$1,425,000 - 505 Richmond Street Unit 505, Downtown Toronto
Condo for Sale in Downtown Toronto
72 days on market- MLS Number
- C12964678
- Property Type
- Condo
- Status
- active
- Days on Site
- 72
- Bedrooms
- 2
- Bathrooms
- 2
- Square Feet
- 1,000 sqft
- Neighbourhood
- Downtown Toronto / Waterfront
- Locker
- Owned
- Exposure
- South East
- Balcony
- Open
- Listing Brokerage
- PSR
Some addresses just feel different and this one delivers. Perched on the corner of one of downtown Toronto's most celebrated boutique buildings, this rare 1,000+ sq ft suite redefines what urban living can look and feel like. Two bedrooms, two bathrooms, parking, and a locker - the fundamentals are all here. But it's the details that make it extraordinary. The kitchen is a statement. Fully appointed with premium Miele appliances and designed with the entertainer in mind, it's the kind of space that makes hosting feel effortless and evenings feel indulgent. Floor-to-ceiling windows wrap the entire suite, flooding every room with natural light and framing unobstructed south views including a front-row seat to the CN Tower. Step onto the upgraded balcony and you'll understand why this one is different. Custom turf underfoot, peaceful sightlines over St. Andrew's Park, and the quiet luxury of knowing you don't have to compromise. Downstairs, the Waterworks Food Hall awaits - one of the city's most acclaimed culinary destinations, right at your front door. Add top-tier building amenities, a layout that actually works, and a location that puts the best of Toronto within walking distance, and the picture becomes clear. This isn't just a condo. It's a standard of living.
Estimate your monthly payments for this property
Estimated Payment
$6,303.26/mo
5-yr fixed avg.
Rates shown are estimates based on typical Ontario 5-year fixed rates. Canadian mortgages use semi-annual compounding as required by law. CMHC insurance applies to purchases under $1.5M with less than 20% down. Estimated property tax uses an approximate 0.85% rate. Contact us for current rate options and pre-approval.
Discover Downtown Toronto / Waterfront
Downtown Toronto / Waterfront is a vibrant community in the Greater Toronto Area, offering excellent amenities, schools, and transportation options. This area is popular with families and professionals seeking a balanced lifestyle with access to urban conveniences and natural spaces.
Why Live in Downtown Toronto / Waterfront
- •Convenient location in Downtown Toronto / Waterfront
- •Access to local shops and dining
- •Good public transit connections
- •Community parks and green spaces
- •Well-maintained neighbourhoods
Nearby Schools
Transit & Commuting
- •MiWay bus routes throughout the area
- •GO Transit stations within driving distance
- •Easy highway access to 401/403/QEW
- •Walking distance to local amenities
Parks & Amenities
- •Local parks and recreational facilities
- •Community centres
- •Shopping plazas nearby
- •Restaurants and cafes
Lifestyle & Community
Downtown Toronto / Waterfront offers a wonderful quality of life with a mix of residential charm and urban convenience. Residents enjoy easy access to schools, parks, and shopping, making it an ideal location for families and professionals alike.
505 Richmond Street Unit 505, Downtown Toronto / Waterfront
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Monthly Cash Flow Breakdown
Note: These are estimates only. Actual figures may vary based on market conditions, property condition, and other factors. Consult with a financial advisor for personalized advice.
Joe's Thoughts
Honest perspective from 30+ years of GTA real estate experience
Premium Pricing
At $1425/sqft, this property is priced above the Downtown Toronto average of $950/sqft. I'd want to see upgraded finishes, premium location, or recent renovations to justify this price point. During our showing, I'll point out exactly what you're paying extra for.
Negotiation Opportunity
At 72 days on site, this property has exceeded the typical selling timeline for Downtown Toronto. This creates leverage for buyers. The seller may be motivated by carrying costs, life circumstances, or previous deals falling through. I'd recommend a strategic offer below asking with terms that favour you.
Condo Considerations
For condos, I always review the status certificate thoroughly. Key things I look for: reserve fund health (should be well-funded), any upcoming special assessments, rules that might affect your lifestyle (pets, rentals, renovations), and the corporation's financial statements. We'll want to verify the monthly fees and what they include.
Investment Perspective
Looking at this as an investment: Downtown Toronto properties have averaged 5-7% annual appreciation over the past decade. Your estimated monthly carrying costs would be around $5,938 (mortgage, taxes, insurance). Consider whether you're comfortable with this as both a home and a financial commitment.
Let's See It Together
Photos only tell part of the story. During our showing, I'll point out things the camera doesn't capture: neighbourhood feel, natural light quality, traffic noise, and overall condition. I'll also share what comparable homes have sold for and help you craft a winning strategy if you decide to move forward.