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), says broker Barry Cohen of Re/Max Realtron Barry Cohen Homes.
The 13,000-sq.-ft. estate, sold 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, Cohen says in a news release. 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.”
The home at 93 The Bridle Path was listed for sale on MLS in late July and sold within three weeks. Situated on almost two acres, it was designed by architect/builder Joe Brennan and features the finest quality craftsmanship throughout, Cohen says. 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.”
Cohen says that “given tight market conditions throughout the GTA, activity in the upper end is expected to remain robust for the foreseeable future, quite possibly making 2020 the best year for luxury home sales since 2017.”
