This three-bedroom unit at 111 St. Clair West, the Imperial Plaza, was listed with an asking price of $2.195-million. It sold for $2.127-million after 50 days on market.In the resale condo segment, a combination of interest rate decreases and depressed prices is drawing more interest from buyers, but industry players caution that weighty inventory will prevent sales and prices from taking off.
The activity picked up across a range of prices, he says, with sales ranging from the $600,000 level to smaller two-bedrooms around $800,000, and one that sold in mid-town above the $2-million mark. The average price of a condo apartment in the City of Toronto dipped slightly in November to $713,364 from $720,280 in the same month last year.The high level of inventory gives buyers more negotiating power, according to TRREB.
Mr. Kutyan listed the 1,445-square-foot suite with an asking price of $1.595-million, but it had previously been listed with another agent at the peak of the market in March, 2022 with an asking price of $2.268-million.“As a seller, it’s very difficult to swallow,” he says of the downturn in the condo market.