One of the most frequent complaints about the Toronto condo market is that there's just not enough three bedroom units available. Convincing would-be home buyers to opt for this more dense form of housing is made easier when they're not forced to give up tons of space.

There's lots to like about spacious condos, though the prices in the Toronto market right now are exorbitant. This 3 + 1 bedroom penthouse unit at 22 Wellesley Street East is a sprawling space that would easily accommodate a family, but it comes in at $3 million.

With 3,200 square feet inside and an 800 square foot private terrace, this condo is bigger than plenty of three bedroom Toronto homes. Someone who's already looking at houses in this price range might be taken by its size and the fact that it's right beside the subway.

The real estate listing describes this condo as a "home in the sky," and that's a pretty accurate assessment for this penthouse. It doesn't feel like an apartment or a flat. Throw in stellar skyline views, and you have an alluring package for those in the luxury market.

Specs

• Address: PH1 22 Wellesley St. E
• Price: $2,999,999
• Bedrooms: 3 + 1
• Bathrooms: 4
• Parking: 2
• Walk Score: 99
• Transit Score: 100
• Maintenance Fees: $2,470.64
• Listing agent: Joel Langlois / Keller Williams Referred Urban Realty
• Listing ID: C3811686

Good For

A wealthy family with multiple kids who likes the idea of downtown living. There are two parking spots, but you'd hardly have to drive in the city thanks to the stellar location.

Move On If

You want a backyard. There's lots to like about living so close to Yonge St., but some people prefer the little sanctuaries that are Toronto's residential side streets.

Thanks to Bosley Real Estate Ltd., Brokerage for sponsoring our condo of the week. All editorial written and selected by blogTO.