Price Check: “The high-end condo market is probably the healthiest in real estate right now”

In December, the Bank of Canada lowered its policy rate to 3.25 per cent—a sharp reduction from its five per cent rate just a year earlier. While the move was intended to stimulate the economy, it hasn’t dramatically shifted Toronto’s real estate market. Many buyers remain cautious, especially in the face of president-elect Donald Trump’s proposed 25-per-cent tariffs on Canadian goods, which would dramatically affect housing prices. Still, low inventory means that strategically priced properties are attracting interest. Here, three different agents share their recent experiences of selling three very different $1.5-million homes.

Related: “Now is a great time for buyers to act.” Three realtors on how to game the current condo market

Wellington Place: A 32nd-floor unit staring at the CN Tower

Listed for: $1,550,000 Sold for: $1,500,000 Date sold: December 9, 2024 Bedrooms: 2 Bathrooms: 2 Size: 1,151 square feet Maintenance fees: $1,326 a month Parking spot: 1 Real estate agent: Mathieu Fitzgerald, The Condo Store Realty

“Everything in this unit was custom, including the built-in storage and high-end appliances. It also came fully furnished with pieces designed specifically for the space. Comparable units in the building without such upgrades were selling for $1,100 to $1,200 per square foot. Given our additions, I priced the place at $1.55 million—approximately $1,300 per square foot.”

“The listing wasn’t very active. We had about 15 showings over two weeks. Eventually, we received an offer for $1.5 million— $50,000 under asking—and my clients accepted. I find this price point fascinating because it shows that wealthier buyers with more disposable income are helping to move high-end units, like this one, faster than mid-market stock. Our above-market selling price worked in our favour.”

“The $1.5-million-plus condo market is probably the healthiest in real estate right now, and it will likely hold steady or improve over the next few months. Beyond that, it’s a guessing game. What’s happening in the US—Trump’s return, interest rate fluctuations—affects us because Toronto is a global city. Things around the world ripple here.”

Roncesvalles: A renovated semi with laneway suite bona fides

Listed for: $1,300,000 Sold for: $1,500,000 Date sold: December 11, 2024 Bedrooms: 3 Bathrooms: 2 Size: 1,101 square feet Parking spots: 2 Real estate agent: Alexandra Cote, The Fox Team

“This two-storey townhouse is unique for the west end, with its centre staircase creating a nice balanced layout of defined rooms. It also has laneway parking with two EV chargers and enough amperage to support a laneway suite. To generate interest, I strategically underpriced the listing at $1.3 million and set an offer night for December 11: the same day as the Bank of Canada’s interest rate announcement. This timing helped attract buyers who were ready to act quickly.”

“The house generated a lot of activity during its one week on the block. We had about 20 showings, and nearly 60 people attended the open house. On offer night, someone bid $1.5 million—my clients’ target price. Selling for $200,000 above asking felt like a long shot in December (typically a slower month), but the under-pricing paid off.”

“I suspect the quick sale was also thanks to the EV chargers and laneway-ready lot, which are appealing to house hunters seeking green features and rental income. We also leaned in to bolder, warmer colours in spaces like the living room to move away from the generic greys and whites that dominate many properties today. Let your home’s personality shine—it really makes a difference.”

Yonge-Eglinton: A 1930s red-brick with a front parking pad

Listed for: $1,524,900 Sold for: $1,465,018 Date sold: December 14, 2024 Bedrooms: 3 Bathrooms: 2 Size: 1,100 square feet Parking spot: 1 Real estate agent: David Batori, RE/MAX Hallmark Batori Group

“Built almost 100 years ago, this two-storey house comes with several period details, such as the fireplace mantle and leaded glass windows. The kitchen and bathrooms needed upgrading, but the home’s location on a quiet street near top schools and transit made it stand out. We initially listed it in the fall for $1,529,000, but demand back then wasn’t strong enough to secure a sale. In late November, with less inventory out there, we re-listed at $1,524,900.”

“It generated steady showings for roughly three weeks, spurred by the anticipation of December 11’s interest rate drop. Three days after that announcement, we sold the home for just over $1,465,000, a strong result given the slower market conditions.”

“Inventory is extremely low today, making it an ideal time for sellers to list. Many assume waiting for spring is better, but buyers aren’t focused on landscaped yards—they’re looking for options. Fewer listings means less competition and more negotiating power for sellers. If inventory remains tight, slight price increases this winter are possible. That said, the market is more balanced than during the peak of the pandemic, allowing people to make thoughtful decisions without the pressure of bidding wars.”

Are you an agent with tips for house hunters? Send your story to realestate@torontolife.com.