Ultra-Luxury Home Sales Surge in Toronto Despite Real Estate Slowdown

$10M+ properties are booming while most of the GTA market cools

Despite ongoing uncertainty in Toronto’s housing market, a surprising trend has emerged: ultra-luxury home sales are booming.

According to a new report by Sotheby’s International Realty Canada, the number of homes sold in the Greater Toronto Area (GTA) for over $10 million has tripled in the first half of 2025 compared to the same time last year.

Luxury Sales Defy Market Trends

Sales of homes in every other price range are down significantly:

Homes over $4 million: down 28%
Homes over $1 million: down 23%
Luxury condos over $1 million: down 29%

But ultra-wealthy buyers aren’t hesitating. In fact, experts say they see this as a smart time to buy.

“Ultra-luxury buyers think like Warren Buffett, they buy when others are nervous,” said Dianne Usher, managing broker at Sotheby’s.

These buyers are local, too. With Canada’s foreign buyer ban still in place, all recent ultra-luxury sales were made by domestic buyers.

What Do $10M+ Buyers Want?

Today’s ultra-luxury buyers are more selective than ever. They’re looking for:

Top-tier neighbourhoods like The Bridle Path, Rosedale, Moore Park, The Annex, Yorkville, and The Kingsway
Elegant, high-quality homes with timeless design
Properties close to schools and lifestyle amenities
Freehold homes over flashy condos

Interestingly, none of the $10M+ sales this year were condominiums. Most buyers are steering clear of the luxury condo market, which has seen a rise in listings and longer selling times.

Why Are Luxury Sales Rising While Others Fall?

Experts say ultra-luxury buyers aren’t looking for quick flips, they’re investing long-term. Many are opting for off-market purchases to protect privacy and avoid public listings.

At the same time, investors are retreating from Toronto’s condo market, especially those hoping to flip properties. Rising interest rates, economic concerns, and increased inventory have shifted the market in favour of buyers, especially in the $1M–$4M range.

Looking Ahead: A Strong Fall for High-End Homes?

While market conditions remain uncertain, Usher believes a rebound is coming, particularly in the luxury segment.

“Buyers have been cautious this spring, but we’re adjusting to the ‘new normal,’” she said. “I expect a very active fall for homes over $1 million—and especially for those above $4 million.”

She added that Toronto continues to be a solid long-term investment, particularly for high-end buyers who plan to stay put.

📌 Key Takeaways

$10M+ home sales in GTA are up 200% in 2025
Luxury buyers remain confident and active despite wider market slowdown
Most high-end buyers are local, not foreign
Demand is highest for freehold homes, not luxury condos
Experts expect a stronger fall market for high-end homes

Source: Toronto real estate market: Ultra-luxury home sales up

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