Toronto Condo Penthouse Record $28 Million Sale

Just when we wondered how many new Condos can be sold in Toronto, the Penthouse at the Four Seasons Hotel and Private Residences was sold for $28 million, the most expensive Condominium sold in Canada.

The 9,038 square foot Penthouse is located on the top of the 55th floor West Residence building of the Bay/Yorkville Condominium-Hotel luxury project.

The luxury Toronto Condo suite has a panoramic view of the city, with 12 foot floor to ceiling windows and four outdoor terraces.

Staff quarters are included in the selling price but are located in another tower.

Prices in the Four Seasons Residences start at $1.9 million for 1000 square feet.

Other records for Toronto Condominiums included 1 St.Thomas for $15 million and Trump Tower for $20 million.

The price of the Four Seasons Condominium Penthouse competes with some of the more expensive luxury New York City Condos.

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Toronto Condo Investors Counting On Condominium Appreciation

Toronto enjoys a unique position of being the largest Condominium Market in North America, not just Canada.

The level of new Toronto Condo sales over the last five years was 18,000 suites selling annually, according to a leading research firm in Toronto.

Over half of these new Condos are bought by investors who do not plan to live in them and as a result they rent them out or leave them vacant.

Rent from these Toronto Condominiums are not climbing to keep up with the higher prices Condo investors are paying for their Condos over the last few years.

Here is an average price for a new Condo development in the heart of the Entertainment District.

Average price from several different floor plans: $627 sq. ft. x 622 sq ft $390,000

The average total sq. ft. of the same units: 622 sq. ft.

The maintenance cost at .53 per sq. ft. (.53x622) $330.00/month

Taxes (estimated)  $3,900 per year

The average current rent is $2.09 per sq.ft. this unit (2.09x622) $1300 month

For this example we used 25% down payment, interest rate 3% and average increase in price 6%

Rent Vs. Buying Condo Comparison
	If Renting	If Buying
Monthly Payment	$1,300.00	$1,387.07
Insurance / Taxes/Mtc. Fee	$30.00	$716.67
Total Monthly Payment	$1,330.00	$2,103.74
Total Rent / Mortgage Payments Over 7 Years	$115,974.82	$176,713.88

Long Term Benefits of Home Ownership
Home Value at Expected Selling Date	$553,222.45
Less Down Payment	$97,500.00
Less Loan Balance	$281,739.13
Less Selling Costs	$27,661.12
Total Condo Gain	$146,322.20

Try our Rent Versus Buy Calculator on our Toronto Condos website. Add the monthly Condo maintenance fee in with the Insurance/Taxes.

Pictured above is the new Festival Tower Condos for sale or rent in the Toronto Entertainment District.

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Toronto Condo Supply Expands

There is a ongoing supply of new Toronto downtown Condos with even more planned for the near future.

It is estimated that Real Estate investors buy an estimated 50% or more of these new Condo projects and rent these units out waiting for the price to escalate.

Toronto Condo rentals are not keeping up with price inflation according to a Toronto research firm. Condo rentals are up 1.1% annually in the first quarter compared to the value of new Condos, up 8.4% and Toronto resale Condos up on average 3.6%.

Rents have not changed since 2007 when the average rental was $2.26 per square foot. Today the average Toronto Condominium rental is $1,686 for a 800 square foot suite.

More Condos are coming with an estimated 16,000 new Toronto Condos to be registered by the end of 20111, a record.

The flood of new Toronto Condos means lower rents for Condo investors and poor returns, with new prices outpacing rents.

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Toronto's New Luxury Hotels and Condos

Toronto is finally experiencing new luxury Hotels and Condos in the downtown area.

Toronto has now accepted the concept of residences as part of  new luxury Hotel projects, many with International world class brands like Trump, Shangri-La and the Ritz-Carlton.

With Toronto being the fourth largest city in North America these luxury Hotel and Condo projects should meet the demand for world travellers of all countries.

Perhaps too, it is the vibrant Toronto downtown neighbourhoods that has attracted these luxury hotels to our world class city.

Toronto, a new world class city now has world class luxury hotels and condos to go along with it.

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Toronto Downtown Neighbourhoods Continue Positive Change

Toronto must be unique in all of North America with a downtown that welcomes change and is now becoming a Real Estate mecca.

What came first, the Condos or the new office towers? Perhaps a combination of both.

At one time business moved out of Toronto and migrated to the suburbs where big business set up shop.

Even now the workers that live downtown still commute to those suburban locations preferring the lifestyle downtown Toronto offers.

The best lifestyle is workers who live and work downtown and forget about commuting and driving.

The restaurants, shops cafes and yes bars continue to create a unstoppable demand for commercial Real estate along Queen West and King West.

Now U.S. retailers want in on the growing popularity of the new Downtown. Crate and Barrel, Marshall's and even Zara are all involved to make this urban move.

The growth of Toronto downtown Condos is helping to reshape the retail landscape and that will become a benefit for all in the future.

Pictured above is the new Theatre Park Condos, an exciting new project in Toronto's Financial District.

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Toronto Real Estate Poll April

A recent poll conducted for the Toronto Real Estate Board was released with results of public opinion concerning the new Mayor and the direction of City Hall.

The poll found the following:

• Toronto residents (70%) approve of the mayors overall performance



• Over (65%) feel that City Hall is managing taxpayer dollars correctly.



• There was (75%) support by Toronto residents to repeal The Toronto Land Transfer Tax



• Other services, City staff, Contracting out, user fees should all be reviewed
  

The Toronto Real Estate Board said the public wants City Council to consider new approaches to manage the City's budget, instead of relying on taxes like the Toronto Land Transfer Tax.

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