What $1M got you in Toronto's real estate market last month (PHOTOS)

Oct 7 2022, 8:10 pm

In early 2022, $1,000,000 wouldn’t get you far in Toronto’s red-hot real estate market. Even condos, often the more affordable housing option, saw prices surge.

But following the Bank of Canada’s interest rate hikes, the market has shifted to favour the buyer. While condo prices still remain high in some areas, $1,000,000 goes a lot further today than it did in January and February.

Real estate agency Strata has rounded up five condos that sold for less than $1,000,000 in September but would have fetched a much higher price just a few months ago.

From a hard loft with lake views to a party-perfect penthouse, check them out below.

50 Holmes Avenue, Unit 7 | North York| $998,900

Royal Lepage Terrequity Realty

Royal Lepage Terrequity Realty

Royal Lepage Terrequity Realty

  • 2 bedrooms
  • 2 bathrooms

This spacious North York townhouse sits in a quiet courtyard but is just steps from shops, parks, and restaurants. The kitchen features quartz countertops and heated floors, and a third-floor loft walks out to a beautiful rooftop terrace. After nine days on the market, the home sold for slightly above the $995,900 list price.

The property “would have likely sold for much higher back in the spring,” Strata noted, pointing to a similar unit that sold for $1,158,800 in February.

555 Wilson Avenue, PH1404 | North York | $927,000

Royal Lepage Signature Realty

Royal Lepage Signature Realty

Royal Lepage Signature Realty

  • 2 bedroom + den
  • 3 bathroom

This penthouse has stunning views of the Toronto skyline, and a rooftop terrace that will “make you feel like royalty.” The chef’s kitchen and large dining room are perfect for parties, and the primary bedroom features a walk-in closet and ensuite. It sold slightly under the $929,900 asking price in just three days.

In February, a much smaller unit in the same building sold for a similar price, albeit $251,000 over asking.

“It just goes to show there is good value to be found in today’s more balanced market,” Strata said.

1300 Islington Ave, Unit 1707 | Etobicoke| $995,000

Royal Lepage Supreme Realty

Royal Lepage Supreme Realty

Royal Lepage Supreme Realty

  • 3 bedrooms
  • 2 bathrooms

This breathtaking corner suite features an octagonal kitchen, oversized living room with wall-to-wall windows, and a solarium. It was on the market for just eight days and fetched $4,999 under the listed price.

“When Toronto condo values hit record highs during the first quarter, a 1,700-square-foot unit with breathtaking views in Etobicoke may have been unheard of for under $1,000,000,” Strata said. “But this past month, it was certainly possible.”

250 Manitoba Street, Unit 528 | Etobicoke | $975,000

Royal Lepage Signature Realty

Royal Lepage Signature Realty

Royal Lepage Signature Realty

  • 2 bedrooms
  • 2 bathrooms

Located in the heart of Mimico, this two-level corner unit has soaring 17-foot ceilings, stunning views of Lake Ontario and the Toronto skyline, and a private 360-square-foot entertainer’s terrace. After six days on the market, the unit sold for $24,000 under asking.

“Hard lofts are in high demand. So it’s no surprise this property type was selling for record-breaking prices at the market’s peak,” Strata said.

“And to score a 1,200-square-foot hard loft with lake views would’ve been tough earlier this year, at least without some steep competition.”

68 Merton Street, Unit 811 | Toronto | $950,000

Re/Max Hallmark Realty

Re/Max Hallmark Realty

Re/Max Hallmark Realty

  • 2 bedroom + den
  • 2 bathroom

Wrap-around floor-to-ceiling windows flood this corner unit with natural light and offer stunning treetop views. Located in the heart of Midtown, the chef’s kitchen and a 275-square-foot terrace are perfect for entertaining. Originally listed at $975,000, the suite took 23 days to sell.

“Toronto’s Midtown neighbourhood, known for its upscale lifestyle, is often synonymous with higher condo values,” Strata said.

“So a unit like this inside the high-demand Life Condos may have sold for over asking back in the spring. But in September, it sold $25,000 under the list price.”

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