Seniors co-op with no-dogs policy proves challenging sale

50 Old Kingston Rd., No 3-102, Toronto

Asking price: $339,000 (October, 2023)

Previous asking price: $344,000 (September, 2023)

Selling price: $325,000 (December, 2023)

Taxes: $936 (2023)

Property days on market: 106

Listing agents: Elias Ben Khelifa and Munira Ravji, Royal LePage Signature Realty

The action

The very specific buyer profile for this unit in a co-op building with a minimum age requirement of 55 made finding interested buyers a challenge. But those that did show interest had a lot to choose from.

“There were so many other units in the building that were up for sale,” agent Munira Ravji said. “It was funny, because every time we got a showing, everybody would get a showing.

“We found units with one bedroom were selling a lot faster, which makes sense since most of the seniors that were moving in were not couples, they were singles.”

To give it a competitive edge, the asking price was reduced by $5,000 in September. That move led one visitor to make an offer, but the deal collapsed when the potential buyer found out about the building’s no-dog policy. The next offer came in low, but negotiations pushed it up to $325,000, which the sellers accepted.

“Sometimes in a situation, it feels like the only option you have is to lower the price,” Ms. Ravji said. “Sometimes it’s better to hold and wait.”

What they got

On the ground level of a low-rise building, this more than 700-square-foot suite contains two bedrooms, one bathroom, a U-shaped kitchen and an open principal room with access to a terrace.

The unit includes a storage locker and parking. Monthly fees of $782 cover utilities, internet, and use of a pool and hobby rooms.

The agent’s take

“It’s deep in Scarborough backing onto a ravine and park, so it’s a beautiful area with deer that come up,” Ms. Ravji said.

“We were on ground level, which is good for accessibility, and we also had a garden in the back.”