Toronto is no stranger to the luxury real estate market. There are many affluent neighbourhoods in the city where sale prices start at a minimum of $10 million. In 2023, there were 40 sales on record that were listed at over $10 million dollars. This was a 10% increase from luxury homes sold in 2022. Some believe that Toronto’s new land transfer tax had an impact on sales. 

An increase to the municipal land transfer tax rates was approved by Toronto City Council in September 2023. This increase was for homes listed at over $3 million and came into effect on January 1, 2024. The market indicates that many luxury homes were sold in the last quarter of 2023 to avoid the looming tax increase in 2024. 

So what were some of the most expensive homes sold in 2023?  Let’s explore the luxurious side of Toronto real estate by looking at the top 5 most expensive houses sold below!

57 Fifeshire Road: Sold for $11,808,000
A stunner in North York, this home presents a beautiful Indiana Limestone facade with high-quality material finishes inside. Crystal and Brass chandeliers, heated marble and tile floors, full home automation, beautiful tray ceilings, tall windows, Miele appliances, quartz backsplash and more. Outdoors is a heated saltwater pool in a professionally designed backyard. A truly amazing 6+2 bedroom, 11 bathroom, home.

332 Russell Hill Road: Sold for $13,995,000
This Danieli Development built estate brings timeless elegance with its limestone exterior walls. This home has  7 bedrooms, 6 bathrooms, 2 Half Baths and unbelievable finishes. Exotic wood entryways, high ceilings, handcrafted cabinetry, wine display, unique kitchen, library, lounge, study area, multiple walkouts to a large covered terrace, elevator, and more! Located in Toronto real estate’s affluent Forest Hill area, the home combines the traditional aspects of the neighbourhood with a contemporary twist.

21 Alderbrook Drive: Sold for $14,380,000
This 5 bedroom, 10 bathroom, luxurious home that backs up onto the Bridle Path was custom built and is a state-of-the-art smart home. The interior of the home boasts high ceilings, Swedish lighting, a slate elevator, waterfall staircases, a skylight, and a fabulous great room perfect for entertaining. There are also some amazing amenities including a yoga room, gym, steam room, and hydrotherapy hot tub.

299 Russell Hill Road: Sold for $16,242,500
This spectacular 5+1 bedroom, 6 bathroom estate in Forest Hill is a new build in which no detail was overlooked. This home awes with a dramatic street presence. There are floor-to-ceiling windows, exotic wood, suede-panelled entryways, and other imported finishes. The kitchen is custom-built and includes a catering kitchen. The backyard is like a slice of paradise with a pool that boasts a waterfall wall surrounded by professionally landscaped gardens and lush greenery.

174 Dunvegan Road: Sold for $16,500,000
Unsurprisingly, this 5+1 bedroom, 8 bathroom is also located in the prestigious neighbourhood of Forest Hill. This 3-storey home was designed perfectly for everyday living and entertaining. The main floor has a large family room in which you can walk out to the patio and breakfast room to a beautiful covered terrace. This floor also has a wine room and a large kitchen.

Each of the bedrooms has an ensuite and the primary contains his and her walk-in dressing room. The third floor possesses the entertainment room. There is also a laundry room on this floor coming off of the 4th bedroom. On the lower level, you will find a gym, an additional laundry room, 6th bedroom, and a wine cellar. There are impressive finishes to this home including heated marble floors, heated driveways, and heated garages.

As we have surpassed the halfway mark of 2024, it will be interesting to see the list of the most expensive homes sold in Toronto when we have all the data next year. There are currently homes on the market for upwards of $20 to $30 million. But will they sell? Only time will tell. Stay tuned for next year’s list and call your agent today to discuss Toronto luxury living and beyond!

Sources:

https://www.cp24.com/news/here-are-some-of-the-most-expensive-houses-that-sold-for-over-10m-in-toronto-in-2023-1.6712495
https://housesigma.com/on/north-york-real-estate/57-fifeshire-rd-e/home/ZEXrx309nA4YOklN
https://barrycohenhomes.com/properties/spectacular-forest-hill-new-estate
https://housesigma.com/on/north-york-real-estate/21-alderbrook-dr/home/zVwod7vrVp875mGN
https://housesigma.com/on/toronto-real-estate/299-russell-hill-rd-e/home/NAKv53DP6GJ3MnxB
https://housesigma.com/on/toronto-real-estate/174-dunvegan-rd/home/6VLaGyGvXOJYW1ZD
https://www.blogto.com/real-estate-toronto/2024/03/most-expensive-homes-sale-toronto/