Strength of GTA's luxury market reflected in the record-breaking sale of Bridle Path estate, says luxury realtor Barry Cohen Homes
TORONTO, Aug. 26, 2020 /CNW/ - A gated French Provincial estate in the Bridle Path, listed at $28.8 million, has become the most expensive MLS sale on record in the Greater Toronto Area (GTA), according to luxury realtor Barry Cohen, with RE/MAX Realtron Barry Cohen Homes Inc.
The 13,000 sq. ft. estate, sold just days ago by Cohen, topples the previous GTA high of $22 million, set in August 2016, and marks the 10th property to sell over $10 million so far this year. During the same period in 2019, six properties moved over the $10 million price point.
"While high-end sales came to a literal standstill in April and May as a result of the pandemic, June marked an extraordinary shift in homebuying activity, particularly at the top end of the market," says Cohen. "Strong demand, fueled by both local buyers and more recently, families from abroad, combined with a limited inventory of luxury product throughout the GTA, has created one of the most challenging markets to date in the uber-luxe segment."
93 The Bridle Path was listed for sale on MLS in late July and sold within three weeks. The palatial mansion, situated on almost two acres, was designed by world-renowned architect/builder Joe Brennan and features the finest quality craftsmanship throughout. The property's unique appeal, from its Zen courtyard to spa-like amenities, including a granite reflection pool, waterfall, exercise area and massage room, drew prospective buyers from here and abroad.
"In recent months, greater emphasis has been placed on living space and the trend is evident from Home Depot to the housing market and all points in between," says Cohen. "After being sequestered for months on end and working from home, it's clear that consumers are still somewhat reluctant to venture out. Canadians are in nesting mode."
Although concerns over the economy and a second wave exist, homebuying activity at the top end continues unabated in the GTA. To illustrate, year-to-date sales (January – August 23) of freehold and condominium properties over the $3 million price point are up 39 per cent, with 563 homes changing hands in 2020, up from 405 during the same period one year ago.
"Given tight market conditions throughout the GTA, activity in the upper-end is expected to remain robust for the foreseeable future," says Cohen, "quite possibly making 2020 the best year for luxury home sales since 2017."
About Barry Cohen
Barry Cohen has been the GTA's top individual salesperson for luxury home sales $3-$25 million for the past decade according to statistics compiled from the Toronto Real Estate Board. Often ranked as RE/MAX' #1 sales team in Canada, Cohen has earned global recognition by placing #2 worldwide twice for RE/MAX LLC, and is the recipient of numerous RE/MAX Awards, including their highest honour, the Luminary of Distinction.
SOURCE RE/MAX Realtron Barry Cohen Homes Inc.
Barry Cohen, Realtor, RE/MAX Realtron Barry Cohen Homes, Office: 416.223.1818, Cell: 416.219.7455, [email protected], www.barrycohenhomes.com; Eva Blay-Silverberg, Point Blank Communications, Cell: 416.505.0627, [email protected] or [email protected]
Share this article