Pinnacle Centre consists of four towers. It has a prime location between Scotia Centre and the waterfront. Amenities include a 70 ft indoor pool, whirlpool and sauna It even has an outdoor tennis court. We selected the 12 Yonge St. building.
The first unit we tracked was a one-bedroom with locker, 9 ft ceilings, and open balcony on a high floor facing east. It was sold by the builder in 2008 for $259,000 and then in 2012 for $312,000 and finally in May of 2019 for $550,000. At 509 sf, that works out to a price of $1080/sf. That’s the current market for prime locations downtown. Over 11 years, this unit has appreciated at a rate of 7% per year on average.
The second unit we tracked was a two-bedroom, two bath unit with parking and no locker. It is located on a mid-floor. This unit has been resold twice. First in 2017 for $610,000 and then in 2019 for $745,000. The 2017 sale was done just before the ‘supposed’ market correction. From that point it has appreciated by 22% in just two years. At 705 sf, the current price is $1060/sf. There are 297 units in this condo building and only two are currently for sale.