Location: 3577 Derry Rd. E., Suite 203, Mississauga
Asking price: $479,000
Sold for: $514,500
Maintenance fees: $591 per month. Includes all utilities, locker, underground parking spot
Description: Recently renovated corner-unit condo stands out with upgraded features, including pot lights in the main living spaces, updated bathroom and kitchen redone to modern tastes.
The second-floor suite has generously sized bedrooms and caters to those seeking affordability, quality living and promising investment potential. The building, an older midrise in Malton, offers a host of amenities including a gym, pool, games room, recreation room and sauna.
Size: 900 square feet to 999 sq. ft., two bedrooms, bathroom
The sale: The shift in the market, due to rising interest rates, opened doors for aspiring homeowners, and provided access to properties that were once seemingly out of reach, says realtor Michelle Boodhoo. This was the case for her clients, first-time buyers concerned about affordability.
Similar condos to this one in the area were priced at $560,000 to $650,000 in early 2022, making ownership unattainable to the immigrants who’d come to Canada for a better life, says Boodhoo.
She acted quickly to get her clients into the market when this listing came out priced at $479,000, below the going rate for a similar two-bedroom unit of comparable square footage. The property also had updates that were lacking in other available units.
Multiple offers drove up the price by more than $35,000, but the buyers expected competition, according to Boodhoo.
“Negotiating the purchase at $514,500 with a comfortable, 60-day closing timeline felt like a significant victory,” she says, adding the deal included everything her clients wanted, within budget. In addition, they didn’t have to look outside the GTA, which made it making it a convenient and strategic purchase.
What sealed the deal: Close enough to work and school “without much hassle,” the location was perfect for the buyers, young professionals with two children. And the price was extremely affordable for a renovated condo such as this, especially with all the things included in the condo fees.
Days on market: 17, sold in late September, 2023
Comparables: A similar, but slightly bigger unit in the same building, with a list price of $499,900, sold around the same time for $530,000.
The buyers’ agent for this home was Michelle Boodhoo, broker with Century 21 Leading Edge Realty, 416-300-0691, www.michelle-boodhoo.c21.ca
