Toronto condo sells for $28 million

Toronto Pictures, Images and Photos
Four Seasons is in the middle of building a hotel/condominium in the highest end district of Toronto. Four Seasons is world renowned for being the ultimate in luxury and exclusivity and the 55-storey downtown Toronto tower just sold its top floor penthouse. The selling price was $28 million and apparently, there was a lot of interest in the unit. Although we don’t know who the buyer is at this point, other than that it was an international buyer, we do know what this means for the city of Toronto and for Canada.

Canada is currently riding high as the advanced country that emerged best from the recession. Canada did not see any significant drop in the real estate market even though the U.S. is still trying crawl back from the depths. As a result, large retailers from the U.S., as well as, companies from other industries are looking to invest in Canada. As the engine of the country, Toronto is set to be the biggest beneficiary of the relative economic stability. The biggest chunk of all this new investment will be in Toronto which will be good for jobs and for consumers.

The fact that this unit sold for its asking price and that there was more than one person interested in it means that there is demand for extremely expensive residences in the city. Builders and property management companies may take this as a sign to build even taller towers which will be good for tourism and for the overall look of the city’s skyline. I have been saying for years that Toronto needs skyscrapers over 90 floors. Although I’m not sure that will happen any time soon, this $28 million condo purchase may move us a little bit closer to that mark.