Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.

What defines luxury real-estate in 2022? In dollars, it’s a price above $2.5 million. Or $4 million, depending on who you ask. But for Paul Maranger of Sotheby’s Canada, who sells higher-end homes in and around Toronto, neither cost nor size are the reliable indicators of extravagant living they once were.

“Luxury used to be only defined by size, but the segment has expanded beyond that equation,” says Maranger, pointing to smaller families, increasing numbers of single buyers, and rising urban real-estate prices as forces that are reshaping the luxury market.

For younger buyers, a very large home may be perceived less as a status symbol than a drain on their time and finances. They want to indulge themselves, to make home more of a retreat, but on a more modest scale—as do many older buyers who are downsizing or renovating to stay in place.

For Maranger and his business partner Christian Vermast, this all makes sense. Having both lived in Europe, they understand that small-footprint spaces can make big style statements while delivering everyday comfort and convenience.

In Europe, says Maranger, the focus would be less on square feet and more, for example, on finishes and fixtures. “Now we have access to global design, and we can look to smaller spaces in Europe or Japan, which in my opinion is the epitome of luxury—it’s where you see the finest work in the smallest spaces.”

Generally, the higher the house price, the more customization there is. “So you have to find the buyer who appreciates the same things that are meaningful to the sellers.”

Clients are less likely to be delighted with an enormous kitchen with a double-door fridge (so much cleaning!) than they are with a media room with a fridge drawer and 18-inch dishwasher (Netflix and chill). “And I never ever hear these days ‘where on earth am I going to fit all my china, crystal, and silver?’ Never ever,” says Maranger.

Personal expression in design is a hallmark of well-appointed homes, he adds. “Luxury to me is a home that’s layered and reflects the personality of the owner. It’s not a space that looks like someone went into a design store and said I’ll take that living room set on the floor.”

Personality was certainly present in a recent listing on Lake Shore Boulevard West, a two-storey custom condominium that had been home to art collector and philanthropist Dr. Salah Bachir.

Contrary to the real-estate sales gospel of paring down or even eliminating art while selling a home, the 6,470 sq. ft. space, which sits high in the sky above umHHHumber Bay, housed some 3,200 pieces, including work by Andy Warhol, Kent Monkman, and Betty Goodwin. Here, the gallery vibe was no detriment to how the property showed, says Maranger.

“It tells a story. In real estate we need to tell a story that connects to a buyer. We don’t need to tell a story that connects to 100 buyers, we need to connect with the one it resonates with. Besides, I see the way eyes roll now when people walk into perfectly-staged spaces. They are tired of that look. “

Despite geopolitical and economic uncertainty, Maranger expects the luxury real- estate market in Toronto to hold its own over the next few years. “There’s no land, and we have boundaries,” he explains. His concern is suburban markets that he suggests have hyper inflated over the last two and half years.

“There will be a substantial rebalancing in those markets. But in the luxury realm, people are coming back to what the city has to offer.” As for current market conditions, he uses a caffeinated example. “Say there’s a cappuccino. Last year, there was foam on it. In February, it had triple foam. Right now there’s no foam but the coffee is really strong. The market fundamentals are strong.”

Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.

A welcome email is on its way. If you don't see it, please check your junk folder.

The next issue of Ottawa Citizen Headline News will soon be in your inbox.

We encountered an issue signing you up. Please try again

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

365 Bloor Street East, Toronto, Ontario, M4W 3L4

© 2022 Ottawa Citizen, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.

This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Service and Privacy Policy.