The average rent in Toronto just went down and these units are a lot cheaper now

On Monday, Camrost Felcorp released the details for its 10,000-square-foot penthouse suite at EX3 in the upcoming Exchange District, an award-winning master-planned community in the heart of downtown Mississauga.

The high price tag marks a record price for a pre-construction condo unit in the city of Mississauga.

“The top penthouse launch sets a new bar in apartment pricing for the residential real estate market,” said Camrost Felcorp’s Vice President of Sales and Marketing Christopher Castellano. “With the release of the penthouse today, Camrost has boldly shown buyers, real estate agents and our colleagues in the development sector that luxury living has a new home in the GTA, and that it can be found in downtown Mississauga.

via Camrost

Occupying the entire top floor of the 66-story tower, the suite offers nearly 8,000 square feet of interior space, with over 2,000 square feet of balconies, 360-degree views of downtown Mississauga, views of the Toronto skyline, and of Lake Ontario.

The scenic home doesn’t cut corners when it comes to all the must-haves and nice-to-haves for the luxury-only set.

Calls include things like a private wine cave, five master bedrooms with staff quarters, two laundry rooms, two large walk-in closets, spa-inspired en-suites and a private gym and fully equipped gym, among other unrivaled features and finishes. The suite offers the prized benefit of privacy and is accessed via an elevator service that takes residents to their penthouse suite from their private, ground floor garage with space for five cars.

via Camrost

The release of the penthouse suite on EX3 follows the sold-out launch earlier this fall of the tower’s non-penthouse level units. On that release, approximately 505 units (in various layouts) were sold with prices starting at $550,000.

In conjunction with the 2019 sale of the first two residential phases in the Exchange District (known as EX1 and EX2), the developers have sold more than 1,500 condominium suites in the 3.5-acre mixed-use development located on City Center Drive and Kariya Gate, directly opposite Square One.

Consisting of three condominium towers, a rental home and a hotel, the project has been recognized as a key urban element in the creation of the new Mississauga City Center.

via Camrost

“We have helped pioneer the residential intensification of Mississauga’s city center and have welcomed additional developments from our colleagues in the Square One neighborhood over the following years,” adds Christopher Castellano. “So we weren’t surprised to see buyers react so overwhelmingly to condominium opportunities in this part of the GTA.”

As in other parts of the Greater Toronto Area (GTA), home prices in Mississauga have recently soared to new heights. But it’s still relatively (keyword) more affordable than downtown Toronto.

“Since selling our first unit in the Exchange District in 2019, through the recent release of units on EX3, buyers have recognized the unique opportunity for urban living in this part of the GTA, and more importantly, the value it offers on a price per square foot, compared to downtown Toronto,” says Castellano.

However, it is clear that, with its $15 million price tag, the purchases of this all-frills connected penthouse will not be motivated by comparative pricing. “Instead, the buyer of this penthouse suite is all about one thing: luxury,” added Castellano.

The post Record Breaking Penthouse Hits Mississauga Market For $15 Million appeared first on STOREYS.


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