This ‘ultra rare’ condo in Toronto is up for sale for $22.5M. Here's a look inside
An ‘ultra rare’ luxury condo sprawling nearly 6,000 square feet is on the market for $22.5 million. Here’s what the home looks like.
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'Ultra rare' luxury condo for sale in downtown Toronto An ‘ultra rare’ luxury condo sprawling nearly 6,000 square feet is on the market for $22.5 million. The home has been for sale for a couple years but has remained unsold amid a broader slowdown in Toronto's real estate market. Here’s what the home looks like inside. (Birdhouse Media/Sotheby's International Realty)
This sub-penthouse condo, nestled high above in the Residences of the Ritz Carlton, sprawls 5,860 square feet. Andy Taylor, senior vice president of sales for Sotheby’s International Realty Canada, says it is one of three units of its size inside of the building. (Birdhouse Media/Sotheby's International Realty)
The unit was originally two separate condos but has since been transformed into a sprawling three-bedroom, five-bathroom unit with up to 11-foot ceilings and stunning vistas of downtown Toronto. (Birdhouse Media/Sotheby's International Realty)
The home is coined as an “ultra rare option” for buyers looking for “the utmost in elegance and condominium living” in the city, Taylor says. But it will cost you: maintenance fees alone total more than $9,000 a month and property taxes are another $25,000 a year. (Birdhouse Media/Sotheby's International Realty)
What are its standout features? The home’s panoramic views are part of what makes this sub-penthouse special, Taylor says. “I think it’s the only unit at the Ritz Carlton where you can stand on the east side and see right through from the big city lights on the north side to the water on the south,” he said, adding that this causes natural light to flood into the unit. (Birdhouse Media/Sotheby's International Realty)
Outside of its breathtaking views, Taylor says this home is great for entertaining. “We have another living space on the north side and so you can really entertain and have the big city lights of Toronto,” he said. (Birdhouse Media/Sotheby's International Realty)
An art collector’s dream The condo was also constructed with the art collector in mind. “The owner of the suite really enjoys art and so the suite has lots of wall space to accommodate art,” Taylor said, noting how that was a key feature in mind when designing the place. (Birdhouse Media/Sotheby's International Realty)
‘Nailed the lifestyle component’ Outside of its high-end finishes and its spacious layout, Taylor noted how this home offers a high-end lifestyle—something he says the Ritz Carlton has really “nailed.” (Birdhouse Media/Sotheby's International Realty)
“What is it like when you drive your car up and the valet opens the door?” Taylor said. “When you walk through the lobby to your suite, how many staff are on?” At the Ritz Carlton, Taylor said there are 12 staff on site at any time, which is rare for luxury buildings.
“The Ritz Carlton has nailed the lifestyle component more than any other building in the city right now,” Taylor said. (Birdhouse Media/Sotheby's International Realty)
What other amenities are there in this unit? On top of its picturesque views, there’s concierge service, a walk-in closet, and a wine cellar that can store up to 1,000 bottles. (Birdhouse Media/Sotheby's International Realty)
Why it’s on the market for $22.5 million It’s rare for a condo like this to pop up on the market, Taylor says, which plays a part in why it’s listed at this price point. “There are very few luxury buildings in the city,” Taylor said. (Birdhouse Media/Sotheby's International Realty)
“We don’t have a lot of large units that would allow for a higher price point, even in the luxury buildings,” Taylor explained. “When people move into them, they typically stay there for a while, so they haven’t come back onto the market. We don’t see these come on to the market too often and trade too often.” (Birdhouse Media/Sotheby's International Realty)
When did it hit the market? The condo has been on the market for a couple of years now, Taylor says, and says Canada’s prohibition on the purchase of residential property by non-Canadians act is partly to blame. “If we didn’t have the non-resident buying ban, I would have had this unit sold probably a half dozen times,” Taylor said. (Birdhouse Media/Sotheby's International Realty)
What is the foreign homebuyer ban? The federal government enacted this ban in 2023, barring non-Canadian citizens or non-permanent residents from purchasing residential property in Canada. It was put in place to address housing affordability concerns and remains in effect until 2027. (Birdhouse Media/Sotheby's International Realty)
The ban has impacted the luxury market, Taylor says Taylor says the foreign national buying ban has “really affected” the top end of the market and noted how he has had to turn prospective buyers away as a result. “I know it’s about affordability that they put it in place, but someone looking at a $22 million condo, it’s not really affecting the people who are looking at affordable options in the city right now, so why do they still have it?” (Birdhouse Media/Sotheby's International Realty)
