Details of the Deal:

- Asking Price: $775,000 (adjusted December 2024) - Original Asking Price: $795,000 (listed October 2024) - Final Selling Price: $720,000 (January 2025) - Previous Selling Price: $502,980 (sold November 2022) - Property Taxes: $3,583 (2024) - Days on Market: 99 - Listing Agent: David Peres, Keller Williams Referred Urban Realty

The Story Behind the Sale:

This 747-square-foot contemporary condo, nestled in a three-year-old high-rise just blocks from the vibrant St. Lawrence Market, initially struggled to attract buyers due to its smaller layout and price point compared to neighboring listings. To rejuvenate interest, the asking price was adjusted after a softening in mortgage rules by the Bank of Canada.

"We decided to reduce the price to encourage potential buyers to come in, especially before the holiday season," explained agent David Peres. On December 15, new mortgage regulations allowed for insured mortgages up to $1.5 million with a 30-year amortization schedule, which piqued interest from buyers willing to explore the housing market again in the new year.

Despite the initial struggle, one persistent buyer stepped up with an offer of $720,000, which reflected a $55,000 discount from the latest asking price. "The sellers demonstrated remarkable patience which really paid off, creating a positive shift in showing volume throughout January," added Peres, noting that while his unit made one price change, many others in the area had to delist and relist, potentially extending their time on the market.

What Makes This Condo Unique:

The trendy one-bedroom suite features an impressive den off the entrance, an efficient kitchen layout along one wall, and an open living space highlighted by full-height windows leading to a south-facing balcony.

The unit boasts two chic three-piece bathrooms, one nestled conveniently in the bedroom for added privacy and convenience. Additionally, it includes a parking spot and monthly fees of $677 that cover water and heating, along with access to the building’s concierge, gym, rooftop deck, and pool.

The Agent’s Insights:

"The standout feature of this unit is the spacious den—it's as large as the bedroom, providing flexibility for various living arrangements," Peres remarked. "The building is exceptionally well-managed and offers great amenities. Plus, its prime location close to St. Lawrence Market makes it incredibly desirable for buyers.”

Conclusion:

This condo's acquisition not only highlights the dynamic nature of Toronto's real estate market but also suggests a potential resurgence of buyer interest amid favorable mortgage conditions. Will More Properties Follow Suit? Stay Tuned!