What can $2.5 million net you before summer’s end?

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Everything happening in Toronto real estate this week

SEPTEMBER 3, 2024

Dear reader,

Red and orange leaves are slipping into the foliage, and the late-summer humidity is being cut by a cool wind—change is, literally, in the air. And while it may be slow, the real estate market is shifting too. The Bank of Canada is expected to make a third consecutive cut to interest rates tomorrow, a relief to sellers eager to unload their properties and buyers wary of being saddled with a hefty premium on their mortgages.

Alas, it’s not quite time to pop the champagne. Some sellers are still holding off on listing, hoping that, with time, the new interest rates will coax buyers into a spendier mood. This week, for the market-curious, reporter Ali Amad took stock of the situation. In his Price Check, he looks at what $2.5 million can buy in Baby Point, at Yonge and St. Clair, and on the waterfront.

Also in today’s newsletter: a beautifully modernized 1870s worker’s cottage in Cabbagetown. Plus, an Edwardian duplex on a massive commercial lot in Little Portugal. Visit torontolife.com or subscribe to our print edition for all of our real estate coverage and more.

—Maddy Mahoney, assistant editor

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PRICE CHECK: THREE $2.5-MILLION PROPERTIES

The high-end real estate market remains sluggish, and inventory is low—yet, for those willing to brave the cool-down, there are still options. For example, a waterfront condo, a Baby Point detached and a luxury suite at Yonge and St. Clair are all going for $2.5 million despite having vastly different square footages and features. Here, a breakdown of the market in our quarterly edition of Price Check.

COTTAGE OF THE WEEK

Here’s a glammed-up 1870s worker’s cabin in Cabbagetown for $2.9 million. It comes with a courtyard koi pond, a laneway garage–guest house combo and tons of natural light. Take the tour.

HOUSE OF THE WEEK

This Little Portugal home is a 3,800-square-foot property with Moroccan tiles, a meditation room, a backyard workshop and a tire swing. It’s going for $3.1 million. Here’s a better look.