What Makes Luxury Properties in Toronto So Desirable?

Penthouses are the height of luxury. There’s no doubt that these high-end property types are in demand in Toronto, but what is it that sets them apart?

In this post, I’ll look at what constitutes a penthouse—and help you decide if buying one is right for you…

What is a penthouse?

For most buyers, the word “penthouse” probably brings to mind stunning views, soaring ceilings, and spaces fit for royalty. While these opulent properties can fit all of these criteria, they also come with a specific set of characteristics that make them special.

First developed in the 1920s, penthouses quickly became popular with New York City’s elite. They were found on the top floor of impossibly high buildings, and set back from the walls to make space for accompanying private terraces.

While many modern-day penthouses have retained these traits, the definition has shifted over time. Some developers are creating ultra-luxurious units on the highest several floors of their buildings (as opposed to just the very top). These living spaces, which are now commonly referred to as penthouses, still offer incredible views and opulent appliances and finishes.

Pros & cons

When you’re deciding whether to search exclusively for a penthouse, there are a few pros and cons to consider.

Penthouse pros

First and foremost, these units are all about the view. Impressive heights and floor-to-ceiling windows are in high demand. Then there’s the luxuriousness. Penthouse buyers tend to seek perfection, and developers deliver with features like stainless steel appliances, marble countertops, and spa-like bathrooms.

These enviable properties also tend to be spacious, and they offer plenty of peace and quiet. Being on the top floor means no upstairs neighbours—and, in many cases, private amenities (like a personal terrace or rooftop patio).

Lastly, while many high-end buyers are on the hunt for the ideal suburban mansion, others prefer urban living. Penthouses are typically located in central neighbourhoods, which means convenience, excitement, and an incredible city skyline.

Penthouse cons

When it comes to downsides, a long ride on the elevator may be less than ideal for some. Then there’s the cost. All the luxury of a penthouse comes with a significant price tag. Fortunately, those who can afford—and truly want—one of these gorgeous properties feel that the expense is worth it.

Lastly, you may want to consider what will happen when it’s eventually time to sell. Due to the high price involved, your buyer pool will likely be on the small size. The good news is, a real estate agent with penthouse expertise can help you market it strategically—and to the right potential purchasers.

What to look for

If you decide that only a penthouse will do, there are a few things to keep in mind during your search. First off, think about function—and your needs. There’s nothing wrong with wanting to enjoy the prestige that comes with owning a high-end property. Just don’t allow it to cloud your judgment.

If you need an extra bedroom or additional storage, those things should be part of your criteria—along with that panoramic view and those gorgeous finishes. The key is creating your must-have list ahead of time and making sure your agent is well aware of it. Don’t forget that working with an agent who knows penthouses will increase your chances of success!

Looking for the penthouse of your dreams? I have the expertise to find it—get in touch to learn how I can help today.