The super luxury housing market emerged over the last six months in Toronto with condo units now listed at 12 million dollars. With money comes experimentation and market differentiation.
An overview of a super luxury market in Toronto
The topic of one design talk at IDS 08 was Upsizing of the condo market: a lifestyle trend. What is happening right now is not just higher priced condominiums. The builders are offering more choices than ever to the consumers.
Some projects offer the freedom to design your unit with architects and designers before it is even built. Many builders hire a team of star architects and designers to make sure their design is well thought.
The average price of those super luxury condos are well over $1000 square feet. They come with a wide range of exclusive boutique hotel kind of services. The monthly fees for the penthouse of the Four Seasons reach about $8000. Well-known architects and designers unite to create stunning projects.
Why it is important for most of us?
Eventually what happens at the top end of the luxury market finds a way to reach a broader market over time? Innovations start at the higher end segment. But now, you can find modern stylish accessories and furniture to fit any budget.
If you know about the latest trends, you can challenge the builders so they will create more design-oriented condominium buildings.
If you read my article on the Top 10 design trends, the general message is that people wish to live in a space that reflects their individual style. In the past, you could only accomplish it by building your own house. That is what my parents always did.
My brother, who lives in a small town, bought a land 6 years ago, got his own plan and managed the construction of his house. All the houses on his street are build the same way. He lives in a street where every house looks different. I think it is time that we stop the super normalization of our city landscape.
Downsizing in square feet but upsizing in style
As more and more of the boomer generation continue to leave their suburban house to live in the smaller urban condominium, the market start to adapt to their demand. To have served them as an event designer, they are more diverse in style than marketers want you to think.
It was also a time when families with young children often refrain to decorate their house to their liking because of they were living with children. And let’s be frank; there were no stylish options for infant gears. This was before the emergence of several modern design baby object company that occurred over the last 5 to 6 years.
Exploring a new lifestyle
A small number of families with children (infants to teenagers) opt for urban living. I do believe that the suburban model is far from perfect. People want a backyard and a pool but it takes them two hours to get home. So they cannot really enjoy it. They cannot go a buy a bottle of milk without taking the car and you hear your neighbors mowing their grass when you want to relax. I know because it happens when I visit my friends.
The Canadian Heart and Stroke Foundation published the revealing 2005 report card. It demonstrated that, on average, the urban residents are healthier and less stressed than the residents of the suburbs. With all the cool specialty stores that you find in the city and the proximity of the convenience, I prefer my urban living.
Learn more: Upsizing of the condo market: a lifestyle trend at the IDS 08
Learn more: Shangri-La Toronto – Kitchen photo
Learn more: Heart and Stroke Foundation 2005 Report Card On Canadians Health Has The Suburban Dream Gone Sour?