There’s no denying it now, the Toronto condo market is slowing down big time. Buyers have the upper hand again as the once red-hot market steadily cools off, reports Strata.ca.
The city has seen a 643% rise in terminated listings since January, and some of the remaining Toronto condos for sale have opted to drop their prices to entice a fresh crop of potential buyers.
According to Strata, these condos have had some of the biggest price reductions in the city.
50 Power St, Unit 1119: $999,900 (-$250,000)
With a price drop of $250,000, this is definitely a major markdown. This Corktown-area condo has three bedrooms, two bathrooms, and a den. It’s never been lived in and has 9-foot ceilings with tons of natural light thanks to the floor-to-ceiling windows. There are also tons of great amenities in this building. By Toronto’s standards, we’d call that a steal.
Strata realtor Alex Hood told Curiocity that a price drop this big is rare, even in this market. “But if you compare the unit with the last couple sales in February or March, this unit seems to have been priced a little high […] its new price seems more appropriate.”
“This building may be in limbo where because it is so new, the value hasn’t yet been established,” said Strata realtor Daniel Forte to Curiocity. “Many times when new units enter the inventory, they don’t command the same price per square foot as the established inventory will.”
766 King St West, Unit 209: $999,999 (-$91,001)
This two-bedroom King West loft dropped in price by nearly $100,000. Located in the Tecumseth Lofts, this is one of just 28 units in the boutique building. The unit itself has a north-facing terrace and a balcony on the second floor. And if you love the excitement of downtown, the location could not be better.
160 Baldwin St, Unit 201: $795,000 (-$54,000)
Now $54,000 cheaper, this Kensington Market loft has a lot going for it. The sun-drenched unit is 900 square feet, with 14-foot ceilings and south-facing windows to make it feel extra bright and spacious. The one-bedroom loft also comes with parking and a locker, a coveted luxury in the downtown core.
If you aren’t ready to buy just yet, it seems like this trend will continue over the coming months.
According to Forte, “based on the recent increases & buyers reactions (or lack thereof) in the market, we can very safely assume that as interest increases, prices will continue to drop.”