Quote:
Originally Posted by Northern Light
Disproportionately, the HNW set live in SFH housing. Typically in Rosedale, Moore Park, Forest Hill, Lawrence Park, High Park, the Annex and a smattering in the Beach area. (not to omit the Bridle Path area, home to Drake, amongst others, near Lawrence/Bayview)
But there are certainly luxury hirise buildings that have singles/couples and small families living in them.
The Mayor, for instance, is a very affluent individual and he and his wife living in a Condo on Bloor, right by the University.
But they are well past the point of the kids being at home; and at the stage of grandkids coming by.
One could name several other high end buildings, but most residents will be singles/couples with a small number who have younger, typically small families.
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The mayor (John Tory) lives in a 5,000sf condo with 2,000sf terrace from my understanding. He combined two penthouse units from my understanding.
They live in a condo, but it's very unusual for someone like that with a very high net worth. You do get some HNW households living in large condos in Yorkville, but the vast majority are in SFHs along the Yonge St corridor.
Investors avoid 3 bed units since condos are usually sold on a per square foot basis, but rented on a # of bedrooms basis. The rent to square footage ratio is higher on smaller properties, making the return greater.
The investor special is small 1 bed units. enough to qualify as a 1 bed unit for renters searching, but small enough to have lower rents than other units.