, it is buying brand-name clothing at Winners. And, to others means spending over $1,500 per square foot on a 3,000 square foot condo!

What are the experts saying about the Toronto luxury new condo market? Recently I came across the National Post article “And for the garnish..“, which brought up some interesting points mentioned below.

First, we should define the term “luxury market”. [Recently, I started a forum discussion on this issue, HERE. Feel free to jump in and add your two cents.] Personally, in the Toronto market for it to be considered real “luxury”, I think the unit must be over 2,000 square-feet and over $1,500 per square foot.

Stephen Price [read our interview with Stephen here], COO of Graywood Developments, sees the Toronto luxury condo market picking up speed, with an increase in “serious onlookers” on larger suites over 3,000 square feet and the mid-size luxury suites around 1,600 square-feet.

Why the increase? Where are these people coming from?? Think baby-boomers who live in the wealthy enclaves of Toronto and beyond, whose children have finally moved out of their nest. These purchasers are coming from luxury and space, and while moving further into the urban core do not want to lose that feeling and space.

Maybe you can not get your head around what this type of luxury in a condo means. If not, then check out the video below from the $17.5m Aura at College Park Penthouse:

So, what is important to these purchasers?? As with any type of real-estate, these buyers are very selective, and looking for location, location, location, and unit size. Vice President of Menkes, Mimi Ng, says “in the luxury market, the key qualifier is unit size -around 3,000 to 3,500.”
How do you get that feeling of luxury? First, the standards in the suites are very high end, but further the extras that people are adding to the units are out of this world! Stephen Price says that buyers at the Ritz Carlton are paying an additional $50,000 to $300,000 on upgrades!
If you are spending that type of money on a condo, don’t you want to customize it?? That is what Minto is doing at The St. Thomas! Check out what the National Post says,

There are occasional luxury buyers who wish to select virtually everything for themselves, says Alan Greenburg, CEO of Minto, which is building The St. Thomas. For those few, Minto is offering “designerready raw space” on the five or so top floors of the St. Thomas. That means you buy the size you want, bring in your designer, and with Minto’s designers you create layout and finishes.”

What about families moving into luxury condos, much like is seen in New York living? No clue. Have you seen this happening in Toronto??
Think that you might be interested in a luxury condo in Toronto? If so, check out some of these projects:
Thanks to the National Post for shedding some light in their article, “And for the garnish…“. And, of course, if looking for a new condo, check out BuzzBuzzHome!

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