Even in a cooling market, Toronto’s ultra-luxury real estate isn’t just holding steady, it’s thriving.

In the first half of 2025, sales of homes priced over $10 million in Toronto jumped a staggering 200% compared to the same period last year. That’s 12 properties changing hands at ultra-high price points, up from just four in early 2024, according to Sotheby’s International Realty Canada.

This incredible rise stands out, especially at a time when most segments of the market are seeing slower activity. So, what’s behind this unexpected boom in Toronto luxury real estate?

Why the Ultra-Rich Are Buying Now

According to Sotheby’s broker Dianne Usher, it came down to timing and opportunity.

“It was the right mix of buyers and inventory,” she explained. “When they found what they wanted, they acted.”

Unlike the average homebuyer, ultra-luxury buyers, who often include high-profile business leaders, entertainers, and athletes are more selective. These properties are often sold “off-market” to maintain privacy, especially for public figures.

But in 2025, more sellers entered the $10M+ market. With more inventory, buyers had more choices. That combination fueled quick and decisive action.

A Different Story Below the $10M Line

While the ultra-luxury segment soared, other parts of Toronto’s luxury market cooled off:

• Sales over $4 million dropped 28% year-over-year to 222 units.
• Properties priced over $1 million saw a 23% decline, with 13,563 homes sold across the GTA in early 2025.
• Inside the City of Toronto, $1M+ home sales fell 13% to 4,951 properties. Sales over $4 million dropped 23%.

This slowdown reflects economic uncertainty, particularly around U.S. market volatility, interest rate expectations, and inflation pressures. Many buyers are simply waiting.

What Buyers Still Want: Schools, Space & Prestige

Even in a softer market, demand remains strong for luxury single-family homes in Toronto’s most desirable areas:

• Leaside
• Riverdale
• Upper Forest Hill
• High Park
• The Kingsway

Proximity to top schools, access to parks and green space, and the charm of established neighbourhoods continue to draw high-end buyers.

At the same time, Toronto luxury real estate buyers are leaning toward longer closing periods. Many are downsizers needing time to sell their current homes before moving into high-end condos or smaller detached properties.

What It Means for Sellers and Investors

If you’re a luxury homeowner thinking of listing your property, 2025 is showing signs of opportunity at the top end of the market. The surge in ultra-luxury activity proves that buyers are still out there, they’re just more selective and deliberate.

For investors, this moment in Toronto luxury real estate could signal long-term resilience in the $10M+ segment. High-net-worth individuals are looking for privacy, prestige, and long-term value. And they’re willing to pay for it, if the product is right.

Final Word: The Luxury Market is Evolving – Are You Ready?

Even as broader market trends lean cautious, Toronto’s ultra-luxury segment is moving fast. The key takeaway? Confidence hasn’t disappeared, it’s just shifted to where buyers see long-term value and exclusivity.

Whether you’re buying, selling, or investing, understanding these shifts can help you make smarter, more confident real estate decisions.

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– The Daryl King Team