$648,900 - 8 Mercer Street Unit 507, Downtown Toronto
Condo for Sale in Downtown Toronto
153 days on market- MLS Number
- C12744922
- Property Type
- Condo
- Status
- active
- Days on Site
- 153
- Bedrooms
- 2
- Bathrooms
- 1
- Square Feet
- 600 sqft
- Neighbourhood
- Downtown Toronto / Waterfront
- Locker
- Owned
- Exposure
- South
- Balcony
- Open
- Listing Brokerage
- CENTURY 21 INNOVATIVE REALTY INC.
Welcome to "The Mercer". This 1 Bedroom + Den Suite Features Designer Kitchen Cabinetry With Stainless Steel Appliances, Stone Countertops & a Breakfast Bar. Bright High Floor-To-Ceiling Windows With Hardwood Flooring Throughout. A Spacious Sized Master Bedroom With a Mirrored Double Closet. This location is in the heart of the best that Toronto has to offer! Literally - Walk Score of 98, Transit score 100, Bike score 90! Steps To The Underground P.A.T.H., City's Finest Restaurants, Sports/Concert Venues, Lounges & Theatres On King St. West, The Financial & Entertainment Districts. The Building Features a 24hr Concierge, visitor parking, fitness center, hot tub, sauna, media room, outdoor terrace, and party room. 1 secure underground parking spot and locker included. Functional open concept plan. Den large enough to use as a dining room! Upgraded and high end engineered flooring throughout (as-is). The spacious living and dining areas seamlessly blend, leading to a generous yet private balcony-perfect to enjoy your favorite morning home brew! The upgraded Hollywood kitchen is truly the heart of the home. Featuring an eat in extended layout, enlarged centre island with breakfast bar, neutral quartz countertops and backsplash, upgraded lighting, and a separate laundry room. Large primary suite!
Estimate your monthly payments for this property
Estimated Payment
$3,329.19/mo
Includes CMHC insurance ($18,104)
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.
8 Mercer Street Unit 507, Downtown Toronto / Waterfront
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Rental income estimator & ROI calculator
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
Fair Market Value
At $1082/sqft, this property is priced in line with current Downtown Toronto market conditions. The pricing suggests the seller has done their homework. We may have modest room for negotiation, typically 2-4% in today's market.
Negotiation Opportunity
At 153 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.
Efficient Living
At 600 sqft, this is a more compact space. The upside: lower utility bills, less maintenance, and easier cleaning. Consider how you'll use the space - built-in storage, multi-functional furniture, and good organization become important. Great for singles, couples, or those who prefer a low-maintenance lifestyle.
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 $2,704 (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.