Canada real estate: Inside a $4.7M two-storey condo unit in Toronto
A dramatic two-storey condo up for sale in Toronto may be a sign that the luxury market is still going strong.
While the broader Canadian real estate market experienced a slowdown in sales in April thanks to the Bank of Canada's rapid interest rate hikes, the luxury market has so far continued to see strong demand.
Toronto's luxury real estate market is "alive and well", says Sotheby's International Realty Canada broker Paul Maranger, with sales of properties over $4 million in the city increasing 28 per cent between April and mid-May year-over-year.
The 6,470-square foot condo, listed for $4.7 million, is certainly a unique listing on the current market. Owned by philanthropist Salah Bachir, the former president of Cineplex Media, the unit features six bedrooms and four bathrooms.
The home currently displays part of Bachir's extensive art collection, including works from Andy Warhol.
The condominium features separate but equally spacious units stacked on top of each other, with a staircase connecting the two apartments. The units are identical and were connected in 2011, with the help of architectural firm Kohn Shnier.
Each floor features its own dining, kitchen, and living areas, as well as three bedrooms.
Maranger, who is the listing agent for the property, sees the unit as being a perfect fit for a multigenerational family, or one that has relatives visiting frequently from far away.
"If you have family visiting for two or three months or the year, it's pretty wonderful for them to be able to stay in their own apartment and not in a basement," he said.
"They get to look out the window at Lake Ontario, and you can see the mist from Niagara Falls. It's like a luxury hotel."
The condo is located in the Palace Pier building, and features many high-end amenities, including valet parking, a spa, private restaurant, library and shuttle bus to Union Station in downtown Toronto.
Alicja Siekierska is a senior reporter at Yahoo Finance Canada. Follow her on Twitter @alicjawithaj.
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