Forest Hill,
on the hill
proper.

Forest Hill is the Toronto neighbourhood that most resembles, in posture and in pace, a small European hill town. The streets curve. The trees are mature. Two of the country's three best-known independent schools sit inside the footprint. The retail strip is one block long. And, almost uniquely among Toronto's apex postcodes, the dominant housing form is the detached single-family residence — which is to say, the condo inventory at $3M and above is genuinely scarce.

That scarcity is the entire story. Forest Hill proper — bounded loosely by St. Clair Avenue West to the south, Eglinton to the north, Avenue Road to the east, and Bathurst to the west — has perhaps a dozen luxury condo and co-op buildings of any consequence, and only a handful of those trade meaningfully at $3M-plus. When inventory does appear, it sells on a different timeline than the rest of the city.

The market in Q1 2026

The Q1 2026 numbers reflect what a structurally supply-constrained luxury condo market looks like. Median $/sq ft at the $3M-plus tier sits at $1,720, up 3.1% year-over-year — a meaningful but disciplined climb that mostly reflects the absence of sellers rather than a wave of new buyers. Active inventory stands at 14 units, with seven closings year-to-date. Days on market average 38, down from 49 in Q1 2025; the discipline is on the demand side, not the supply side.

The broader Toronto context is informative. New-construction launches across the city collapsed from approximately 101 in 2021 to nine in 2025, per the Globe and Mail. Five of those nine launches were in the luxury segment, averaging $2,213 per square foot — more than double the resale condo average. Forest Hill captured one of those marquee launches: 429 Walmer, by Stafford Developments, opened in October 2025.

The active set

Recent named transactions at the $3M-plus tier are not consistently published in public sources for Forest Hill condominiums; the segment trades quietly. What is observable is the active listing set. As of mid-April 2026, the most notable currently-listed residences include One Forest Hill Suite 701 at $5.999M (a boutique 2020 building at 1 Forest Hill Road), and a small handful of listings at Forest Hill Private Residences at 2 Forest Hill Road. 200 Russell Hill — Hirsh Developments' 22-residence boutique on the Nordheimer Ravine edge — is in active pre-sales with a published price grid running from approximately $3.37M to $11.9M.

Closed comps at $3M-plus from the past twelve months are best sourced through MLS directly. A summary of closed activity by building publishes in the Q3 2026 update.

The buildings

Six addresses define the luxury condominium segment in Forest Hill proper, with a seventh — Imperial Plaza — sitting on the Forest Hill / Deer Park boundary at 111 St. Clair West and frequently grouped here in marketing materials. Each commands a different positioning, and none are interchangeable.

The lifestyle, in plain English

Forest Hill is the school catchment that buyers actually pay for. Upper Canada College, the country's largest independent boys' school (approximately 1,280 students, JK–Y12, full IB), sits at 200 Lonsdale Road — directly inside the neighbourhood. Bishop Strachan School, the equivalent independent girls' school, occupies a thirteen-acre campus at 298 Lonsdale Road, two blocks east. Branksome Hall is sometimes grouped with these institutions, but is geographically a Rosedale school. Forest Hill Collegiate Institute, the public option, is the catchment high school for most of the residential streets here.

Retail in Forest Hill proper is concentrated in a single short strip — Forest Hill Village, on Spadina Road around Lonsdale — anchored historically by an independent grocer, a few cafés, the pharmacy, and a small set of boutiques. It is not a destination retail district. Buyers do their grocery runs at the Loblaws on St. Clair, or at Pusateri's a short drive south. The Granite Club, at 2350 Bayview Avenue, is the dominant private-club address for Forest Hill families; the membership runs a multi-year waitlist.

Transit is the quiet asset. St. Clair West Station puts Bay Street roughly fifteen minutes away; the Eglinton Crosstown LRT, when fully operational, brings a second high-frequency option at the north edge. Pearson is approximately 25 minutes by car, in line with Yorkville and Rosedale. Forest Hill is, in transit terms, equally well-connected as those neighbourhoods — but with a meaningfully larger residential footprint, the daily rhythm feels suburban rather than urban.

What's missing

Forest Hill's condo segment is, more than anything, missing inventory. Buyers who decide they want a Forest Hill condo often wait — sometimes for a year — for the right unit at the right building. The active listing set in Q1 2026 is fourteen residences across all of Forest Hill, against a population of buyers that is meaningfully larger than that. Patience is a part of the strategy here in a way it is not in Yorkville or in King West, where new inventory delivers continuously.

The new HST rebate, in this context

The April 2026 Ontario Budget restructured the new-home HST rebate. Purchases at $1M and below qualify for a 13% rebate capped at $130,000; the rebate plateaus at $80,000 from $1M to $1.5M; and phases down linearly to $24,000 at $1.85M and above. For most Forest Hill luxury condo buyers — at 429 Walmer, at One Forest Hill, at 200 Russell Hill — the practical rebate is the $24,000 floor. The new policy primarily benefits the broader Toronto market; it does not materially shift the math at the $3M-plus tier in Forest Hill.

What to watch in Q2

• 429 Walmer (Stafford Developments) — Toronto's marquee 2025 luxury launch and Forest Hill's first new-build at this scale in over a decade. Twenty storeys, 48 residences, 2,500–4,000 sq ft. Allocation is invitation-only; the absorption pace through Q2 will set the benchmark for the next Forest Hill cycle.
• Detached-vs-condo capital flow — Forest Hill detached homes captured most of the 2025 headline numbers, including an $11.9M closing on Dunvegan Road. Condo buyers in this neighbourhood are, in many cases, the same families considering the detached market. Watch how the next two quarters split that capital.
• Forest Hill Private Residences (2 Forest Hill Road) — Altree Developments — closing-and-occupancy phase for its initial allocation. Resale activity here will be the first read on how the building trades after early absorption.
• The Q2 effect of the new HST rebate — most Forest Hill luxury sales are above the $1.85M phase-down. Pre-construction registrations may accelerate broadly across the GTA; Forest Hill resale velocity should be largely unaffected.

The Forest Hill report is updated quarterly. The next edition publishes in mid-July 2026.

Reviewed by Ryan Coyle · Published April 28, 2026 · Sales data from TRREB / DDF · 12 minute read