An Etobicoke condo just sold for a head-turning $290,000
That represents a $168,000 loss. What is this, the ’90s?
Last week, a condo at 1195 The Queensway sold for a staggering $290,000, a sign that Toronto prices are falling dramatically from their all-time high in 2022. The owner of the Etobicoke property listed in February of this year at just under $400,000. They then reduced the price six times before settling at the final figure, which represents a $168,000 loss.
Completed in 2023, the one-bedroom condo is less than 600 square feet and comes with no parking. Marketing photos show a tight space, with the kitchen, living room and dining area all crammed into less than 175 square feet.
According to the Toronto Star, the unit sold as a power of sale, meaning a lender—in this case, the Canadian Mortgage and Housing Corporation—took over after the original owner defaulted on their mortgage.
Like thousands built during the city’s boom, this condo was primarily designed for investors. Developers are now having a brutal time unloading these assets as demand has shifted to larger, family-friendly units.
