This is what a $16K/month rental looks like in Toronto
A while back we did a roundup of rental properties worth more than $5,000/month in Toronto, but what do you get if you break the $15,000 mark — aside, that is, from further proof that the Toronto rental market is spiralling out of control? This Rosedale home at 27 True Davidson Drive, part of what's known as the Governor's Bridge Estates, can be found on various rental and real estate listings sites to the tune of $16,000/month furnished or $12,000/month (minimum one year lease) without all the fancy stuff.
Why is it on the rental market? Probably because no one's much interested in buying it. The development of which it's a part has become notorious for a lack of interest on the part of prospective buyers and has struggled to maintain occupancy since the first properties hit the market back in the early 2000s. Perhaps urban subdivisions don't really work when asking prices creep above the $2 million mark. Oh, and what happened to outdoor space? This area isn't exactly downtown, so the desire to cram so many properties close together is likely at least partially responsible for the lukewarm sales.
This house comes with all the bells and whistles if you exclude an ample backyard. Here you'll find five bedrooms, a "media room" complete with sauna (strange combo), multiple fireplaces, walk in closets, and wine wall/cellar that probably has one sophisticated lock on it. It's certainly a stunning property, but is it worth $192,000 a year (or $144,000 unfurnished)? I'm not sure that it's really necessary to answer that question, but I'll happily send discussion to the comment section.