Top 10 most expensive houses in Toronto

The houses are not commonly seen on GTA showrooms. But they are appearing everywhere now in GTA luxury real estate. According to the data site HomesCanada.ca, the most expensive house in Toronto in August…

Top 10 most expensive houses in Toronto

The houses are not commonly seen on GTA showrooms. But they are appearing everywhere now in GTA luxury real estate.

According to the data site HomesCanada.ca, the most expensive house in Toronto in August was a three-storey house listed on the east side of the city with a home-selling price of $3.708 million.

The house is located on Claremont Drive, a cul-de-sac in a part of the city known for its mansions.

The listing agent specializes in luxury homes in the sports-and-entertainment market. The house sits on over three acres of land.

The next most expensive property was listed in Toronto’s western suburbs at $1.826 million. The buyer of this house in Clarington, near Orillia, owns a smaller house on that property, and was looking for a new home.

The listing agent preferred not to give further information about this seller, as her new property could not be seen from the street, but she did confirm to HomesCanada.ca that her house was “mystery built” and “ceremonial.” The house has three bedrooms and 2.5 bathrooms.

All homes are empty except for the sellers.

According to DataQuick Canada – the nation’s largest real estate-data provider – there were at least three houses sold for more than $3 million in Toronto in August.

The properties have been marketed, listed and sold by real estate agents and developers, a number of whom have a specific area, not a specific neighbourhood, in mind. Often, however, prices are very close to what a similar house would sell for if it had been listed in the neighborhood – but not as expensive as a fixer-upper in a wealthier area with multiple higher-priced homes in the block.

The situation in Toronto may be similar to what happened in Vancouver in the summer of 2013. Because the city is so small (population around 633,000), developers could easily build new homes in expensive neighbourhoods on the west side.

In Vancouver, including side yards, homes were priced well above $4 million, since there were few high-end homes on the east side. In one region of the city, the drop-off in luxury homes prices (house prices in Vancouver are about 12 percent lower than when the recession hit in 2008), did not start until 2014.

According to the website Macleans.ca, roughly the same number of Canadian cities reported a drop in home prices from August 2015 to 2016. But only one city – Prince George, B.C. – had prices fall 50 percent or more from their peak.

Toronto’s average resale price reached $784,041 in August, according to Statistics Canada, and three-quarters of Canadian cities and towns saw drops in prices. Only three big cities – Toronto, Vancouver and Quebec City – saw a drop in prices compared to a year earlier.

According to Statistics Canada, Toronto prices are 40 percent higher than the national average price of $515,026 in August 2017.

Roger Gionfriddo is president of Macdonald Realty Ltd., a Toronto-based real estate company.

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