Listing refresh draws new crop of buyers to downtown Toronto condo

The action

This two-bedroom unit at the Spire building, a predominantly owner-occupied high-rise overlooking the Cathedral Church of St. James, was listed for several months with an asking price of $739,900. Despite getting no offers, agent Christopher Bibby saw no benefit in reducing its price since his client was not pressed to sell and similar units had not emerged to undercut them. Instead, he opted for a simple refresh, reposting the unit on the MLS service at the same price to pull in a new round of potential buyers.

The practice of “refreshing” resets online searches and brings an “old” listing back to the top of the search results.

“Dropping the price,” Mr. Bibby said, “would not really help us, since nothing else sold in the time we were listed. If other things started trading significantly below [us], we’d have a different issue to deal with.”

While the sellers of other nearby units terminated their listings in the winter, Mr. Bibby’s client found a buyer in January. The final sale price came in $39,900 below asking.

“By the end of November, people who didn’t have to sell ended up taking their units off the market,” Mr. Bibby said. “The low supply worked out in our favour.”

What they got

This 714-square-foot unit has hardwood floors, floor-to-ceiling windows in the bedrooms and sliding doors to a balcony from the principal room.

By the foyer, there is a full bathroom, a closet with laundry machines and a kitchen with stainless-steel appliances.

The unit has one parking space. Monthly fees of $812 cover heating, water and concierge and use of the gym and rooftop deck.

The agent’s take

“It’s on a higher floor with lots of natural light,” Mr. Bibby said.

“These two-bedroom units are a lot more appealing than a lot of the one-bedroom and one-bedroom plus dens right now because they’re more functional for end users.”