Toronto condo listed in December lull scooped up at discount

PUBLISHED TUESDAY, FEBRUARY 23, 2021

3 McAlpine St., No. 209, Toronto

Asking price: $849,900 (December, 2020)

Previous asking price: $899,900 (October, 2020)

Selling price: $805,000 (December, 2020)

Previous selling price: $410,000 (May, 2007); $394,000 (February, 2004); $337,500 (March, 2003); $248,851 (December, 2002)

Taxes: $3,580 (2020)

Days on the market: eight

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

The action

As temperatures dropped last fall, so did interest in downtown condominiums, such as this two-bedroom unit at the Domus building. It had fewer than a dozen visitors and no offer until it was relisted at less than $850,000 in December.

“In October and November, inventory levels were more than two and a half times than we’re accustomed to in the city because we didn’t have people back in the office and international students,” agent Christopher Bibby said.

“Mid-December to mid-January is usually the slowest period in general, then everything we had [listed] just sold all of a sudden.

“Whether it’s the combination of low interest rates and confidence we’ll be in a more comfortable place in 2021 with the vaccine on the table, I’m seeing consumer confidence improve.”

What they got

This 1,000-square-foot suite has a split bedroom plan anchored by a central living and dining area with a wall of massive windows.

There are laundry machines, two bathrooms and an enclosed kitchen with stainless steel appliances.

One parking spot is included, as is a storage locker. Monthly fees of $1,156 cover water, heating, concierge and use of the gym and party room.

The agent’s take

“It’s in a boutique building in Yorkville,” Mr. Bibby said.

“So, it had a classic and conventional layout, which is very hard to find, especially today where a lot of new condo buildings are so compact and designed for more active lifestyles. But today with everyone home, they want more space for an office or proper dining room.”

This east-facing unit also overlooks a landscaped pathway. “It almost felt like a garden setting, very private and very tranquil because every other orientation you’re either looking into other buildings or streets,” Mr. Bibby said.