Luxury Condos in Toronto

When we talk about "condo market" in Toronto, most of the time we have in mind the small condo units that are being purchased by first time buyers or investors. Some of the small, inexpensive condominium suites have become popular with affluent university students - especially those that are located in a proximity of a university campus, or within an easy commute by streetcar or subway.

There is, however, a growing demand for large, expensive, luxury condominium suites. These suites offer living areas equivalent to a medium or even large size house, and, besides luxurious finishes and spa-like bathrooms, provide access to an array of bonuses, like valet parking or around-the-clock room service. One of the posh Yorkville buildings, the Regency Yorkville at 68 Yorkville AVenue, will even have a butler.

Fourteen super-luxury condo buildings are planned for the downtown core, with the price per square foot at $750 to over $1500.

The obvious example of such condo building is the Hazelton, with suites ranging in size from 2,815 to 8,100 square feet, and prices between 2.8 and 12.1 million dollars. Needless to say, the maintenance fees for these large spaces are in thousands of dollars monthly.

Most of the large, luxurious condominium projects are located in classy Yorkville. These include, besides The Hazelton, 18 and 100 Yorkville, 10 Bellair, 175 Cumberland and Regency Yorkville. One St. Thomas, just south of Bloor, is also one of these buildings.

Trump International Hotel and Tower offers suite sizes from 2,226 to 7,375 square feet, with prices ranging from 1.8 to 15.9 million dollars. 1 King Street West smallest suite is a tiny 350 sq. ft., with a price tag of only $229,900, but the largest unit is 4,359 Sq. ft. and is being offered for $6.4 million.

These large "homes in the sky" appeal to affluent aging buyers, who presently own multi-million dollar homes in Rosedale or Forest Hill, and are getting tired of maintenance issues, while also spending more time abroad or at the cottage. Other buyers for these high-end condominium suites are families from overseas, for whom Toronto prices are relatively low. Smaller luxury suites appeal to business travellers.

This is a welcome development - Toronto seems to be joining the ranks of other world-class cities.

I've made an offer, but I've changed my mind... How do I get out of this deal?