Is Smart Money Leaving The Toronto Real Estate Market?

10 High Point Road - Living Room Window

It’s no secret that serious concerns about the housing market are starting to appear, even banks are making moves to protect themselves from a Toronto housing crash. Interestingly enough, some of Canada’s richest and smartest business people started to list their homes. It could be a coincidence, but it piqued our interest either way. Are they profit-taking or upgrading in the middle of warnings? Only time will tell, but it’s probably worth noting that these people didn’t become wealthy beyond all belief by buying and selling at the wrong times.

FYI: The list is in order of most expensive to less most expensive, not by business savvy. Although I wish my name on it either way.

Alex Shnaider, Co-Founder of Midland Group

If I had the money, I would hands down purchase this place warnings et al. – probably why I’ll never be Alex Shnaider wealthy.  The 28,000 sq. ft. Katherine Newman designed residence was custom built for the Russian billionaire, and could have been a 5 star hotel. He does have a few other homes (even in the city), so it could just be that he’s moving into one of his other homes. 

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Robert Herjavec, Shark on Shark Tank

Everyone’s favorite Shark, Robert Herjavec is listing the home he and his ex-wife lived in for the past 16 years. Unfortunately he separated from his wife Diana Plese recently, and they’re liquidating all joint homes including this 33,650 sq. ft, 7 bedroom, 13 bathroom single family home.

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Frank Techar, COO BMO

BMO COO Frank Techar is listing his historic Richardsonian Romanesque mansion. It was built in 1898 for the daughter-in-law of William Davies – the pork butcher who was so successful they called Toronto “hogtown”.

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Amanda Lang

Canada’s favorite business reporter is rumored to have lived here for a number of years before listing it for sale, so it’s most likely she upgraded – which is hard to believe since this place has one of the nicest backyards in Forest Hill.

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Brian Porter, CEO Scotiabank

Scotiabank CEO Brian Porter is listing the townhouse he purchased just 6 months ago, for a 10% increase on the purchase price. No word on why he’s selling so quickly, but he did recently say “We’re a little concerned about housing prices in the greater Vancouver area and Toronto”. Probably just a coincidence though. 

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  • Reply
    M Adam 8 years ago

    Ms. Greene’s article makes some very interesting points on the dangerously large Toronto housing market, and outlines specifically how frail and fragile the market really is. In recent years, a lot of foreign investments and money have come into large cities like Toronto and Vancouver, for instance, and drastically raised the price of houses to a level that is practically unachievable for most residents.

    Seeing such grandiose names as the ones listed above fleeing their homes provides a downcast light onto the housing market in Toronto- their concern for the health of the market is evident, and if some of the biggest and richest names in the city are taking precaution over their wealth and their dwellings, it really is something the rest of us ought to be worried about!!

  • Reply
    Will Vo - Calgary Real Estate 8 years ago

    Robert Herjavec stands to profit 10 million dollars from the sale of his home? I’d gladly leave the Toronto real estate market for that price as well lol. The rich get richer….

  • Reply
    Andrew- wasaga beach real estate 8 years ago

    Very interesting to see how the one percenters live. I’d be curious where they are relocating too.

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