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Annex Luxury Home Sales Surge

  //house-home.news-articles.net/content/2026/02/26/annex-luxury-home-sales-surge.html
  Published in House and Home on Thursday, February 26th 2026 at 16:55 GMT by The Globe and Mail
      Locales: Ontario, CANADA

Toronto, ON - February 26, 2026 - The Annex, one of Toronto's most historically rich and sought-after neighborhoods, continues to experience a surge in luxury home sales, with 141 Northcote Avenue, a beautifully renovated Victorian semi-detached, recently hitting the market for $3,695,000. This property, listed by Paul Mullins of RE/MAX Urban, exemplifies the ongoing trend of blending historical charm with modern amenities that's driving demand - and prices - in the area.

Built in 1896 and extensively updated in 2022, 141 Northcote is a stunning 2,845 square foot residence featuring four bedrooms and three bathrooms. The property's appeal lies not just in its size and location, but in its careful preservation of original character alongside contemporary conveniences. The classic Victorian layout on the main floor, complete with a welcoming living room, formal dining room, and a recently renovated kitchen boasting high-end stainless steel appliances and quartz countertops, provides an elegant and functional space for both entertaining and family life. The upper floors offer comfortable living with three bedrooms and two bathrooms on the second level, and a generously sized fourth bedroom with its own bathroom on the third, offering ample space for a growing family or accommodating guests.

Beyond the interior, the property boasts a sizable and private backyard, a prized commodity in a densely populated urban environment. The inclusion of a patio and mature garden provides a tranquil oasis for outdoor relaxation and gatherings. A finished basement adds further value, housing essential laundry facilities and potentially offering flexible space for a home office, gym, or recreational area.

The Annex: A Hotspot for Heritage Home Buyers

The surging interest in properties like 141 Northcote Avenue highlights the unique appeal of the Annex. Known for its tree-lined streets, Victorian and Edwardian architecture, and proximity to the University of Toronto, the neighborhood attracts a diverse mix of residents, including academics, professionals, and families. The area's strong sense of community, combined with its walkability and access to cultural attractions, makes it a highly desirable location for those seeking a vibrant urban lifestyle.

However, this desirability comes at a cost. Property taxes for 141 Northcote currently stand at $8,279 annually, reflective of the high property values and the area's established infrastructure. While these costs are significant, they haven't deterred buyers.

"We're consistently seeing properties in the Annex sell above asking price, and with increasing speed," explains Paul Mullins. "Buyers are willing to pay a premium for the opportunity to own a piece of Toronto's history in such a coveted neighborhood. The renovations to homes like 141 Northcote, which tastefully blend the old with the new, are particularly attractive."

Market Trends and Future Outlook

The current real estate landscape in Toronto, particularly within core neighborhoods like the Annex, is characterized by limited inventory and robust demand. This dynamic has led to significant price appreciation over the past few years, and experts predict this trend will continue, albeit at a potentially slower pace.

Recent reports from the Toronto Regional Real Estate Board (TRREB) indicate that luxury home sales in the city have remained strong despite rising interest rates. Buyers in this segment are often less sensitive to fluctuations in borrowing costs and prioritize location, quality of construction, and unique character.

Looking ahead, the Annex is expected to remain a highly competitive market. Developers are cautiously approaching the area, as strict heritage conservation regulations limit the scope for large-scale redevelopment. This scarcity of new construction will likely further drive up the value of existing heritage homes like 141 Northcote Avenue. For those seeking a taste of Toronto's architectural past with the comforts of modern living, the Annex continues to be a premier destination, and properties like this one represent a rare and valuable investment.