Luxury Property Report 2024 YEAR IN REVIEW
ICONIC MANSION RICH IN HISTORY & SOPHISTICATION | Offered at $25,000,000
Market Commentary by Barry Cohen
Robust homebuying activity anticipated in 2025 as money returns to the GTA’s luxury market
BARRY COHEN President & Broker
After a tentative first three quarters of the year in the Greater Toronto Area (GTA), luxury homebuying activity abruptly changed course, with momentum reinvigorated amid growing enthusiasm and unleashed pent-up demand. The fourth quarter boost drove overall sales ahead of year-ago levels in the upper end of the market, with the 175-basis-point drop in the overnight rate between June and December, the most significant impetus, creating one of the strongest upticks in recent memory for the luxury market.
Uber-luxe sales over $5 millions led in terms of percentage increase in the fourth quarter, climbing nearly 60 per cent as high-end buyers took advantage of greater selection and softer values, especially between the $5 million and $7.5 million price points. Concerns over the luxury land transfer tax implemented by the City of Toronto early in 2024 appear to have dissipated, with buyers moving to take advantage of current market conditions before prices edge higher.
Overall, close to 4,700 changed hands over the $2 million price point in the GTA in 2024, up two per cent over year ago levels, while nearly 300 homes changed hands over $5 million, posting a 21 per cent increase over 2023.
Freehold & Condominium Sales In The Greater Toronto Area
January 1st - December 31st, 2024 vs. same period in 2023
Source: REALM, Toronto Regional Real Estate Board (TRREB) Market Watch
Uber-luxe performed extraordinarily well, with blue-chip neighbourhoods including Rosedale, Forest Hill and the Bridle Path generating the strongest sales over $5 million. Twenty-six freehold properties sold over $5 million in Rosedale-Moore Park in 2024, and 22 occurred in Forest Hill South, while 21 homes changed hands in
the Bridle Path-Sunnybrook-York Mills. With inventory levels relatively scarce in these sought-after areas, values have remained relatively stable throughout the year.
Despite softness in the lower end of the luxury condo market, top-tier sales over $5 million also rose yearover-year, with 15 sales reported in the City of Toronto in 2024. The upswing in condominium apartment and townhouse sales is expected to continue as security remains top of mind with empty nesters and retirees.
Given rising consumer confidence levels and the corresponding uptick in sales, it’s clear that the money has returned to the GTA’s luxury market. The expected crash in high-end housing values did not materialize and buyers that were holding out are now back in action, setting the stage for a robust luxury market in 2025.
The Bank of Canada is likely to maintain its course on interest rate reductions, although the increments may go down to .25 basis points, as opposed to the considerable .50 basis point cuts experienced in Q4 2024. Initiatives launched by the Canada Mortgage and Housing Corporation (CMHC) for first-time buyers, including extending mortgage insurance on homes valued up to $1.5 million to purchasers with less than a 20 per cent downpayment and 30-year amortization periods, will give a much-needed boost to those buyers at entry-level price points, while simultaneously stimulating activity at the mid-to-high end of the market.
Domestic buyers will once again lead the charge for luxury properties. Strong equity gains over the past five to ten years are likely to drive the market further. The transfer of wealth is also evident throughout the city as grandparents and parents gift future heirs the funds to realize homeownership sooner while still alive to watch them enjoy the fruits of their labour.
We at Cohen Homes and Estates couldn’t be more excited about the prospects of the luxury market and the opportunities in store for both buyers and sellers in 2025. Traversing the ever-changing housing market can be intimidating, but with the help of a seasoned realtor, it’s all smooth sailing. If you’re interested buying or selling, allow us to help you chart your course.
Wishing you a happy new year and all the best in 2025,
Barry Cohen
81 King Street East, Kingston
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INDUSTRY SHARE OF VOICE
83% Forbes / Forbes Global Properties
7% Berkshire Hathaway / BHHS
4% Sotheby’s/Sotheby’s Int. Real Estate
3% Christie’s/Christie’s Int. Real Estate
1% Coldwell Banker
0.7% Savills
0.7% Knight Frank
0.2% Engel & Völkers
Source: Meltwater Media Monitoring, Q1-Q4 2023.
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The Greater Toronto Area’s Top Luxury Markets
Bridle Path, Sunnybrook, York Mills, Hoggs Hollow, St. Andrews,Windfields (C12)
Catering to a range of tastes and price points, the upper end neighbourhoods of Bridle Path-Sunnybrook-York Mills-Hoggs Hollow and St. Andrew-Winfields continue to attract affluent buyers who are drawn to large homes on expansive lot sizes. While many older homes are available for sale, newer infill properties continue to spring up, offering the best of both worlds to buyers young and old.
While overall sales over $2 million in 2024 were slightly off year-ago levels in the Bridle Path-Sunnybrook-York Mills-Hoggs Hollow and St. Andrew-Winfields, luxury housing values have remained relatively stable, rising four per cent to close to $5.75 million in the Bridle Path and virtually on par with 2023 average price (almost $4 million) in St. Andrew-Winfields.
Both neighbourhoods, which comprise the Toronto Regional Real Estate Board’s C12 district, offer up the greatest selection of high-end product at virtually every price point south of the 401. Of the 92 properties current available for sale, 12 are priced under $3 million and four sport price tags of over $20 million, the most expensive of which is close to $30 million, listed for sale with Cohen Homes and Estates.
Bridle Path-Sunnybrook- York Mills -Hoggs Hollow
St. Andrews-Windfields
SOLD | 6 Chieftain Crescent SOLD | 57 Fairmeadow Avenue
SOLD | 125 Munro Boulevard
SOLD | 83 Yorkminster Road
SOLD | 38 York Road
SOLD | 62 Arjay Crescent
SOLD | 15 Cotswold Crescent
SOLD | 24 Lauderdale Drive
SOLD | 3 Masters Road
Forest Hill South, Humewood-Cedarvale (C03)
Strong homebuying activity over the $3-million price point in both Forest Hill South and Humewood-Cedarvale led to double-digit gains in unit sales, with the number of homes changing hands up 33 per cent and 37.5 per cent respectively in 2024. Falling interest rates were the primary driver, especially at the entry level to luxury, with many younger buyers coming off the sidelines to take advantage of softer values ahead of further rate cuts.
Average prices edged higher year over year as a result of increased activity, with values rising 17 per cent to just over $5 million in Forest Hill South and up five per cent to almost $3 million in Humewood-Cedarvale. At the top end of the market, luxury sales over $7.5 million doubled in Forest Hill South, rising from four transactions in 2023 to eight in 2024.
Entry-level luxe properties are in currently in short supply, with just three homes currently listed for sale in each neighbourhood. Demand is expected to remain strong in these central Toronto communities, in large part due to their access to amenities including shops, restaurants, parks and walking paths such as the beltline.
Forest Hill South
Humewood-Cedarvale
January
$2
| 16 Delavan Avenue
SOLD | 192 Forest Hill Road
ENGLISH MANOR ON DUNVEGAN
SOLD | 2C Ormsby Crescent
| 90 Forest Hill Road SOLD | 15 Strathearn Boulevard
Yonge-St. Clair, Casa Loma, Annex (C02)
While inventory levels hampered homebuying activity in the Annex community, demand for properties in neighbouring Casa Loma and Yonge-St.Clair soared in 2024, with sales of homes priced over $2 million climbing 13.8 per cent and 35.3 per cent respectively over 2023 levels.
The communities comprising the Toronto Regional Real Estate Board’s mid-town C02 district are typically sought-after by buyers at virtually every price point. Supply remains limited with just 16 properties listed for sale in the Annex, 11 in Casa Loma, and nine in the Yonge-St. Clair area. At the entry point to luxe, just nine properties are available under $3 million.
Average prices have edged higher at the luxury levels over $2 million in the Annex and Yonge-St. Clair, rising three per cent and two per cent respectively. Fewer sales over $7.5 million in Casa Loma contributed to a softening in values in that area in 2024, with the average price now sitting at close to $3.5 million.
As market conditions shift in the year ahead, the Annex, Casa Loma and Yonge-St. Clair are expected to see an even greater uptick in homebuying activity. The wildcard–inventory–will ultimately determine the trajectory of pricing.
Yonge-St. Clair
January
$3,073,750
Casa Loma
January
Annex
January
Bedford Park, Lawrence Park, Lytton Park, Forest Hill North (C04)
Young families continued to drive strong homebuying activity in North Toronto’s Bedford Park-Nortown, Lawerence Park, and Forest Hill North neighbourhoods throughout 2024. Both Lawrence Park North and South posted double-digit increases in the number of homes sold in 2024 compared to 2023, while Forest Hill North rose 4.5 per cent. Bedford Park-Nortown experienced a decline in home sales, in large part due to lack of listings available for sale in the area throughout the year.
Days on market in TRREB’s C04 district averaged 35 in December, with the sales-to-list price ratio amongst the highest in Toronto Central at 97 per cent. Average price over $2 million remained relatively stable in 2024, sitting at just over $3.2 million in Bedford Park-Nortown (down one per cent) and up one per cent in Lawrence Park South, rising to just under $4 million. Lawrence Park North fell 10 per cent to just over $2.7 million while Forest Hill North dropped seven per cent to just under $2.9 million, reflecting a greater number of sales in the lower end of luxe.
With interest rates dropping, more buyers are expected to enter the market in coming months. An ample supply of properties is currently listed for sale, with 48 homes available in Bedford Park-Nortown, Lawrence Park and Forest Hill North, although just 14 of the 48 are priced at the entry-level (under $3 million).
Bedford Park-Nortown
January 1st - December 31st,
$2
Lawrence Park North
January 1st - December 31st, 2024 vs. same period in 2023
$2
$5
$7.5
Lawrence Park South
January 1st - December 31st, 2024 vs. same period in 2023
Forest Hill North
January
$3,276,133
$3,239,032 -1% Year-over-year
$3,036,058 Average
$2,720,856
Average Sold Price 2023
$3,411,365
$3,436,896 1% Year-over-year
Rosedale, Moore Park (C09)
An influx of inventory in Rosedale-Moore Park was quickly absorbed by hungry buyers in 2024, with sales at virtually every price point experiencing an uptick. The number of properties sold over $2 million rose almost 13 per cent in 2024, while the $3-million and $5-million plus categories saw a 17.9 per cent and four per cent increase respectively. Ten luxury homes sold at the $7.5-million-plus price point, up from eight in 2023.
Values followed in lock step, with the average price of a property over $2 million now hovering at close to $4.7 million in Rosedale-Moore Park, up seven per cent from the $4.3 million reported in 2023.
Availability has tightened up in recent months, with just 22 homes listed for sale in Rosedale-Moore Park at press time, with three properties priced under $3 million. Four were listed for sale north of $10 million. Supply/ demand imbalances will continue to present challenges to Rosedale-Moore Park in the year ahead, as lower interest rates and pent-up demand shift market activity into high gear.
Rosedale, Moore Park
January 1st - December31st, 2024 vs. same period in 2023
Average Sold Price 2023
$4,330,637
Average Sold Price 2024
$4,651,156 7% Year-over-year
Leaside (C11)
Increased inventory levels contributed to a serious upswing in demand in Toronto’s sought-after Leaside neighbourhood, with close to 100 properties changing hands over $2 million in 2024. Luxury sales above that price point rose almost 31 per cent over 2023 levels, while homes over $3 million-plus range climbed just over 23 per cent.
Some softening in housing values factored into the equation. Values were one per cent off year-ago pricing with the average price sitting at just under $3 million in Leaside in 2024.
As we head into 2025, the number of homes currently listed for sale has contracted once again. Nine properties are listed for sale over $2 million and just one is available priced under $3 million. Days on market in Leaside were amongst the lowest noted in the TRREB’s Toronto Central district in its December Market Watch Report, sitting at an average of 24.
Leaside
January 1st - December31st, 2024 vs. same period in 2023
Average Sold Price 2023
$3,001,841
Average Sold Price 2024
$2,978,880 -1% Year-over-year
Banbury-Don Mills (C13)
While sales of properties under the $5-million price point softened considerably year over year in Banbury-Don Mills, the uber-luxe segment experienced significant growth, with five properties selling north of $5 million, including two over $7.5 million in 2024.
Value remains one of the strongest drivers in the area, with luxury homes boasting sizeable square footage on generous lot sizes. One property that recently sold, boasting approximately 12,000 sq. ft of living space, would likely sell for substantially more if located in neighbourhoods closer to the city core.
A good selection of properties can be found at various price points in the Banbury-Don Mills community, with 28 homes currently listed for sale, five of which are priced under $3 million.
Banbury-Don Mills
Luxury Condominiums (GTA)
Empty nesters and retirees continued to drive top-tier condominium sales in Toronto, with most downsizing from large properties in high-end communities throughout the city. Sales softened slightly at the $2-million price point, given a serious influx of inventory in 2024 as new condos neared completion, but the number of properties that changed hands over the $3 million price point showed a moderate increase over year-ago levels.
Sixty-eight condominium apartments and townhomes changed hands over the $3 million price point in 2024, up from 65 one year earlier. Of those 68, 15 were sold over the $5-million price point, a 25 per cent increase over 2023 levels.
The vast majority of sales over $2 million occurred in the Annex, Rosedale, Yonge St. Clair and the Waterfront Communities (C01/C08) in 2024, showing little change from 2023. The Waterfront edged out the Annex this year in terms of percentage increase in sales
Looking forward, condominium ownership is expected to climb as more empty nesters and retirees move into the market. Safety and security are forecast to trump convenience as new buyers enter the market. Communities such as Casa Loma, Forest Hill South, and the Bridle Path should see renewed strength as an increasing number of buyers choose to remain in familiar areas.
Luxury Condominiums
January 1st - December 31st, 2024 vs. same period in 2023
Average Sold Price 2023 $2,912,047
Average Sold Price 2024 $3,061,486 5% Year-over-year
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Toronto Sales Higher Than $10,000,000 (January 01, 2017 to December 31st, 2024)
Cohen Homes & Estates
Competitor A
Competitor B
Competitor C
$349,488,400 36
$113,956,668
$143,240,000
$55,425,000 5 13 6
$90,003,681 $49,050,000 $28,000,000 $203,960,349 $192,290,000 $83,425,000 $148,548,400 $498,036,800
Toronto Sales Higher Than $7,500,000 (January 01, 2017 to December 31st, 2024)
Cohen Homes & Estates
Competitor A
Competitor B
Competitor C
$574,669,900 75 $177,840,000 $113,956,668 $89,088,800 20 6 17
$76,225,000 $99,003,681 $79,994,800 $254,065,000 $212,960,349 $169,083,600 $263,104,900 $837,774,800
Toronto Sales Higher Than $5,000,000 (January 01, 2017 to December 31st, 2024)
Cohen Homes & Estates 1,162,754,761
$627,001,000 $396,163,800 $335,110,000 $433,569,900 1,596,569,6611
Competitor A
Competitor B
Competitor C
$302,737,255 $1,659,027,114 $863,640,388 $841,697,895 $696,865,700 $2,485,190,547
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