Big price cut on Forest Hill house sparks bidding from three buyers
After 11 weeks on the market, sellers cut the asking price by nearly $500,000. The move brought three offers and an unconditional sale at $3.48 million.
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By Torontoer Staff
After 11 weeks on the market, sellers of a Forest Hill house lowered the asking price by nearly $500,000, prompting three purchase offers and a final unconditional sale at $3.48 million in December 2025. The four-bedroom, five-bathroom home had initially listed at $3.798 million in September and relisted at $3.299 million in November.
The property, 506 Castlefield Ave., sits a few blocks north of Eglinton Avenue between Avenue Road and Spadina Road. It was listed by Andrew Ipekian of Keller Williams Referred Urban Realty and spent 90 days on the market before the sale. Municipal taxes for 2025 were $17,434.
Why the price cut
The house received interest and multiple offers during the initial listing period, but none matched the seller's expectations. Agent Andrew Ipekian said the market was shifting toward new-build product, and additional listings arriving while the house was active added downward pressure on its price.
In today’s market, people want new-build homes because there are fewer problems with them. There wasn’t too much on the market at the time we listed, then more houses came on the market, adding more pressure for us.
Andrew Ipekian
After 11 weeks without an acceptable offer, the sellers opted for a decisive reduction rather than a marginal one. The sharper cut aimed to make the listing stand out and encourage competitive bids without conditions.
If you were at $3.8 million and relist at $3.7 million, it doesn’t mean it’ll sell overnight. People would still negotiate with you. We wanted to drop the price significantly low enough where people realize it’s priced very aggressively for a bidding war.
Andrew Ipekian
What the buyer got
The roughly 10-year-old home occupies a 33- by 135-foot lot and offers living space across three levels, including a finished basement with 12-foot ceilings and a rear exit. The property includes a built-in double garage and two main-floor entertaining areas with 10-foot ceilings, fireplaces, and access to a two-tiered rear deck.
- Four bedrooms, five bathrooms
- Finished basement with 12-foot ceilings and rear exit
- Two entertaining areas with fireplaces and 10-foot ceilings
- Eat-in kitchen and butler’s pantry connecting to dining area
- Built-in double garage, two-tiered rear deck
The house was built from the ground up rather than renovated, which the agent says contributes to higher ceiling heights and construction consistency. Its location offers proximity to local schools, transit, shopping and the downtown core, attributes that continue to attract buyers in central Toronto neighbourhoods.
How the strategy paid off
The steeper price reduction produced immediate traction. Three buyers submitted offers, and negotiations concluded with an unconditional sale at $3.48 million. The result shows how sharper pricing moves can concentrate buyer attention in a crowded market.
Ipekian framed the approach as a deliberate tactic to trigger a bidding environment, rather than a series of small adjustments that might not change buyer perception. The sale closed in December 2025, about three months after the listing first went live.
Market takeaways
Sellers in central Toronto are facing a mix of buyer preferences and steady inventory. New-build and newer-stock properties remain desirable for buyers seeking fewer maintenance issues. For standing listings, a clear, aggressive price repositioning can be more effective than incremental reductions when the goal is to stimulate competitive offers.
Buyers considering similar neighbourhood properties should weigh condition, ceiling heights and layout as part of value assessment. For sellers, the Castlefield sale underlines the importance of pricing that reflects market dynamics, not just recent list prices.
The transaction closes a chapter on a home that last sold in July 2015 for $2.375 million, and it provides a recent comparable for other Forest Hill listings navigating a shifting market.
Forest HillToronto real estateprice cuthome salesKeller Williams
