Toronto real estate: Condo sells at $320,000 loss amid market woes

The three-bedroom unit, on King Street near the site of the Toronto International Film Festival and across from Roy Thompson Hall, faced an uphill battle to be sold this week at $1.23 million – and that was after several previous attempts failed, said the listing realtor, Rebecca Romeo.

The glut of condos for sale in the Greater Toronto Area has plenty of other owners unable to sell as a combination of factors allow buyers to be choosier, even though the longer-term impact could be bad for affordability, says a recent report on GTA Condo Investment called “Challenging Times,” by Urbanation and CIBC.

A situation realtors are seeing on the ground, said Ralph Fox of Fox Marin and Associates, though he cautioned that any single property could be held up as an example of the phenomenon. One factor in the glut is that the builders of newer condos were marketing to investors, rather than to the end user of the building

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Toronto condo sells at $320,000 loss amid condo market woesA 37th-floor luxury condo in the heart of Toronto’s entertainment district that sold for a $320,000 loss is an example of a condo market that hasn’t been this tough in decades, Realtors and observers say.
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