Remember the 4-5-6 rule from my Top 3 Winning Neighbourhoods video?
It’s the rule of thumb 1 bedroom pricing that many of you have been using.
450 for Vaughan.
550 for Midtown.
And 650 for Downtown.
I know, that sounds too good to be true.
Those were from 2019.
Now that we’re in 2022, the 4-5-6 rule needs to be updated to the 6-7-8 rule.
600 for Vaughan.
700 for Midtown.
And 800 for Downtown.
Commodity 1 bedroom prices in the heart of downtown Toronto are currently at around $750,000. I can tell you that it will hit the $800,000 mark sometime this year.
I’m talking about pre-construction prices which are typically 10% higher than today’s resale prices because we’re buying a future product 4-5 years down the road with today’s money.
When a commodity 1 bedroom is $800,000, how much do you think a 1 bedroom at the super luxurious level would be?
And by super luxurious, it’s a combination of building design, finishes and location.
Today’s price, one million dollars.
The gap between commodity and super luxurious is too small right now.
If you look at other cities like Vancouver, London, New York, Hong Kong, the super luxurious is at least double the price of a commodity.
So if commodity prices continue to get pushed up in Toronto, we’re going to see a price jump at the luxurious level.
Today, we’re going to look at 5 pre-construction projects with one million dollar one bedroom units.
The first one is One Delisle at Yonge and St. Clair.
One of the biggest reasons why this building would always hold a position in the super luxurious category is because of its landmark architecture designed by Studio Gang.
Location wise, it’s situated right in the middle of the two most expensive neighbourhoods in Toronto, Forest Hill and Rosedale.
Let me show you the penthouse collection.
Penthouse units start from $5.3 million dollars to $9.8 million dollars.
It certainly feels good to invest in an entry level unit when you know there are such expensive units holding up the value of the building.
Regular one bedroom units are starting at $1 million dollars.
The second project is 33 Yorkville.
The word Yorkville is the magic word that attracts people to buy.
And 33 Yorkville is right across the Four Seasons Hotel.
The third project is slightly west of Yorkville on Bloor street.
Cielo is so prestigious because it’s right across the most famous private school in Canada, the UTS.
It’s also literally steps away from the University of Toronto campus.
And the most expensive shopping strip in Toronto is a couple minutes down the road on Bloor.
Suites start from $1 million dollar 1 Bedroom to $4.6 million dollar 3 Bedroom at the Penthouse.
The fourth project is 481 University, right on the University Avenue with direct access to the subway.
This one is well loved by doctors because it’s right at the heart of the hospital district.
This area has the best hospitals and medical research centres in Canada and they are not going anywhere else.
That’s exactly why 481 University would always hold its value.
And there’s no more land on the University Avenue, north of Dundas.
1 bedroom suites start at around $950,000.
The fifth project is the Concord Sky at Yonge & Gerrard.
Imagine a 95 storey landmark architecture standing on Yonge street with the huge screens at Yonge & Dundas.
This is what it’s going to look like.
You can totally see why it’s a collectable item.
This project will be launched for sale in the next week or so.
1 bedroom units will start at around $900,000.
So those are the 5 pre-construction projects with 1 bedroom units starting at around the million dollar mark.
Which one is your favourite?
Comment below and let me know.
If you like to add a suite to your luxury portfolio, you can schedule a call with me at the link below.