Toronto condo sells for $720,000 after price cut

A condo near St. Lawrence Market in Toronto sold for $720,000 in January 2025, down from an asking price of $775,000 in December 2024. The previous asking price was $795,000 in October 2024. The unit, which struggled to attract buyers, saw a price cut coinciding with new mortgage rules from the Bank of Canada. These changes allowed for larger insured mortgages and longer amortization periods. The 747-square-foot one-bedroom condo features a den, open living area, and a balcony. Monthly fees of $677 cover amenities like water, heating, and access to a gym and pool.