Luxury house sales in Toronto surpassing $10 million surged by 10 per cent in 2023, according to a real estate broker who says a new tax nudged sellers to the finish line.
“It’s only four homes, but it’s a lot given the price point of these transactions,” André Kutyan, a Toronto real estate broker, told CTV News.
In 2022, 36 homes in Toronto were listed for $10 million or more. In 2023, there were 40 recorded sales at that price point, Kutyan said.
He notes that eight of the sales took place in the last quarter of the year, abnormal in Toronto’s high-end housing market, which typically thrives between March and October.
“The reason is this new land transfer tax,” Kutyan said.
In September, Toronto City Council approved an increase to municipal land transfer tax rates for homes over $3 million. This increase came into effect on Jan. 1.
Toronto realtor Scott Ingram pointed out the bulk of luxury houses that sold in 2023 in the Greater Toronto Area were located in the City of Toronto, compared to a more even split between the 905 and 416 a year earlier.
Several houses that sold for over $10 million in 2023 were located on the same street – Russell Hill Road in Forest Hill – one of which was sold privately for over $17-million (as a result, it’s been excluded from the following list).
Ingram explained, however, that analyzing this small pool of the market can be unreliable.
“If we went from 1,700 to 1,600 that would be more solid information than 17 to 16. With numbers so small you can have big year to year swings,” he said.
Here are five of the most expensive Toronto houses that sold in 2023:
174 Dunvegan Rd.
Sold: $16,500,000
This “majestic” red-brick mansion fronted by a manicured lawn and mature trees has six bedrooms, each with an ensuite washroom, as well as heated marble floors in the primary suite.
There’s also a walk-in wine cellar in the basement along with two garages and a heated driveway.
299 Russell Hill Rd.
Sold: $16,242,500
This dramatic limestone facade, sold by Toronto broker Barry Cohen, was just completed in the fall. It’s an “instant home,” in Kutyan’s words.
The 9,000-square-foot new-build has floor-to-ceiling windows, imported finishes, and suede-paneled entries, according to its listing.
“There’s a lot of advantages to buying a new home like this,” Kutyan said.
57 Fifeshire Rd.
Sold: $11,808,000
This North York house has a grand presence with an Indiana limestone facade and crystal chandeliers draping from the ceiling.
But there are modern touches too, with complete home automation and a salt water pool perched out back.
21 Alderbrook Dr.
Sold: $14,380,000
This cubic custom-built mansion backs onto a ravine shared with the Bridle Path.
It has a grand and sleek presence with waterfall stairs, soaring ceilings, and giant floor-to ceiling windows.
Beyond aesthetics, it also flaunts resort-like amenities, including a hydrotherapy hot tub, yoga studio, steam room, infinity pool and soundproof theatre.
332 Russell Hill Rd.
Sold: $13,995,000
This house has a timeless elegant exterior, with a dramatic limestone facade, while its interior presents modern touches.
Soaring ceilings, handcrafted kitchen cabinetry and a sleek wine display grace the mansion, designed by Danieli Development, and sold by Barry Cohen.
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