This New Toronto Condo Is So Expensive It Comes With A Free Porsche

You know that phrase, "how the other half lives?" Well, this is surely it right here. An extravagant Toronto condo sale is offering the chance to win "prizes" including Rolex watches, designer items, and an actual Porsche 911. Those "gifts" come at a price, though, and it's a little out of our range.

On Tuesday, February 4, King Toronto's Lunar New Year Party is being held at the Shangri-La Hotel on University Avenue. 

There, invited guests will vie to buy expensive condo units in the developing King Toronto neighbourhood for up to an eye-watering $8 million.

The King Toronto website states: "For the first time, a previously held back selection of homes in the West Mountain will be made available for sale priced from the $850,000s."

According to the Toronto Star, around 30 units have been kept back and guests at the one-night-only event can buy these.

However, spending under around $1 million isn't even enough to land the buyer a spot on the prize wheel, per the Star.

Michael Braun, director of sales and marketing for Westbank, King Toronto's parent company, said: "There will be certain prizes for units $2 million and under, other prizes for $2 million to $3 million units, and $3 million and up.

"I imagine most people who own a $2 million to $3 million condo can probably buy a luxury car."

[rebelmouse-image 25967782 photo_credit="King Toronto" expand=1 original_size="1920x1440"]

If you want the Porsche 911 that's on offer, though, you'd have to buy a penthouse suite at a price point of just under $8 million.

The website lists the other prices for high spending, although it doesn't clarify what fits where on the tiered spending system.

Other "gifts" available include Air Canada flight passes; trips to Tokyo, Vancouver, New York, London, Paris, or Copenhagen; "shopping sprees" courtesy of VISA, Holt Renfrew, and Apple; a Rolex watch, and a Hermès Birkin Bag.

Guests are invited to bring their chequebooks. You don't say.

[rebelmouse-image 25967783 photo_credit="King Toronto" expand=1 original_size="1920x1280"]

“It’s no different functionally from when a developer offers bonus commission or free maintenance fees or a car as an incentive or when a store gives you a gift or gift card when you spend a certain dollar amount,” Braun said in an email.

Except, you know, it's in another financial ballpark to the usual perks.

According to Vice, King Toronto is a revitalization of the section of King Street between Spadina and Portland in downtown Toronto.

[rebelmouse-image 25967784 photo_credit="King Toronto" expand=1 original_size="1920x1280"]

The Star adds the development will focus on a "mountain" idea, featuring a design that forms four peaks with plant life growing up the sides.

Vancouver-based Westbank, which is developing the project, says the design's glass peaks means construction will be significantly more expensive than standard, hence the inflated prices.

The project, which will ultimately house hundreds of units, is set for completion in summer 2023.

Add this to other big changes in the city like Pharrell Williams' condo tower and Yonge and St. Clair's artistic transformation, and things could be looking pretty different soon in the 6ix.