Four years after its last purchase, this corner suite with a den faced a tough market.Hanton Real Estate Inc.
500 Queens Quay W., No. 917E, Toronto
Asking price: $699,000 (Late March, 2025)
Previous asking price: $725,000 (Early March, 2025)
Selling price: $660,000 (April, 2025)
Previous selling prices: $639,000 (February, 2021); $370,000 (September, 2012); $308,000 (April, 2008); $222,000 (April, 2003); $166,060 (February, 2000)
Taxes: $2,768 (2024)
Property days on market: 57
Listing agent: Scott Hanton, Hanton Real Estate Inc.
During its more than eight weeks on the market, only six potential buyers toured the unit on the Toronto waterfront.Hanton Real Estate Inc.
The action
This one-bedroom corner suite with a den is one of only a handful of units with an EV charger by their parking spot in a 25-year-old building across from the Toronto Music Garden on Lake Ontario. But that little extra failed to incentivize more buyers into the space. A quick $26,000 cut to the asking price also fell flat. After more than eight weeks on the market, only six visitors had come through the doors.
“There was a time when having an EV charger was an amazing perk, but the market was so poor, it didn’t matter,” said agent Scott Hanton.
“We did a price change and thought it would make a difference, but it made no difference.
“There were so few buyers in downtown Toronto, especially along Queens Quay.”
The 745-square-foot unit has a modern, urban design with nine-foot exposed-concrete ceilings.Hanton Real Estate Inc.
Finally, one of the first visitors to the property circled back with an offer. After much back-and-forth negotiation, a deal was cut at $660,000, about $21,000 more than the sellers paid in 2021.
“A lot of sellers were losing profit and selling for less than they bought during the pandemic,” Mr. Hanton said.
“These sellers were fortunate to pretty much break even, and that speaks to how poor the market was.”
What they got
This 745-square-foot unit has a modern, urban design with nine-foot exposed-concrete ceilings and windows in the bedroom and living room. There’s a floor-to-ceiling gas fireplace.
Agent Scott Hanton said having an EV charger by the unit's parking spot was once considered an "amazing perk."Hanton Real Estate Inc.
The U-shaped kitchen has stainless-steel appliances. There’s a four-piece bathroom and a laundry closet in the den.
A storage locker comes with the unit. Monthly fees are $759 and pay for water and use of building recreational amenities.
A deal was finally cut at $660,000, which is around $21,000 more than the sellers paid in 2021.Hanton Real Estate Inc.
The agent’s take
“Five hundred Queens Quay is a boutique building with wonderful concierge staff and management,” Mr. Hanton said.
“The buyer that ended up getting this one got a very unique suite.”