As of today, there are 138 condos listed for sale in central Toronto for $1,000,000 or more.

I can’t say for certain whether that number should seem low, high, or just about right, but I was quite intrigued as I went through the 138 listings and made the following observations…

Who is that?

Who is on Canada’s one-million-dollar bill?

It looks like bit like Ponce de Leon, doesn’t it?  Do we have Ponce de Leon on our currency?  Why not Sir John A. McDonald or Wayne Gretzky?

I’d love to have a million-dollar-bill just so I could order a coffee at Tim Hortons and ask, “Got change for a million?”

There are 138 condominiums for sale in central Toronto of over $1,000,000 and I thought it would be fun to examine the numbers.

LOCATION:

There are 51 listings in C01 and 7 in C08, meaning 42% of all million-dollar-condos are in the downtown core.  What surprises me the most about this, however is the discrepancy between C01 and C08.

Geographically, C08 is much smaller than C01, but there are typically 2.5 – 3 times as many active listings in C01 as in C08, yet there are SEVEN times as many million-dollar condos.

Possible reasons?

Well, C01 is home to CityPlace, where you’ll find most penthouses and 2000+ square-foot condos are over $1 Million, but it’s also home to King West, and University Avenue, which are quite pricey.

However, it must be noted that of the 51 listings for million-dollar condos in C01, a whopping 24 of these are for condos under construction.  I don’t believe there is more development, per capita, in C01 than in C08, but there certainly are more million-dollar condos being built!

C02 is home to 44 of the 138 million-dollar listings, which should come as no surprise.

C02 is synonymous with “Yorkville” or the Mink Mile of Bloor Street.

“Yorkville” addresses lead the way with 8 total listings, and Bloor Street comes second with 7.  Avenue Road, St. Clair Avenue, and Cumberland each have 4 listings, and other streets on the luxury list include Bedford, Spadina, Davenport, Benvenuto, Lowether, Bellair, Brunswick, Macpherson, Russell Hill, and McAlpine.

Combined, C01, C08, and C02 (downtown plus mid-town) are home to 69% of all the million-dollar listings in Central Toronto.

C10 is home to 10 million-dollar listings at new developments such as Minto at 2181-2191 Yonge Street, Tridel’s new “Republic” on Roehampton, Kilgour Estates on Burkebrook Place, and the gorgeous church-conversion at 65 Sheldrake Avenue.

But the rest of Central TREB’s geographic districts have a paltry sum of million-dollar listings combined.

C03 – 5
C04 – 1
C09 – 7
C12 – 3
C14 – 4
C15 – 6

There isn’t a single million-dollar listing in any of C06, C07, or C13.

FYI – there is no C05, I’m not sure why…

CONSTRUCTION:

This one was pain-staking!  I went though each of the 138 listings to determine which were under construction, and which were not.

For sake of ease, I considered anything which is not yet in occupancy phase to be “under construction.”  Any pre-sales, pre-construction, or pre-occupancy units are included in this list.

32 of the 138 million-dollar listings are for condos that aren’t completed yet, representing 23%.  This number isn’t that high, but when you break it down by district, it puts things in perspective.

As I mentioned above, there are 24 listings for condos under construction in C01, meaning that 47% of all the million-dollar condos for sale in C01 aren’t built yet!

For example, 180 University Avenue, or “Shangri-La” is selling five units with an average price of $7.3 Million.  Oh – if anybody is interested in purchasing their 6,700 square foot penthouse for $16,888,000 – just give me a call.  They’re offering a 4% commission…

35 Balmuto Street also has five units for sale, with expected completion in November of 2011.

And 500 Wellington Street West has four units for sale, advertised as “The niche of King Street referred to as ‘Millionaire’s Row.'”  That’s funny, I’ve never heard that term before today…

As I’m not exactly a proponent of purchasing condos in the pre-construction phase, I’m not sure what’s worse: buying a $270,000 condo in pre-construction, or buying a $6,800,000 condo in pre-construction.  You have to figure that at a project like Shangri-La, they’ll finish the common areas and amenities before occupancy, right?  Right?

I think this bears examining once again even though we covered this above:
1) 32 of the 138 million-dollar listings are for pre-construction, representing 23%.
2) 24 of those 32 listings are in C01, representing 75%.

DAYS ON MARKET:

Here’s an interesting stat!

Overall, the average days on market for the 138 million-dollar condos in Central Toronto is 67.4.

That’s a lot!  But what do you expect?  How many fewer buyers are there for million-dollar condos than for $300,000 condos?

The median days on market, however was only 54.

There were 31 listings that have been on the market for 100 days or more, of which of which 6 listings have been on the market for 200+ days.

I found no correlation between days on market and whether or not the condo was pre-construction or resale.

PRICE:

There are 138 listings for condos of $1,000,000 or more.

The average price of these condos is $2,333,345, and the median price is $1,672,500.

There are 85 condos priced between $1,000,000 – $2,000,000.

There are 33 condos priced between $2,000,000 – $3,000,000.

There are 9 condos priced between $3,000,000 – $4,000,000.

There are 4 condos priced between $4,000,000 – $5,000,000.

There are 7 condos priced at $5,000,000 and up.

Wow.

So much money, such a small city!

I think for now, I’m gonna stand pat in my small, 1-bedroom condo.

I mean, even if I was able to come up with the 5% downpayment required by law to purchase that $16,888,000 condo, my monthly mortgage payment would be about $67,000 per month…