Image result for festival tower, torontoThis month we looked at sales in the Festival Tower, the home to the Toronto Film Festival (TIFF) and Bell Lighthouse. The building is eight years old and is a ‘walk to anywhere’ location with superb amenities. The first unit we examined was a one bedroom + den with balcony and locker, but no parking. It faces north on a high floor. It sold in 2013 for $425,000 and then in 2019 for $649,000. Over the six years, this unit increased at 7% per year. At just over 600sf the current price is $1050/sf. For the first time, we looked at a more luxurious unit. It is two bedrooms plus den with two baths. It has parking, locker, plus a large balcony. It also is on a high floor facing southeast. This unit sold in 2011 for $945,000 and then in 2017 for $1,450,000. That represents an annual increase of 7% over the period. This same unit sold again in 2019 for $1,650,000 with an annual increase of 7% again over two years. The point is that appreciation in this building has been consistently at 7% since registration. At 1250sf the price for this unit is now over $1300/sf. This is one of the few buildings where the price psf is greater for larger units. Currently, there are five units for sale out of 378 units in the building.