One of the most expensive condo units in Toronto history has been purchased for a whopping $18 million — and it doesn't even exist yet.

An undisclosed buyer has scooped up a luxurious penthouse unit on the top floor of a proposed boutique condo development at 1086 Yonge Street, known as One Roxborough West.

The 12-storey project from developer North Drive will introduce just 27 luxury residences to the Summerhill area, geared towards the ultra-rich, with unit prices starting at a hefty $4 million. The building will be topped by an enormous penthouse unit that just sold for over four-and-a-half times that starting price.

Spanning 5,328 square feet of interior area and 3,979 square feet of outdoor living space, the penthouse suite 1201 will offer three bedrooms, four bathrooms, two powder rooms, a library and wellness space.

While construction on the new building has yet to begin, the developer has set up a sales centre at 1080 Yonge that offers a peek at what's in store for residents of this ultra-luxe development, and blogTO got to check it out firsthand.

A look inside Toronto's new $18 million condo. Would you like to live here? pic.twitter.com/cbB0qMglQC

— blogTO (@blogTO) January 24, 2024

A model suite in the presentation centre boasts art courtesy of the Nicholas Metivier Gallery and Canadian-sourced furniture. Visitors are treated to previews of the impressive city views that residents will enjoy, as well as impressive features like massive showers and expansive walk-in closets.

But the $18 million unit isn't the most expensive condo unit ever sold in Toronto, not by a longshot.

The coveted upper penthouse within the crown of the St. Regis Toronto was purchased by cryptocurrency tycoon Anthony Di Iorio for $28 million in 2018, a number only matched by the 2011 purchase of a penthouse unit at the Four Seasons by a mystery foreign buyer.

In late 2022, a penthouse unit in the Frank Gehry-designed Forma project sold for a staggering $20 million.

While it's not the priciest unit to ever sell in Toronto, the timing of the deal, amid a growing housing crisis where runaway real estate prices have made home ownership impossible for all but the wealthiest members of society, is hard to ignore.

The average GTA condo price sat at $682,525 in December 2023. For the purchase price of this one flashy statement of a home, the buyer could have instead bought 26 condominium units at the region-wide average.