Condo in King Edward Hotel sells just $2,000 over price paid in 2020

A one-bedroom plus den condo at the King Edward Private Residences in downtown Toronto sold in March 2025 for $640,000, only $2,000 more than what the owner paid in November 2020. This small gain, after more than four years, shows how weak the downtown condo market still is, with many owners either breaking even or losing money once costs are included.

The condo sat on the market for 113 days with no serious offers. The seller had to cut the asking price by more than $45,000 from the original list of $695,000. Eventually, someone made an offer, and the deal closed at $640,000, just barely above the purchase price from 2020.

The owner had bought the unit for $638,000 and used it as a temporary workspace during the pandemic. Rather than renting it out afterward, they chose to sell. That decision reflects wider concerns among investors and owners about the risks of renting in a slow and uncertain market.

This sale points to the lack of growth in property values in central Toronto. Even with the high cost of living, condos in some parts of the city are struggling to gain value. After real estate fees and other costs, many sellers are walking away with little to no profit.

It’s a reminder that even units in well-known buildings like the King Edward Private Residences are not immune to the pressures of a soft market. Without strong buyer demand or rising prices, sellers need to lower expectations or be ready to wait longer for the right offer.

In short, the condo’s sale shows just how cautious today’s market is. For many, simply getting close to what they paid a few years ago counts as a win, even if the gains are small.