![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2021\/03\/8-Charlotte-exterior.jpg\")
<\/a>Photo: #3504-8 Charlotte Street, PSR Brokerage<\/a><\/em><\/p>\nAfter a sluggish 2020 spent in the shadow of a red-hot single-family housing market, Toronto condos are now making a serious comeback. A million-dollar sale that took place in Toronto\u2019s Entertainment District<\/a> this week has made that point abundantly clear.<\/p>\n On Wednesday, Unit 3504 at 8 Charlotte Street sold slightly under<\/a> its $1,025,000 asking price for $1,015,000. Although a condo selling in the million-dollar range isn\u2019t uncommon, the sale of this particular one-bedroom condo suite listed by PSR Brokerage is a defining moment for the market, explains Andrew la Fleur, a sales representative with RE\/MAX Condos Plus who tweeted about<\/a> the sale.<\/p>\n\n \u201cSelling a one bedroom condo for over $1 million is a significant moment in the history of the Toronto condo market,\u201d la Fleur told Livabl<\/em>. \u201cWhile there\u2019s nothing special about the price per se, it\u2019s more about the psychological barrier of a buyer willing to pay over $1 million, or seven figures, for a condo that only has one bedroom.\u201d<\/p>\n La Fleur explains that just a few years ago, it would be extremely rare for any condo in the city to sell over the $1 million price point. Traditionally, a seven-figure sold price was reserved for luxury buildings and suites bought and sold in neighbourhoods like Yorkville<\/a>, he said. According to market\u00a0data available on Redfin<\/a>,\u00a0the unit was last sold in December 2018 for\u00a0$875,000, $36,000 over its asking price at the time of $839,000.<\/p>\n \u201cThe price per square foot of over $1,300 is pretty high, but actually nothing too crazy,\u201d la Fleur said. \u201cWe certainly have seen units selling at a higher price per square foot, but it\u2019s more just about that psychological barrier of $1 million being broken for a one-bedroom unit in a non-luxury building.\u201d<\/p>\n