SOURCE: RAPTORS STAR KYLE LOWRY LISTS HIS NORTH TORONTO LUXURY HOME FOR $5.3 MILLION

According to a knowledgeable source, Raptors star Kyle Lowry has indeed listed his home in the St. Andrew-Windfields community, in York Mills near Highway 401 in Toronto, for $5.3 million. The owner’s name is listed as “KL7 INC”.

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This morning that news is setting Raptors world ablaze, because in the minds of many it suggests that a trade is coming. You can understand the chatter. The Raptors are currently a middling team in the NBA’s Eastern Conference – currently at 11-13, 8th in the standings. There aren’t many out there who place this current Raptors squad on the same level as the conference’s elite teams, like Philadelphia, Milwaukee, Boston, and Brooklyn. This great story in the Bleacher Report lays out Lowry trade scenarios quite nicely.

And there are understandable reasons why this news would strike an emotional chord. Lowry, along with Kawhi Leonard, led the Raptors to an NBA championship in 2019, an event that swept up the country. We’ve never seen anything like it. The other night Lowry hit a milestone by reaching 10,000 career points with the Raptors. Only DeMar DeRozan and Chris Bosh hit that plateau. So he’s much beloved here.

Raptors rebuild coming?

Now, there are several reasons why Lowry might be listing his home. It might not mean a trade is coming. Maybe Raptors president Masai Ujiri and general Bobby Webster are thinking more along the lines of a contract extension for the soon-to-be 35-year-old. His $31 million USD per year deal runs out at the end of this season. Maybe they want him to retire here, and everyone can then get started on that statue down by the Air Canada Centre.

Or, Kyle Lowry might just be a savvy real estate investor. The Toronto luxury real estate market is hot right now. Senior executives who work in the industry around Toronto have all told us the same thing – the market is hot now because there is great demand and low inventory. That’s driving up prices.

The pandemic has re-shaped thinking among luxury property buyers. They are taking a harder look at their present homes, identifying shortcomings. The psychology is changing – people are buying for lifestyle reasons, not investment. Stay at home and stay safe. Luxury buyers are looking more for sanctuaries. Many are looking for more space, for home offices, as more of us work from home, home gyms, larger backyards for kids and pets, pools for the family.

And affluent people are willing to pay premium prices.

Red hot Toronto real estate market

So much for the pandemic crippling the real market here. It just isn’t happening. On Monday, the Toronto Regional Real Estate board released their January report – 331 homes priced $2 million and up sold in January, up from 130 in January 2019. In 2020, sales of homes over $3 million increased by 55.7 per cent compared to 2019. Interest rates are at record lows. Immigrants will soon be coming back into the country in higher numbers, driving the market as well. Students who rent housing during the school year will soon be coming back.

Canadians and international buyers really believe in the longevity and stability of the Canadian real estate market. And much of that growth can be attributed to a general movement towards ground-level housing. In fact, 48.7% of 2020’s sales mix went to single-detached homes, compared to 45.9% in 2019. Looking even closer, 7% of singles in 2020 sold for over $2,000,000, compared to 5% in 2019. And people in the industry are predicting a robust spring, summer and fall, as the warm weather rolls in, lockdowns diminish, and vaccines roll out more.

Robust spring market predicted

So maybe Kyle Lowry is just being smart. Maybe he sees an opportunity to cash out with his opulent North Toronto home. Maybe he and his family are looking to make a lateral move into one of the great, mid-level, larger size luxury condos that are popping up more around the city. Perhaps he and his young family see the lifestyle benefits of living in one of the growing tapestry of neighbourhoods in our downtown. Or he could just be sick of that drive south down the DVP to get to work everyday.

Just the facts

So what about Kyle Lowry’s home? Here are the facts:

• 5 + 1 bedrooms, 10 bathrooms
• Wealth of windows and skylights, so an abundance of natural light
• Security gate, security cameras
• Marble flooring
• Chandelier lift
• Elevator
• Remote window blinds
• Gourmet kitchen
• Separate butler’s kitchen
• Floating oak staircase
• Media room
• Sauna
• Walkout to waterfall in backyard
• Subzero fridge, microwave, steamer, 6 burner gas Wolf Stove, 4 gas burner stove, 2 dishwashers, 2 wine fridges, 2 Samsung washers and dryers
• 8 security cameras
• 2 storeys
• $27,958 annual property taxes
• Land size 75 x 195.16 feet
• Backs onto a ravine, central AC, stone exterior finish, 10 parking spaces

Lisa McLaughlin from Royal LePage is the listing agent. You can reach her at 905-338-3737.