Toronto’s ultra-luxury real estate market sees whopping 200 per cent increase in sales

Sales of ultra-luxury homes in the Greater Toronto Area have surged dramatically this year. The number of properties priced over $10 million sold between January and June rose to twelve, compared to just four during the same period last year—a 200 per cent increase.

Meanwhile, the broader real estate market is moving in the opposite direction. Homes priced at $4 million and above in the GTA dropped 28 per cent in sales compared to last year. Properties over $1 million fell by 23 per cent, and luxury condos in that price range dropped 29 per cent.

Experts say ultra-wealthy buyers remain confident despite market uncertainty. High-end buyers tend to view downturns as opportunities, continuing to purchase homes even as others hesitate. With the federal foreign buyer ban still in place, all of these ultra-luxury deals were made by domestic buyers.

Buyers in this category look for more than flashy features—they want lasting value, access to top schools, and well-established neighbourhoods. Areas like the Bridle Path, Rosedale, Moore Park, The Annex, Yorkville, and The Kingsway are especially popular. Interestingly, none of the $10 million–plus sales this year were condos; only freehold homes sold at that level.

Privacy is another major factor. Many of these high-end transactions take place off-market, meaning the homes are never publicly listed. This allows both buyers and sellers to complete deals quietly and avoid public attention.

Looking ahead, experts expect the ultra-luxury segment to stay strong through the fall. While the overall market may be adjusting to slower conditions, wealthy buyers appear to be focused on long-term value and remain active at the top end of the market.