Global financial markets are in turmoil and the Canadian economy is slowing, but that hasn’t put a damper on the promotional effort touting an as- yet-to-be-built condo unit at Toronto’s Four Seasons Hotel and Private Residences as “Canada’s most expensive penthouse!”

The 9,000-square-foot penthouse, complete with four fireplaces, staff accommodations and galleria, will be listed in the $30- million range, more than the previous condo record sale price of $25-million, public relations representative Beth Merrick said.
That lofty price was paid last year by a Hong Kong businessman for the penthouse at a condo development at One Bloor St. East, which is being built by Kazakhstan’s Bazis International.

It seems a strange time to be promoting what may be the country’s priciest- ever condo unit, as turmoil rips through the financial services sector. The real estate market is also slowing, with resale home prices edging up less than 1 per cent in Toronto last month while unit sales plunged by 22 per cent.

There’s scant information available to discern whether the Four Seasons penthouse sale will set a new price record, because only a handful of condominiums in Canada have ever been listed in the $10-million-plus range.

A foreigner may be the most likely buyer as interest in Toronto continues to grow among investors from countries including Russia, Korea and Hong Kong, said Mark McLean, partner at Sotheby’s International Realty Canada, who specializes in the high-end Toronto market.

“What we are seeing is a huge influx of foreign investors, of foreign buyers, people who are moving to the city,” Mr. McLean said.

There hasn’t been a slowdown in the sale of units in the $5-million range, although there are few listings at this level and a sale often takes at least a year, Mr. McLean added.

“What I see right now is about the same level of sales in the Yorkville neighbourhood as in 2007. People in the higher end, my sense is that they are less touched by any kind of a turn. You have to have something really horrible happen to you,” he said.

Retiring baby boomers from neighbourhoods including Forest Hill, Lawrence Park and Rosedale are also moving to pricier condos downtown, he added.

High-end sales tend to be brisker at buildings where the units start at a higher price level, including the Four Seasons, the Residences at the Ritz- Carlton, and the MuseumHouse, he said.

More than 70 per cent of the Four Seasons condos, which start at $1.9- million, have been sold in the year since sales were launched, according to information on the development’s website.

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