Markham, Ont., condo draws two offers in less than two weeks

135 Pond Dr., No. 801, Markham, Ont.

Asking price: $549,900 (October, 2023)

Selling price: $520,000 (November, 2023)

Previous selling price: $239,500 (April 2014); $165,000 (September 2006); $160,000 (January 2004); $135,000 (November 2000); $109,877 (September 1999)

Taxes: $1,584 (2022)

Days on the market: 12

Listing agent: Christopher Bibby, Re/Max Hallmark Bibby Group Realty

The action

Agent Christopher Bibby specializes in condominium sales in downtown Toronto, where supply currently greatly exceeds demand, so he was surprised by the level of interest in this one-bedroom condo in Markham, 30 kilometres to the north. Ten visitors toured the unit over the space of 12 days and two offers came in. Despite the unexpected interest, neither bid met the asking price and the eventual deal came in $29,900 under list.

“At that time … in Markham, there were 27 sales, but of those 27, 23 were one-bedroom plus dens, so it appears one-bedroom inventory was quite low,” said Mr. Bibby.

“We were the only unit for sale in the building, nothing had traded since May, so it’s a very different experience than what I’m seeing downtown where supply levels are, in some cases, up by 60 per cent year over year.”

The seller was grateful to get two offers, even if below expectations. “I think the [buyer] mindset was such that they were cautious in terms of not getting carried away or caught up in a competitive scenario,” said Mr. Bibby.

What they got

The 24-year-old unit has a U-shaped kitchen and a four-piece bathroom by the entrance. The bedroom and principal room are along the windows.

A storage locker and parking are included. A monthly fee of $461 covers water, heating, concierge, and use of the fitness facilities.

The agent’s take

“It’s a very central location being at Highway 7 and Leslie Street, and you have immediate access to [highways] 407 and 404/DVP,” Mr. Bibby said.

“The industrial, commercial and office areas are still growing dramatically, and there are countless shops and restaurants.”

“It’s on the south side of the building and that’s the side everyone typically wants because you’ve got a lot of natural light,” said Mr. Bibby.

“And the south views are unobstructed because there are single-family homes below and a ravine/park system just to the east.”