Price Check: How about a Roncesvalles loft, a stacked townhouse in Earlscourt or a condo at the foot of Fort York?
What is $800,000-ish fetching this summer? Three different neighbourhoods deliver three different results
Sky-high interest rates have cooled the Toronto real estate market, forcing sellers to lower their asking prices. The intense bidding wars of early spring have also largely disappeared. That means bargains are there for the taking, especially for properties well below the $1 million mark. Here are three very different homes in three very different neighbourhoods that recently sold for less than $850,000.
Roncesvalles Village: An airy loft with a parking spot
Sold for: $777,000
Listing price: $599,000
Date sold: July 13, 2023
Size: 600 square feet
Maintenance fees: $519 a month
Agent: Steve Baird
This one-bedroom condo is in a trendy mid-rise complex in Roncesvalles. The place doesn’t include much outdoor space: it only has a Juliet balcony. However, it does come with a parking spot—a rarity for lofts in this part of town. Due to uncertainty in the face of the latest rate hike, the sellers played it safe and listed below market value. And home seekers were immediately interested. On July 12, the same day it was listed, a buyer made an offer at $178,000 over asking. The sellers accepted within 24 hours.
Earlscourt: A stacked townhouse by a sprawling park
Sold for: $819,900
Listing price: $888,800
Date sold: July 17, 2023
Size: 1,023 square feet
Maintenance fees: $599 a month
Agent: Danny Gaudio
This three-bedroom stacked condo townhouse last sold for $277,000 in 2009. Along with two parking spots, it also has renovated bathrooms and brand-new flooring in the living room. The place is a short walk from the shops and restaurants of St. Clair and the Junction Triangle. In early May, referencing similar properties, the sellers listed for $888,800—more than triple the previous sale price. But the market slowdown had already started by then, so after two months of futility, they lowered their ask by roughly $70,000. That price adjustment did the trick: a buyer quickly agreed to match their asking.
Niagara: A condo sandwiched between Fort York and the lake
Sold for: $775,000
Listing price: $699,900
Date sold: July 25, 2023
Size: 700 square feet
Maintenance fees: $617 a month
Agent: Erin McLaughlin
The owners of this two-bedroom condo wanted to sell so they could upgrade to a bigger property. The place is a ground-floor unit with 12-foot ceilings, equipped with building amenities such as a pool and fitness centre. On July 6, hoping to spark a bidding war, the sellers priced the listing under market value at $699,900. But six days later, the Bank of Canada raised interest rates for the second time in as many months, further softening an already weak market. The sellers then shifted strategies, re-listing at $779,900, a figure closer to their ideal target. About two weeks later, after a brief negotiation, they successfully sold for $775,000.
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