Jul 30 | Posted by Barry Cohen

What city would you say has the fastest-growing luxury home market in the world?  Naturally Hong Kong, New York and Paris come to mind, but you might be surprised to learn that our great city now has that distinction, that’s right Toronto’s high-end housing demand leads that category worldwide. In today’s market, you can expect to pay $3.6 million for a detached luxury home in the downtown core and over 1 million for a condo in the prime locations.

In my lengthy real estate career I have witnessed many changes in the market in the GTA, a few decades ago it was all about size, getting a bigger house with more bedrooms, a large formal living and dining room and a finished rec room.  Times have changed and today’s luxury buyers are looking for quality, style and the “wow factor”.  They want their home to reflect their success and lifestyle, and while they still expect lots of space with above average layouts and bright airy rooms, an extra bedroom or finished basement won’t impress them much.

The new breed of luxury buyers are typically power couples, often workaholics, who spend more time at the office than they do at home.  They lead busy lives, and want their home to be a glamorous reflection of what they have achieved.  If you want to attract these buyers think “quality” over quantity.  High-end fixtures, flooring, expansive windows, and built-in lighting are at the top of their list.  

While today’s luxury homebuyers are very tech savvy, installing a network of gizmos and gadgets around your home won’t seal the deal. Many of these items become obsolete over night and instead of simplifying their lives actually complicate them.  However, adding smart technology is a beneficial and worthwhile investment and is on these buyer’s wish list.  The idea of changing the temperature, or operating other functions from their smart phones while at their workplace or in their car is very appealing.  These people lead complicated lives; they don’t want their homes to be.  Home automation should be as simple as a click on their phone.

It goes without saying that luxury buyers expect his and hers walk-in closets and his and hers ensuite baths off the master bedroom, but the addition on his and hers retreats or work out areas will be very appealing and could set your property apart from the competition.  

As always curb appeal can make or break a property, in fact, I have worked with buyers who won’t even go inside if the outside doesn’t meet their standards.  Hiring a professional to design or even makeover your existing landscaping is a good investment.  Lighting is imperative along walkways and the entire exterior.  The addition of specific spotlights highlighting ornamental bushes or shrubs adds the finishing touch.  Automatic exterior lighting is a must so have a contractor work out a plan to have all the exterior lights come on at dusk and off at dawn, making one less thing to be concerned about.

If you are considering listing your property for sale, as a specialist in the GTA luxury market, I would be happy to meet with you and provide you with an accurate, professional evaluation of your home’s market value, and expert advice on how to make your home stand out to luxury buyers.