Canadian NHL player relists Toronto penthouse, slashes $800K off asking price

199 Richmond Street West penthouse (Forest Hill Real Estate Brokerage)

The asking price of a Toronto penthouse suite previously home to a Canadian NHL player has dropped by nearly a million dollars.

The unit, located at 199 Richmond Street West, is the former home of Calgary Flames player Nazem Kadri, a broker at Forest Hill Real Estate confirmed to CTV News Toronto. Kadri previously played with the Toronto Maple Leafs and the Colorado Avalanche – which he won the 2022 Stanley Cup with.

Now, Kadri is trying to sell his Toronto penthouse – for the second time.

The home was initially listed in June 2022 for $5.3M, but was taken off the market after more than 100 days without selling. It’s now been re-listed with a $4.5M asking price.

The three-and-a-half bedroom, three-bathroom suite boasts “bespoke detailing worthy of a Stanley Cup champion” with floor-to-ceiling windows.

At just over 3,200 square feet, the suite is described as “dramatically over-sized.”

It also offers a private balcony, a walk-in closet, an espresso bar, and a built-in wine fridge. As far as amenities go, the building has a 24-hour concierge, a pool, sauna and gym, an outdoor jacuzzi, and a media room.

TORONTO HOUSE PRICES TO DROP IN 2023: EXPERTS

After a year of consistent interest rate hikes by the Bank of Canada and limited housing stock across the nation, experts say 2023 is set to be a different market story.

Toronto Regional Real Estate Board (TRREB) President Kevin Crigger told CP24 he predicts this year will be a turning point for many who want to engage with the market.

“I think just based on the pace of life and obviously pace of growth in the market, you'll certainly see more activity in 2023,” he said.

“I think the price stability we've found towards the end of 2022 will carry through to 2023. I think rental rates clearly will remain at an elevated pace. And I think if we see an increase in demand as people come back into the market, I think that could provide a favourable direction to prices at some point in the market,” he added.

However, some experts are saying that the market will remain a balanced one heading into 2023.

RE/MAX Realtron Realty Broker Cameron Forbes says the interest rate hikes mixed with rising unemployment due to an economic slowdown will persist in 2023, further levelling out the market.

“For buyers, this includes having fewer competitors, reduced prices, and an increase in choices in the market. Meanwhile, sellers will have a trade-up advantage, reduced competition of listings, a stronger ability to relocate to the suburbs, and have all of the advantages that buyers do, too,” he said in RE/MAX’s Canadian Real Estate Outlook.

Crigger agrees that there are more signs of stability in the marketplace that will carry on into the beginning of the new year.

With files from CP24's Kerrisa Wilson