Forest Hill condo price cut three times to find buyer

After three price cuts, a one-bedroom Forest Hill condo at 335 Lonsdale Rd., No. 406, finally became a home-buyer in the competitive Canadian Housing Market. Initially listed in August 2024 at $599,900, the apartment struggled to attract interest until November 2024, when it sold for $500,000. This sale emphasizes how important strategic pricing and contemporary staging are—even in a soft market—in making all the difference.

A Slow Market and Stiff Competition

This Forest Hill condo, measuring over 700 square feet, struggled to attract buyers due to its smaller size and fewer upgrades compared to other units in the 14-year-old building.

Competing listings intensified the challenge. "As far as competition, there was a penthouse on the market – which is still on the market – and another unit with the same square footage but two bedrooms, which sold quickly," Ms. Myles explained. Despite reducing the price twice in September – from $589,900 to $549,000 – the unit failed to generate significant buyer interest.

The Winning Strategy: Price Cuts and Digital Staging

Recognizing the need to stand out, the seller adopted a dual strategy of further price cuts and digital staging to refresh the unit's appeal. In November, the price was cut again to $509,000, and the listing photos were digitally staged to showcase the unit with contemporary decor. This strategic move paid off, resulting in a successful sale for $500,000.

"Buyers were not seeing a lot of multiple offers or buyer frenzy so that they could pick and choose," Ms. Myles noted. "We tweaked the photos through digital staging and reduced the price – which led to a great deal."

This case demonstrates how targeted pricing adjustments and modern marketing techniques can overcome market challenges and secure buyer interest, even in a slower market.

What Buyers Got

The Forest Hill condo offers a traditional layout, including a separate kitchen and dining area, a solarium, and a living room featuring an antique fireplace mantle. Additional benefits include:

• Storage locker and parking
• Monthly fees of $961, covering utilities and access to a rooftop terrace
• Updated bathroom (2018) and new kitchen appliances (2020)

While the building is 14 years old, the prime Forest Hill location was crucial in attracting buyers. This sale emphasizes that, despite market conditions, competitive pricing combined with effective staging can unlock a deal.

Key Takeaway for Home Buyers

In today's Canadian Housing Market, this sale reinforces the value of flexibility in pricing and the power of modern marketing. For those seeking new condos or Forest Hill properties, adapting strategies to market realities remains essential for successful transactions.

FAQs

Why did the Forest Hill condo need three price cuts to sell?

Low buyer confidence, high interest rates, and stiff competition slowed interest and called for three price cuts to encourage purchases.

How did digital staging help sell the condo?

It improved the condo's look in listing pictures, which increased its appeal and helped to explain its successful sale.

What does this sale reveal about the Canadian Housing Market?

It emphasizes that in a slower market, attracting buyers depends mostly on competitive pricing and modern staging.