End users pick up River City condo below price paid in 2019 as investor buyers bail out

THE ACTION

This studio-sized condo, which at one time would have been a prime target for investor buyers, sat for months on the market without a bite. The 315-square-foot unit is in the well-regarded River City complex, designed by Montreal-based architectural firm Saucier + Perrotte and overlooks the verdant Corktown Common, but even a modest price of $365,000 failed to draw out a buyer.

“A lot of studios and junior one-bedroom [units] were tricky to sell at the end of last year because the investor market was quite dormant,” said agent Christopher Bibby.

“As prices come down, a lot of people were saying they can actually get into a proper one-bedroom or a unit with an enclosed bedroom.”

There was a noticeable uptick of interest after the unit’s price dropped to $349,900 in November, but it wasn’t until February that a deal was struck at an additional $10,000 discount. It was an end user that purchased the unit, Mr. Bibby said, as was the case with several other listings he had downtown.

“A lot of first-time buyers are starting to come out based on low [mortgage] rates and lower prices,” said Mr. Bibby.

“I’ve also seen a lot of parents and grandparents out shopping and picking up units for their kids in recent weeks.”

WHAT THEY GOT

In the third phase of a the high-rise complex, the unit has oak hardwood flooring, an exposed concrete ceiling and sliding doors to a southeast-facing balcony.

There is a three-piece bathroom and a kitchen along one side of the principal room.

Monthly fees of $261 pay for concierge and use of a gym and outdoor pool.

THE AGENT’S TAKE

“It’s functional, and it has a balcony,” said Mr. Bibby.

“The buyers were drawn in to the neighbourhood because Corktown Common has a lot of public green space, and there’s easy access to the new Biidaasige Park, Cherry Beach, Tommy Thompson Park, Martin Goodman Trail and the Distillery District.

“The location is great.”