Five-Star luxury condominiums have arrived in Toronto with several new projects under construction. Trump Hotel and Tower and the Ritz-Carlton Hotel and Residences on Wellington and Simcoe Streets are both under construction as well as 100 Yorkville and the Hazelton Hotel and Private Residences in the Yorkville area. All of these projects were launched in 2004 with sales in the $1 million minimum price range.
Eight more luxury projects are set to launch with five of these in the Yorkville neighbourhood close to Yonge and Bloor and Avenue Road and Bloor streets.
Two projects that are condominium-hotel combinations are the 65 -storey Shangri-La at Richmond and University and the 55-storey Four Seasons Private Residences at Bay Street and Yorkville Avenue. The most basic suites will cost $1.2-million or $1,400 a square foot that is 3 1/2 times more than the Toronto average suite price.
These eight new projects with million dollar prices will be some of the tallest among Toronto’s growing Skyline. The suites in these projects will be very large by condo standards but there will be fewer suites in each building.
A large portion of Toronto’s resale housing is in the million-dollar plus range so its easy for these home owners to consider and reinvest in a Luxury Toronto Condominium with all the five-star amenities and travel without worry. In relation to the overall million-dollar housing market we can now see the connection to this upper end condo market.
At one time homes in the neighbourhoods of Rosedale and Forest Hill were selling with $1-million-plus closing prices but now Lawrence Park, High Park, the Annex and even the Beaches and Riverdale areas are selling over the $1-million mark.
These sellers can now consider investing in these luxury condominium-hotel projects like the Ritz-Carlton, Four Seasons and Living Shangri-La Toronto.
Now the middle-class residents of Toronto that have seen their homes appreciate in demand areas of the city, have a great choice of reinvesting in any of these famous brand name, luxury Toronto condominiums.
Updated & Revised July 2014
Iris Li, Remax Condos Toronto Realtor specializes in Toronto Harbourfront Condo Listings.
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