There’s no doubt about it…local and international real estate buyers are drawn to Toronto. This city has no shortage of demand here, from affluent purchasers looking for the perfect high-end home to wealthy investors seeking an impressive return.
While the city’s luxury market is strong (and well known across the globe), many prospective buyers, sellers, and even new agents have questions about how it works. Fortunately, at Harvey Kalles Ltd., we have expertise across the real estate spectrum—including the high-end sector.
If you’re interested in learning more about Toronto luxury real estate, here’s what you should know…
What is luxury real estate?
First things first: when we discuss the luxury real estate market, what (exactly) are we talking about? The answer depends in part on where you are. In some cities, any home over $1 million could be considered luxury. In contrast, it’s hard to find any centrally-located detached home in Toronto for less than that—at least one in good condition.
When experts are defining a luxury home, they look at a few different factors. The first is whether it’s priced significantly higher than average for the area.
Others include its location, quality, and amenities, along with the level of privacy it affords. The threshold is often considered to be over $3 million in Toronto, though you’ll find many ultra-luxe properties at much higher prices across the city.
Getting to know the luxury real estate market in Toronto
The Toronto area’s population is growing rapidly and is expected to surpass 8 million in the next decade. The city is a financial powerhouse that offers an enviable quality of life—and it attracts buyers and investors from around the world. While there are many communities in the GTA where you’ll find gorgeous, high-end homes, some are considered more prestigious than others.
Interested in learning about some of the finest neighbourhoods for upmarket properties in the city? Here are a few communities to consider when you’re seeking high-end Toronto luxury real estate.
The Bridle Path
Surrounded by the beautiful Don River Valley, this exclusive neighbourhood contains some of the most extravagant properties in the city. Spacious Georgian and Colonial mansions mix with prime pieces of modern architecture in this North York enclave.
Rosedale is one of the city’s oldest suburbs—and one of the best areas for Toronto luxury homes. Grand, historic houses combine with gently-winding roads and scenic ravines to make this well-established area a favourite among high-end buyers.
Lawrence Park is known for its lush greenery and gorgeous homes—many of which are brimming with period details. From Tudor Revival to English Cottage, you’ll find no shortage of architectural styles in this scenic paradise.
If you’re buying luxury real estate, Forest Hill should be high on your list of communities. This prestigious neighbourhood has a lot to offer, including top-notch schools, convenient local businesses, and (of course) beautiful houses—both old and new.
Yorkville is one of the most fashionable areas in the city. Here you’ll find a well-known upscale shopping district and some of the finest Toronto luxury homes. From charming Victorian houses to high-end condominiums, this central pocket of Toronto has it all.
Buying a luxury home
Having the means to afford a home with a sizable price tag puts you in a good position as a buyer. That said, purchasing luxury real estate is a unique process. Here are a few things you should know.
Obtain the right financing (if needed)
How much luxury can you afford? When it comes to a high-end property, you’ll likely have to meet certain specifications (like a higher down payment amount and a certain income threshold). If you require a mortgage, working with a qualified financial advisor and mortgage broker will help ensure that you secure the financing you need.
Know what you want
As a luxury buyer, your budget may not be your primary concern. That means you’re free to focus on what matters—your lifestyle, aspirations, and preferences. Setting the right criteria will help ensure that your search is efficient. Make sure it includes everything from potential locations to square footage and desired features.
Work with the right agent
Finding the perfect property becomes much easier when you have an expert on your side. From industry contacts to high-end market knowledge, the right luxury real estate agent will have the skills, experience, and connections to help you secure the ideal home. Look here to find the perfect sales representative for your specific needs.
Starting your search
Ready to start browsing what’s on the market? Whether you’re searching for high-end real estate in Toronto or internationally, your search starts here. Browse through our luxury listings to see some of the finest homes available anywhere.
Selling a luxury home
If you’re wondering how to sell luxury real estate, you’re not alone. While many of the selling basics apply, there are also some key differences when it comes to listing a high-end home on the market. Here are a few things to keep in mind.
Price the right way
Pricing strategically is always key, but there are some special considerations involved when you’re listing a luxury home on the market. From finding local properties comparable to yours (a crucial step in determining the right price) to assessing the value of your home’s unique features, an experienced luxury real estate agent can help. They’ll use their pricing expertise to help you attract buyers—and sell for the highest possible sum.
Preparing a luxury home to maximize its appeal requires specialized knowledge. The truth is, most properties could benefit from some combination of decluttering, cleaning, and staging. Fortunately, the right agent can connect you with highly-qualified professionals—including a stager with a true vision. It should be someone with sound knowledge of what your most likely buyer wants (and access to stylish, high-end furniture and decor).
Finding the right buyer
It goes without saying that the buyer pool for luxury homes is smaller than for most real estate at lower price points. As a result, making the most of any serious interest in your property is crucial. That means working with a luxury real estate agent who can screen potential purchasers to ensure they’re financially qualified—and ready to buy.
How to market luxury real estate
When it comes to selling Toronto luxury homes, strategic marketing is crucial. The most discerning buyers have high expectations, which is why knowing how to appeal to them is so important. From magazine-quality photography to ads and listings in the right print and digital publications, creating the right marketing mix is key.
Interested in becoming a luxury real estate agent?
If you’re an agent who would like to specialize in high-end real estate sales, guidance from the right Toronto luxury real estate broker or agent can help set you up for success. Seek out advice from local experts, and start the search for a team that can help set you up for success.
At Harvey Kalles Ltd., our agents have a wide range of expertise—including the luxury sector. Get in touch to discover the many benefits of joining our sales team today!