Secretly nestled at the end of a quiet cul-de-sac in Toronto near Casa Loma, there hides another castle of sorts: a mansion that’s currently the most expensive house on the market in the city.
Reminiscent of the mega-mansions of the Bridle Path, this over 15,000 square foot, three-storey fantasy home features everything you could possibly need to never leave your house again.
And really, if you lived here, why would you even want to?
17 Ardwold Gate is surrounded by gardens and multiple water features, like an in-ground pool.
The home sits atop a hill, offering sweeping views of the city, so you can gaze down upon the residents of Toronto like the royalty you are (or, at least, that you’d feel like living in this home.)
The kitchen.
The bright, natural light-filled kitchen includes a massive walk-in fridge, a large butler’s pantry and a statement wine cellar where you (or, more likely, your private chef) can craft culinary art in style.
The sunroom.
In addition to a living room with soaring 12-foot ceilings and a smaller, more intimate family room, the house also has a bright sunroom encased in floor-to-ceiling windows for living space.
The primary bedroom.
The six-bedroom home features four above-ground rooms and two in the basement, with the 20 by 15-foot primary bedroom large enough to include a large sitting area and large bed.
All of the house’s bedrooms come with a fully outfitted ensuite bathroom.
Connected by French doors, the primary bedroom’s ensuite is an 8-piece marble wonder, including a deep bathtub, two showers, and a television for ultimate relaxation.
The view from the home’s third-floor terrace.
The house’s many outdoor living spaces offer views of the city, including the third-floor terrace, which connects to the dry/wet sauna and gym indoors, and includes a hot tub.
The in-home spa is connected to a complete home gym.
The home also includes staff quarters that can house the small army presumably required to keep this vast space clean and running smoothly.
The garage.
A major selling point for car collectors, the home comes with an 11-car parking garage complete with a rotating turntable and in-house carwash.
The home theatre.
For a casual, cozy night in, you can relax in the home theatre, which could comfortably seat the entire family.
The playroom.
The home, which is listed as a single-family dwelling, also has a massive “Kidzone” playroom, complete with daybeds, storage, and a stage for the little ones (or kids at heart) to perform.
The property’s pool.
17 Ardwold Gate is currently listed for $34,500,000, with annual property taxes of $73,000.
The Canada Mortgage and Housing Corp. says construction of new homes in Canada’s six largest cities rose four per cent year-over-year during the first half of 2024, but housing starts were still not enough to meet growing demand.
The agency says growth in housing starts was driven by significant gains in Calgary, Edmonton and Montreal.
A total of 68,639 units began construction, the second strongest figure since 1990, however the rate of housing starts per capita meant activity was around the historical average and not enough “to reduce the existing supply gap and improve affordability for Canadians.”
The report says new home construction trends varied significantly across the markets studied, as Toronto, Vancouver and Ottawa saw declines ranging from 10 to 20 per cent from the same period last year.
Apartment starts in the six regions increased slightly, driven by construction of new units for rent, as nearly half of the apartments started in the first half of 2024 were purpose-built rentals.
But condominium apartment starts fell in the first six months of the year in most cities, a trend which the agency predicts will continue amid soft demand as developers struggle to reach minimum pre-construction sales required.
This report by The Canadian Press was first published Sept. 26, 2024.
TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
