Million Dollar Property: Toronto vs. Florida
Toronto’s real estate market is the second most expensive in Canada, after Vancouver. As of July 2017, year over year prices rose 5% to $746,218, amid a 40.4% decline in sales (TREB).
What can one million dollars get you within the Toronto area? It really depends on the most important factor: location. In Toronto East, a million dollar budget would be enough for a detached home, whereas in Central Toronto, one million dollars would only get smaller space, such as a townhouse, or a 2 – 3 bedroom condominium (depending on the location within Central Toronto).
In perspective, as a ‘world class city,’ Toronto is relatively a bargain compared to many major cities around the world, especially Hong Kong. Hong Kong is the most expensive city in the world for real estate – with the average median multiple of 18.1. In other words, the average home price costs 18.1x the median salary within Hong Kong (2017 Demographia International Housing Affordability Survey).
On the other hand, Florida is a bigger bargain – the average home price in this region is USD$209,900, as of July 2017 (approximately CAD$260,000). Year over year, home prices have rose 8.8%, outperforming Toronto’s current real estate market, which has been impacted by the Ontario Fair Housing Plan.
In Florida, a million dollar budget will get you much more square feet (and features). Below are five luxurious Florida real estate properties that reach the million dollar mark (source: Million and Up):
1. Aston Martin
The ultra-luxurious residence offers an Aston Martin membership for its owners. This 66 storey building features a rooftop infinity-edge swimming pool, with a pool bar and poolside service. Aside from the regular condo amenities, this building also features a business centre, with conference rooms, and an art gallery on the 53rd floor. One of the biggest features of this building is the barbershop – exclusively for its owners.
2. Marina Palms
This condo features a spa with a sauna, steam, and private treatment rooms. This building is equipped with high tech features, such as an e-concierge app, and high speed elevators. Also – the owners of these condos have access to a personal butler service. Marina Palms provides a perfect blend of hotel condo living.
3. Bristoll Tower
With a tennis court, clubroom, exclusive swimming pool, and sauna – Bristoll Tower offers club-like living. The services and amenities offered in the building are at par with 5 star hotel services. This residence is also gated – providing extra security to its residences.
4. Nine Brickell Condos
With a double height marble clad lobby, this condo residence features a CHIC Private club – with amenities such as poker, billiards, movie room, catering kitchen, and a pool. Nine Brickell is also in a great location – close proximity to restaurants, and many other shopping stores. The building is also equipped with the latest technology, and offers complimentary wifi.
5. Brickell House
This green technologically advanced building offers a 50 ft long lap pool, with poolside cabanas and a large heated whirlpool spa. Within Brickell House, there’s also a luxurious spa offered to the residents, with health spa, private treatment rooms, and a sauna.
There’s certainly a huge contrast with million dollar properties in Toronto, compared to those in Florida. In fact, all of the condos mentioned above include valet parking. Floridan million dollar properties offer hotel/club like living, whereas a million dollar property in Toronto gets you the average detached home, or condo (again, it really depends on the location).
Toronto is still extremely cheap compared to many other world class cities, however, it’s expensive compared to Florida real estate homes, or many other Southern States. In fact, there’s been a trend of snowbirds living in Florida during the winter, and coming back to Canada during the summer. Approximately half a million Canadians own ‘winter homes’ in Florida (the Economist).
All in all, a similar Floridian million dollar property would easily cost over $8 million in Toronto, such as the condos in the Shangri-La residences. In general, Florida offers more bang for your buck for luxurious homes.
You May Also Be Interested In: Do Torontonians Need to Adjust Their Real Estate Expectations?
Writer: Jelani Smith
Disclaimer: All investing can potentially be risky. Investing or borrowing can lead into financial losses. All content on Bay Street Blog are solely for educational purposes. All other information are obtained from credible and authoritative references. Bay Street Blog is not responsible for any financial losses from the information provided. When investing or borrowing, always consult with an industry professional.