Toronto's Skyline Sees a Tower Boom to Rival New York and L.A.

9:00 AM 9/11/2017

by Peter Kiefer

Once famed for its quaint European vibe, the city will soon boast Canada's second-tallest skyscraper as piles of new ultra-luxe condos lure Hollywood buyers north.

Courtesy of Foster + Partners; Courtesy Photos

Longtime Toronto film fest attendees have seen the city boom skyward in recent years, with 65 new condo towers hitting the market in the past year alone. More than 100 cranes currently dot the skyline, servicing residential high-rises in various phases of development. Since 2010, 165,000 condo units have been built, with approximately 18,000 more added in 2016 and another 83,000 under construction, according to condo tracking consulting group Urbanation. Sotheby's agent Rizwan Malik notes that the majority of these units are being bought in presales. "The condo market is absolutely insane," he says. With similar — if slightly less frenetic — booms still going in L.A. and New York, and more Hollywood buyers eyeing a Toronto pied-a-terre outside Trump's America, THR looks at what you can get for under $4 million in each of the industry-favored cities.

This story first appeared in the Sept. 6 issue of The Hollywood Reporter magazine. To receive the magazine, click here to subscribe.

  • Toronto

    Courtesy of Subject

    This onetime film studio at 176 Bedford Road in Yorkville, the swank neighborhood where Mark Wahlberg has a home, is now a 5,000-square-foot, two-bedroom, three-bath condo (listed by Elise Kalles of Harvey Kalles Real Estate) with 20-foot ceilings, concrete floors, custom steel cabinetry and a two-car garage. $3.8M

  • Los Angeles

    $3.5M
    $3.5M
    Courtesy Photo

    Atop Hollywood's W Hotel soar the loftily (and oddly) named Above the Penthouses, a collection of ultraluxury residences by developer Ron Barnes. The south-facing Axiom Suite, listed by Vine Street Realty's Michelle Montany, clocks in at 2,395 square feet (plus a 900-square-foot deck) and comes with access to a rooftop park, lap pool, screening room and 24-hour concierge.

  • New York

    $3.8M
    $3.8M
    Courtesy Photo

    The city's top supertowers on 57th Street don't offer much at this price, but a few blocks closer to the Hudson River, Corcoran's Ben Garama has the listing on a 2,000-square-foot, four-bedroom at The Dillon (a seven-floor doorman building with 83 units at 425 W. 53rd St.). This duplex features a balcony, wide-plank oak flooring and an open kitchen with white quartz countertops.

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