Toronto’s most luxurious neighbourhood is getting its first condo project in more than 20 years.
The Bridle Path, famous for its multimillion-dollar mansions for Toronto’s rich and famous, will soon have a 62-unit luxury condo project on Post Road, just north of Lawrence Avenue East and Bayview Avenue. The expansive units are going for mid-$2 million up to $10 million-plus, with units from less than 1,500 to more than 4,000 square feet.
“We focus exclusively on upmarket, end-user buildings in the city’s most desirable, mature neighbourhoods,” said Jordan Morassutti, co-founder of North Drive, the developer behind the 2 Post Road project.
“So we view 2 Post Road as a quintessential building that is emblematic of that investment thesis.”
Construction began last week and is expected to take approximately three years to build.
To date, just under 50 per cent of the units have been pre-sold, Morassutti said, and he’s confident the rest of the units will sell during the construction period.
As shovels hit the ground for 2 Post Road, it’s a rare success story in Toronto’s crashing preconstruction market. Dozens of projects have been cancelled with builders going into receivership over the last couple of years as buyers are unable to close on their units. In 2025, sales for new builds hit a 45-year low. The situation is so dire that by the end of the decade there will hardly be any new condos delivered.
But boutique luxury was the only segment of the new condominium apartment market to see traction in 2025, as the buyer segment is less affected by economic headwinds and has capital to spend.
The buyers for 2 Post Road are mostly wealthy downsizers, predominantly from the Bridle Path, Morassutti said, adding that North Drive’s reputation as a luxury developer with high-finish buildings in Kingsway, Forest Hill, Rosedale and Yorkville means that “buyers typically know us by a degree or two of separation and certainly know someone that lives in one of our buildings.”
North Drive worked with acclaimed architect Richard Wengle to design a Beaux-Arts-style building, that looks more like a large estate than a condo development to better integrate with the nearby mansions.
“We first wanted to ensure that when you’re approaching the building you felt like you were coming up to a property and building that felt commensurate with the surrounding properties,” Morassutti said.
“The suites are quite large and luxurious, with very well proportioned spaces for living, dining and entertaining.”
There is around-the-clock valet service, a catered kitchen for residents, and an extensive fitness facility with golf simulators and a pickleball court — an amenity that was top of mind for prospective buyers.
North Drive has also just delivered a luxury condo at 10 Prince Arthur Ave. in Yorkville with more than 85 per cent of units sold, Morassutti said.
The success of North Drive is part of a bigger trend in the luxury condo market in Toronto.
Just nine condominium apartment projects opened for sale during 2025 and of those, five were luxury condos, representing a modest 278 units all located in midtown neighbourhoods including Lawrence Park and Forest Hill, according to a January report from Zonda Home.
In addition, sales of $2 million-plus units increased amongst recently built projects, with inventory in the Yorkville and Rosedale market areas aligning with resale market trends, the report added.
That’s because these luxury units are built at a manageable scale of 60 to 70 units for the building, have ample space, and cater to end-users, specifically downsizers, said Pauline Lierman, vice-president market research at Zonda Home.
The number of luxury units isn’t enough to boost the preconstruction market out of its slump “but they have been successful enough to sell,” Lierman said.
“They are not sold out. They may be selling anywhere from 20 to 40 per cent of their units. And they’re also going be able to sell as they’re constructed,” she said.
Typically, condo developers need to pre-sell around 70 per cent of their units to obtain financing, but in the luxury space, developers have more “leeway,” often having access to greater equity, and therefore more money in their pockets to draw from, she added.
Overall, the buyer segment’s “wealth is far more insulated from the overall fallback we’re feeling right now in the market,” Lierman said.
