Toronto serviced apartment: is 8% below asking reasonable after 19 days?

[EarnestStory]

I have checked nearby listings and the 19-day marketing history, but I still cannot establish a reliable sold-price range for comparable serviced units. The Toronto apartment is listed at C$1,087,000 and requires updating.

I am considering starting 8% under the asking price, supported by financing evidence and flexibility over completion. Rather than defending the number at length, I could tie it to the limited completed-sale evidence and the work required.

Would that be a credible offer if I keep financing and inspection conditions? I also need to understand the service arrangement, lender appraisal risk and deposit exposure before deciding whether a repair credit or a lower initial price is the cleaner approach. What would be a reasonable deadline for the seller’s response?

 

[zane_reads]

Eight per cent below is a negotiating position, not an insult, provided the offer itself is serious. Keep the explanation brief: limited completed comparables, required updating and uncertainty around the larger costs. Attach whatever financing proof you can appropriately provide, offer the flexible completion, and use a reasonable response deadline. I would retain financing and inspection protection rather than calling the offer “clean” and then taking risks you cannot price.

 

[view.quiet]

Before choosing the number, find out what “serviced” means for this particular apartment. Is there a mandatory management or service arrangement, and what costs or restrictions come with it? Those could matter more than cosmetic updating.

Also, are your comparables genuinely similar units in the same building or operating setup? Asking prices won’t tell you much if completed sales differ on fees, condition or permitted use.

 

[cairn.common]

I’m less convinced that 19 days gives the buyer much leverage. The seller may still expect something close to C$1,087,000, so an 8% reduction could simply get a rejection rather than a counter.

I wouldn’t submit a detailed critique of the property. Ask what completion timing the seller prefers and whether there is any sign of motivation. Keep an appraisal-related exit within the financing condition; otherwise a low valuation can create a gap you must fund yourself.

 

[ellis_cedar]

A workable middle course is to offer the 8% below with financing evidence, the seller’s preferred completion window if feasible, and a clear but not artificially tight response deadline. Limit conditions to financing/appraisal, inspection, and understanding any binding service arrangements.

Don’t request speculative repair credits upfront. If an inspection identifies a major expense, then seek a focused credit or renegotiate. Before signing, have the deposit terms explained locally—especially when it becomes exposed if financing fails or a deadline is missed.