Key Points
- Two-bedroom penthouse at 22 Southport St. No. 1033 in the Swansea district of Toronto was sold at $1,057,500 in August 2026.
- It was listed for $1,099,000 in July 2026, thus selling below the asking price by $41,500.
- According to listing agent Christopher Bibby of Re/Max Hallmark Bibby Group Realty, the seller deliberately put negotiation cushion in asking price.
- The listing had been for sale for 32 days and received 16 showings in four weeks during the summer period.
- As stated by Mr. Bibby, the deal represents a record sale in this complex, in spite of the situation being described as a slow one in Toronto condominiums market.
- The suite is one of six apartments in the building with a terrace, and the last terrace unit sold publicly 23 years ago.
- The suite features a 525-square-foot terrace, two full baths, hardwood floors, floor-to-ceiling windows, parking spot and storage locker.
- Monthly fees of $1,895 pay for utility services, cable TV, concierge and amenities such as party room, fitness center and an indoor pool.
Swansea (Wales Times) September 23, 2026 — A rare terrace penthouse in uk/local/swansea/">Swansea has sold for $1,057,500 after its seller set an asking price that included room for buyer negotiation, according to reporting in The Globe and Mail. The property at 22 Southport St. No. 1033 had been listed for $1,099,000 in July 2026, with the final sale price reached in August 2026.
The two-bedroom unit was marketed by Christopher Bibby of Re/Max Hallmark Bibby Group Realty. As reported by The Globe and Mail, Mr Bibby said the pricing approach was intentional, with the seller expecting buyers in the current Toronto condominium market to attempt to negotiate below the initial list price.
“The data shows, in this market, buyers want to negotiate and feel they pushed us off the price,” Mr Bibby said, as reported by The Globe and Mail. “We baked in a negotiation buffer and achieved our goal. This ended up being a record sale in the complex in a period that’s supposed to be slow.”
Why Was the Sale Considered Significant?
The transaction stood out because of the scarcity of outdoor space in the building. According to The Globe and Mail, most units in the 37-year-old property, which is less than a kilometre from Sunnyside Beach on Lake Ontario, do not have private outdoor space.
Only six apartments in the building have terraces, and the unit at No. 1033 was one of them. Mr Bibby told The Globe and Mail that the previous terrace unit to come to market publicly had done so 23 years earlier.
“In this building, there are only six units with terraces, and the last time a terrace unit had come out publicly was 23 years ago,” Mr Bibby said, according to The Globe and Mail. “These are the only units with exterior space in the building. You’re either getting a terrace or nothing.”
The property drew 16 visitors over four weeks during the summer. The Globe and Mail reported that the first offer came in significantly below the asking price, which Mr Bibby said was unsurprising given the current condo market in Toronto.
The seller ultimately reduced the price by $41,500, resulting in a sale price of $1,057,500. The listing remained on the market for 32 days.
What Did the Buyer Receive?
The penthouse measures 1,709 square feet and features hardwood flooring and floor-to-ceiling windows in each room, including the eat-in kitchen and bedrooms, according to The Globe and Mail.
Its private terrace faces east and south, measures 525 square feet and is accessible from the living and dining area. The apartment has two full bathrooms, including an updated primary ensuite.
The sale also included one storage locker and one parking spot. Monthly fees of $1,895 cover utilities and cable, as well as concierge services and use of amenities such as a party room, gym and indoor pool.
Mr Bibby described the residence as unusual in the context of the building’s recent sales history. “It’s a unique space,” he said, as reported by The Globe and Mail. “We hadn’t seen any unit in this range – over 1,700 square feet – go for sale within years.”
How Did the Seller’s Pricing Strategy Work?
The transaction illustrates a seller-side approach to a market in which buyers are expected to negotiate. Rather than pricing the penthouse at the seller’s minimum acceptable outcome, the vendor listed it at $1,099,000 and anticipated a reduction.
The final discount of $41,500 represented approximately 3.8% of the original asking price. The reported result was a completed sale at $1,057,500 after 32 days, which Mr Bibby characterised as a record for the complex despite the slower market environment.
The Globe and Mail did not report the identity of the buyer or seller, nor any additional offers beyond the first one described by Mr Bibby.
Background of the Development
The property is located at 22 Southport Street in Swansea, a neighbourhood in Toronto’s west end near Lake Ontario. The Globe and Mail described the building as 37 years old and situated less than a kilometre from Sunnyside Beach.
The complex contains a limited number of units with private terraces. The reported shortage of comparable terrace units—only six in the building, with the last public sale occurring more than two decades earlier—was central to the marketing of the penthouse.
The sale occurred amid what The Globe and Mail characterised as a slow period for Toronto’s condominium market, with buyers seeking room to negotiate.
Prediction: How May This Affect Toronto Condo Buyers and Sellers?
For Toronto condominium sellers, the reported sale may reinforce the importance of pricing strategy in a market where buyers expect concessions. The case suggests that some vendors may list slightly above their target price to preserve room for negotiation, although the outcome still involved a reduction from the original asking price.
For buyers, scarce features such as private terraces, parking and larger floor plans may continue to differentiate listings. The limited supply of terrace units in this particular building appears to have supported interest, with 16 visitors viewing the property during its four-week marketing period.
For owners of comparable larger units or units with outdoor space, the transaction provides one recent data point: a 1,709-square-foot Swansea penthouse with a terrace sold for $1,057,500 after 32 days on the market. However, individual results depend on building condition, fees, location, unit layout and broader market conditions.
