Here’s Where Luxury Homes Are Still Selling in the Greater Toronto Area

Sales of homes priced $3 million and up are broadly down across the GTA compared to the previous year, but activity is picking up in a handful of neighbourhoods.

By Josh Sherman | 2 minute read

Luxury home sales have picked up in a handful of upscale GTA neighbourhoods.

Cooler conditions continue to prevail in the Greater Toronto Area real estate market’s luxury segment, though certain neighbourhoods are seeing some renewed interest from well-heeled homebuyers.

During the third quarter of this year, luxury home sales plunged by about 15% compared to the same period in 2024 and about 17% from Q2.

In total, 321 luxury homes changed hands on the resale market between the start of July and the end of September, versus 376 in Q3 last year and 388 in Q2 of this year. For the purposes of Wahi’s latest analysis, any residential property that sells for at least $3 million is considered a luxury home.

“Luxury homebuyers may have bigger budgets than typical buyers, but many seem to be exercising caution and standing on the sidelines anyway,” says Wahi Economist Ryan McLaughlin.

The resale luxury homes that are still selling at the $3-million-plus price point are generally concentrated within the City of Toronto, particularly in centrally located neighbourhoods.

Of the 22 GTA neighbourhoods with at least five luxury homes sales in the third quarter, 14 were found in Toronto proper.

The GTA’s most expensive luxury neighbourhood (at least five $3-million-plus home sales in Q3) was Yorkville. Among the nine luxury homes that sold in the third quarter, the median price was $6,250,000.

Yorkville was also one of eight neighbourhoods with at least five luxury home sales in the third quarter of both 2024 and 2025 where homebuying activity picked up in the $3-million-plus range this year. Others included the Toronto neighbourhoods of Ledbury Park, Lawrence Park, Rosedale, Forest Hill, the Beach, and Willowdale, as well as West Oakville, in Halton.

Besides Yorkville, Casa Loma was the only other neighbourhood in the Toronto region where the median luxury home price was more than $5 million.

Meanwhile, York Mills was the most active neighbourhood for luxury home sales, with 18 $3-million-plus home sales occurring in Q3. It had the same number of sales in last year’s third quarter.

Two Oakville neighbourhoods followed York Mills for total sales. Eastlake had 17 luxury sales last quarter, down from 19 in Q3 2024, and Old Oakville recorded 16, compared to 26 a year ago.

Eastlake has frequently been within the top five most underbid neighbourhoods in Wahi’s monthly Market Pulse reports, which gauges competition among homebuyers. In 2024, the waterfront neighbourhood, where there is a higher-than-normal share of custom luxury homes, was among the most underbid for eight consecutive months.