Price Check: How about a waterfront condo, a Baby Point detached or a luxury suite at Yonge and St. Clair?

Even after two consecutive interest rate cuts by the Bank of Canada—and another expected next week—the high-end real estate market remains sluggish. Sellers are holding off on listing properties, waiting for the effects of the reductions to take hold. As a result, there’s been a shortage of inventory, especially for semis and detached homes. Here are three very different properties in three very different neighbourhoods that recently sold for about $2.5 million.

Related: How about a Riverdale semi, an East York detached or a condo in Dufferin Grove?

East Bayfront: A corner glass box overlooking the Toronto Islands

Listed for: $2,598,000 Sold for: $2,500,000 Date sold: July 26, 2024 Bedrooms: 2+1 Bathrooms: 3 Size: 1,960 square feet Maintenance fees: $1,650 per month Parking spots: 2 Real estate agent: Jags Jagatia
Photography: Property Vision

Standing right on the waterfront, this corner unit came with two balconies and 10-foot floor-to-ceiling windows. The owners purchased it for $2.5 million in 2022 as a second home but decided to sell after paying roughly $70,000 annually in vacancy taxes. Initially listed at $2.75 million last fall, they re-listed the property at the same price this past spring but attracted no buyers. In July, the asking price was reduced to just under $2.6 million. Keen to cut their losses, the owners accepted an offer at their original purchase price.

Yonge and St. Clair: A vision of white with a private elevator

Listed for: $2,499,000 Sold for: $2,499,000 Date sold: August 19, 2024 Bedrooms: 2 Bathrooms: 2 Size: 1,700 square feet Maintenance fees: $1,993 per month Parking spots: 2 Real estate agents: David Dunkelman and Leeanne Weld, Royal LePage, J&D Division

This fifth-floor condo is located within the Davies, a new boutique mid-rise with only 37 residences—each one with its own elevator. The seller, a designer, reconfigured the space by adding a large walk-in closet and upgrading the second bedroom’s ensuite so it could double as a guest-accessible powder room. Priced at market value, just shy of $2.5 million, in late July, the place attracted plenty of interest, mostly from folks looking to downsize. After nearly three weeks of showings, it sold in mid-August for the full asking price.

Baby Point: A three-storey detached near the Humber River

Listed for: $1,998,000 Sold for: $2,430,000 Date sold: August 21, 2024 Bedrooms: 4+2 Bathrooms: 4 Size: 2,968 square feet Parking spots: 1 Real estate agents: Kristofer Lawson and Cindy Gallant, Babiak Team

This detached came with tons of living space: more than 4,000 square feet across four levels. In addition, the finished basement had a separate entrance, making it ideal as a guest suite or a secondary apartment. Earlier this spring, the sellers listed it for $2.6 million. Given the slow market, the place received minimal interest. In August, they decided to drive traffic by pricing it significantly below market value at nearly $2 million. The strategy paid off, but at a cost. After six days and 25 showings, the sellers received seven bids. The winning buyer acquired the home for $432,000 above asking, but $168,000 below the original list price in the spring.

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