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Toronto Star - T.O.'s 10 priciest homes
It's a brutalist vision of hard-wired steel, concrete and glass. A mansion on The Bridle Path is perhaps the most technologically sophisticated residence in Canada.
At $15 million it is also the most expensive home listed for sale on the Multiple Listing Service in the city of Toronto.
"Check this out. It's like owning your very own W Hotel," says realtor Ken Ho, nudging open a sleek wood door. Ho isn't far off. The owner of this gleaming jewel box on two acres of prime land in one of Canada's most sought after neighbourhoods was inspired by hotels such as the ultra-modernist Philippe Starck-designed Hudson in New York.
Not unlike Starck, the minimalism is tempered with a sense of whimsy. Setting off bright white walls are custom-made leather couches in tangerine and lime. Colourful silk light fixtures look like floating jellyfish and are in themselves works of art.
The Star looked at this home and nine others (actually 10, there was a tie) to give readers a glimpse of the 10 most expensive properties in the city on the MLS by June 29.
"What's sustaining this appetite for elite properties is the underlying wealth of Torontonians," said Phil Soper, president and CEO of Royal LePage Real Estate Services. "We've had an incredible run as a country and Toronto has been at the financial centre."
According to ReMax Ontario Atlantic Canada, 289 luxury homes — defined as dwellings costing more than $1.5 million — sold in the first five months of the year, up 31 per cent from the same period a year ago.
A robust economy fuelled by global demand for Canadian commodities has also seen a 7.2 per cent increase in the number of Canadian millionaires at the end of 2005 compared to 2004.
Peeking into the listings — who lives in the homes and why they're selling — can be a revealing look at the anthropology of Toronto business culture and history.
When asked why he's selling, the owner of the glass house — who made his millions from the travel business, but did not wish to be named — says the thrill was in building it. He says he may build again, but admits construction costs are much higher today than only a few years ago.
Perhaps it was the heating bill that drove them out — glass walls are not conducive to Canadian winters and it takes four boilers and 12 heat pumps to keep the home toasty. And property taxes are about $80,000.
But even in the Bridle Path area, $15 million is steep change. The most expensive home sold in the city this year went for $6.8 million.
To put things in perspective, yesterday the Toronto Real Estate Board reported that the average asking price of a home at the end of June was $358,035, up 4 per cent from June of last year. A standard two-storey Canadian home has three bedrooms and about 1,500 square feet of space, according to Royal LePage.
Of course, it's worth remembering that these are asking prices only and proud homeowners, especially with luxury properties, are not shy about asking what they feel they're worth.
To ensure the proper installation of the kitchen in the mansion, for example, a project manager was flown in from Italy to ensure that it went smoothly, the owner says in an interview.
It's safe to say few homes have their own basketball court in the basement.
The kitchen was designed, meanwhile, to enable the parents to view their children anywhere in the see-through house. "We can slip a glass of wine and keep an eye on them," said the owner.
If a visual check isn't enough, there are eight cameras in the six-bedroom, 10-bathroom home, and sensors to check everything from vibration to smoke to breakage — all hooked up to the owner's BlackBerry.
"This is the kind of home you'd find in L.A., but not on the Bridle Path," says Ho. Rock star Prince is on the same street, and Gordon Lightfoot is around the corner.
If ultra modern isn't to your liking, then there are 10 other homes to choose from on our top 10 list — and they aren't too shabby either.
The core opposite of this Bridle Path home would have to be one on Forest Hill Rd. in Number 2 spot and asking $10.8 million. One cannot imagine the same buyer fancying both homes.
While one home says tech mogul, the other says it's time for lunch at the Toronto Club. This 1929 home has a serious pedigree: It was built for steel merchant and philanthropist Sigmund Samuel, perhaps more familiar to university Toronto students who study in the library named after him.
The historic limestone residence is one of the most beautiful examples of neo-classical architecture and is currently owned by muffin millionaire Michael Bregman and his wife, Barbara. It was also once owned by department store proprietor Fred Eaton.
It might also be something of a steal, depending on the way you look at things, since the price was recently reduced from $12 million. For that you get a soaring vaulted gallery entrance hall, grand principal rooms and lavish grounds with a 75-foot lap pool.
If you're willing to give up a little history, for a lot more acreage, at Number 3 is a $10,250,000 home on Park Lane Circle in the Bridle Path area. The home, built by uber-luxury builder Shane Baghai, has almost 15,000 square feet of living space and another 6,500 square feet dedicated to an indoor saltwater pool. There is also a separate coach house and an outdoor lighted tennis court.
While no one is forecasting a recession anytime soon, industry insiders such as ReMax realtor Mike Donia, who specializes in high-end homes, note that luxury or discretionary homes are typically the first to take a hit when times get tough.
"The luxury market is in Titanic mode, it's big, it's beautiful, but watch for those icebergs," says Donia.
Icebergs include rising interest rates and "people who want it all and are carrying way too much debt. The bigger you are, the harder you fall."
Donia thinks prices are unsustainable, especially if the economy slows.
But with the TSX still going strong on the back of the commodities boom, it's anybody's guess when the party will end.
So, if $10.2 million is a little rich, in fourth spot, prices drop dramatically to $6.5 million for a French-styled chateau on The Bridle Path. The home is eminently civilized, having its own spa, and a 1,000-square-foot guest home and indoor pool. Of course, there is also an extensive wine cellar.
Or for the same change, tied for fourth spot is a Forest Hill home at $6.5 million remodelled only last year. It is also the home of David Asper, chair of the National Post newspaper and executive vice-president of CanWest Global Communications Corp.
Asper and his brother Leonard, who is the CEO of CanWest, made headlines this year when they decided to move to Toronto from Winnipeg. But the older Asper has barely lived in the glamorous home, which is across the street from Ira Gluskin, president of Gluskin Sheff + Associates.
Sources say Asper didn't find anything wrong with the house; his decision to move is motivated by personal and family issues.
In fifth spot, and only by a shade, is the $6,499,000 Forest Hill home designed by society architect Richard Wengle. At 50 feet wide, the lot is not massive, especially for this kind of pricing, but it is deep at 174 feet. Amenities include an exercise room and spa.
This is also the home of Toronto Maple Leaf captain Mats Sundin, who has lived here for more than a year. Sundin has already said that although he is selling the home he isn't planning on retiring or expecting to be traded, although he may miss the 300-bottle wine room.
In sixth spot at $5,998,000 is a modernist home right out of Wallpaper Magazine. Built in 1963, and set in the Rosedale ravine it is finished in mostly natural materials and is inspired by its earthy surroundings. The home has a round pool, gardens and a lush south view.
In seventh spot and offered for sale at $5,799,000 is a Forest Hill home that offers privacy through a magnificent stone wall and iron gates. The nine-bedroom home has soaring ceilings and spectacular woodwork.
Or for a mere 4,000 bucks less you can get a Hogg's Hollow home at $5,795,000 with 6,362 square feet, a theatre and games room, a nanny suite, and wine and cold cellars.
In ninth spot is a Classic Georgian home in the York Mills area at $5.5 million. On a one-acre ravine property, it overlooks the Rosedale Golf and Country club. And just in case you're the impatient type and don't want to drive to the greens, you have your own five-hole putting course, and a waterfall cascading into your private pool.
Bringing up the rear is a piece of British countryside in the York Mills and Old Yonge St. area at $5,495,000. The 1928 residence is Jacobean revival style, an early stage of English renaissance architecture. High-beamed ceilings, brick and stone fireplaces and formal gardens give the home a particularly English temperament.
"The prices on luxury homes have really just exploded over the last few years," says realtor Ho.
But the most expensive home in Toronto isn't the most expensive in Canada, or even the GTA for that matter.
That honour goes to a 14-acre estate in Oakville overlooking Lake Ontario that has an asking price of $45 million. Mississauga, meanwhile, also has a property listed for $15 million.
It's a brutalist vision of hard-wired steel, concrete and glass. A mansion on The Bridle Path is perhaps the most technologically sophisticated residence in Canada.
At $15 million it is also the most expensive home listed for sale on the Multiple Listing Service in the city of Toronto.
"Check this out. It's like owning your very own W Hotel," says realtor Ken Ho, nudging open a sleek wood door. Ho isn't far off. The owner of this gleaming jewel box on two acres of prime land in one of Canada's most sought after neighbourhoods was inspired by hotels such as the ultra-modernist Philippe Starck-designed Hudson in New York.
Not unlike Starck, the minimalism is tempered with a sense of whimsy. Setting off bright white walls are custom-made leather couches in tangerine and lime. Colourful silk light fixtures look like floating jellyfish and are in themselves works of art.
The Star looked at this home and nine others (actually 10, there was a tie) to give readers a glimpse of the 10 most expensive properties in the city on the MLS by June 29.
"What's sustaining this appetite for elite properties is the underlying wealth of Torontonians," said Phil Soper, president and CEO of Royal LePage Real Estate Services. "We've had an incredible run as a country and Toronto has been at the financial centre."
According to ReMax Ontario Atlantic Canada, 289 luxury homes — defined as dwellings costing more than $1.5 million — sold in the first five months of the year, up 31 per cent from the same period a year ago.
A robust economy fuelled by global demand for Canadian commodities has also seen a 7.2 per cent increase in the number of Canadian millionaires at the end of 2005 compared to 2004.
Peeking into the listings — who lives in the homes and why they're selling — can be a revealing look at the anthropology of Toronto business culture and history.
When asked why he's selling, the owner of the glass house — who made his millions from the travel business, but did not wish to be named — says the thrill was in building it. He says he may build again, but admits construction costs are much higher today than only a few years ago.
Perhaps it was the heating bill that drove them out — glass walls are not conducive to Canadian winters and it takes four boilers and 12 heat pumps to keep the home toasty. And property taxes are about $80,000.
But even in the Bridle Path area, $15 million is steep change. The most expensive home sold in the city this year went for $6.8 million.
To put things in perspective, yesterday the Toronto Real Estate Board reported that the average asking price of a home at the end of June was $358,035, up 4 per cent from June of last year. A standard two-storey Canadian home has three bedrooms and about 1,500 square feet of space, according to Royal LePage.
Of course, it's worth remembering that these are asking prices only and proud homeowners, especially with luxury properties, are not shy about asking what they feel they're worth.
To ensure the proper installation of the kitchen in the mansion, for example, a project manager was flown in from Italy to ensure that it went smoothly, the owner says in an interview.
It's safe to say few homes have their own basketball court in the basement.
The kitchen was designed, meanwhile, to enable the parents to view their children anywhere in the see-through house. "We can slip a glass of wine and keep an eye on them," said the owner.
If a visual check isn't enough, there are eight cameras in the six-bedroom, 10-bathroom home, and sensors to check everything from vibration to smoke to breakage — all hooked up to the owner's BlackBerry.
"This is the kind of home you'd find in L.A., but not on the Bridle Path," says Ho. Rock star Prince is on the same street, and Gordon Lightfoot is around the corner.
If ultra modern isn't to your liking, then there are 10 other homes to choose from on our top 10 list — and they aren't too shabby either.
The core opposite of this Bridle Path home would have to be one on Forest Hill Rd. in Number 2 spot and asking $10.8 million. One cannot imagine the same buyer fancying both homes.
While one home says tech mogul, the other says it's time for lunch at the Toronto Club. This 1929 home has a serious pedigree: It was built for steel merchant and philanthropist Sigmund Samuel, perhaps more familiar to university Toronto students who study in the library named after him.
The historic limestone residence is one of the most beautiful examples of neo-classical architecture and is currently owned by muffin millionaire Michael Bregman and his wife, Barbara. It was also once owned by department store proprietor Fred Eaton.
It might also be something of a steal, depending on the way you look at things, since the price was recently reduced from $12 million. For that you get a soaring vaulted gallery entrance hall, grand principal rooms and lavish grounds with a 75-foot lap pool.
If you're willing to give up a little history, for a lot more acreage, at Number 3 is a $10,250,000 home on Park Lane Circle in the Bridle Path area. The home, built by uber-luxury builder Shane Baghai, has almost 15,000 square feet of living space and another 6,500 square feet dedicated to an indoor saltwater pool. There is also a separate coach house and an outdoor lighted tennis court.
While no one is forecasting a recession anytime soon, industry insiders such as ReMax realtor Mike Donia, who specializes in high-end homes, note that luxury or discretionary homes are typically the first to take a hit when times get tough.
"The luxury market is in Titanic mode, it's big, it's beautiful, but watch for those icebergs," says Donia.
Icebergs include rising interest rates and "people who want it all and are carrying way too much debt. The bigger you are, the harder you fall."
Donia thinks prices are unsustainable, especially if the economy slows.
But with the TSX still going strong on the back of the commodities boom, it's anybody's guess when the party will end.
So, if $10.2 million is a little rich, in fourth spot, prices drop dramatically to $6.5 million for a French-styled chateau on The Bridle Path. The home is eminently civilized, having its own spa, and a 1,000-square-foot guest home and indoor pool. Of course, there is also an extensive wine cellar.
Or for the same change, tied for fourth spot is a Forest Hill home at $6.5 million remodelled only last year. It is also the home of David Asper, chair of the National Post newspaper and executive vice-president of CanWest Global Communications Corp.
Asper and his brother Leonard, who is the CEO of CanWest, made headlines this year when they decided to move to Toronto from Winnipeg. But the older Asper has barely lived in the glamorous home, which is across the street from Ira Gluskin, president of Gluskin Sheff + Associates.
Sources say Asper didn't find anything wrong with the house; his decision to move is motivated by personal and family issues.
In fifth spot, and only by a shade, is the $6,499,000 Forest Hill home designed by society architect Richard Wengle. At 50 feet wide, the lot is not massive, especially for this kind of pricing, but it is deep at 174 feet. Amenities include an exercise room and spa.
This is also the home of Toronto Maple Leaf captain Mats Sundin, who has lived here for more than a year. Sundin has already said that although he is selling the home he isn't planning on retiring or expecting to be traded, although he may miss the 300-bottle wine room.
In sixth spot at $5,998,000 is a modernist home right out of Wallpaper Magazine. Built in 1963, and set in the Rosedale ravine it is finished in mostly natural materials and is inspired by its earthy surroundings. The home has a round pool, gardens and a lush south view.
In seventh spot and offered for sale at $5,799,000 is a Forest Hill home that offers privacy through a magnificent stone wall and iron gates. The nine-bedroom home has soaring ceilings and spectacular woodwork.
Or for a mere 4,000 bucks less you can get a Hogg's Hollow home at $5,795,000 with 6,362 square feet, a theatre and games room, a nanny suite, and wine and cold cellars.
In ninth spot is a Classic Georgian home in the York Mills area at $5.5 million. On a one-acre ravine property, it overlooks the Rosedale Golf and Country club. And just in case you're the impatient type and don't want to drive to the greens, you have your own five-hole putting course, and a waterfall cascading into your private pool.
Bringing up the rear is a piece of British countryside in the York Mills and Old Yonge St. area at $5,495,000. The 1928 residence is Jacobean revival style, an early stage of English renaissance architecture. High-beamed ceilings, brick and stone fireplaces and formal gardens give the home a particularly English temperament.
"The prices on luxury homes have really just exploded over the last few years," says realtor Ho.
But the most expensive home in Toronto isn't the most expensive in Canada, or even the GTA for that matter.
That honour goes to a 14-acre estate in Oakville overlooking Lake Ontario that has an asking price of $45 million. Mississauga, meanwhile, also has a property listed for $15 million.