Do you have a few Bitcoin kicking around and are in the market for a new home? Well, we have just the place for you.
Derryn Shrosbree, a cryptocurrency advocate and ex-Wall Street trader, has listed his two-bedroom condo just off of Erin Mills Parkway for 35 Bitcoin. At time of writing, that equals around $470,000 CDN. Depending on when you read this, the price could be closer to $500,000 CDN. Or $400,000 CDN. Or 0. Or a million.
Bitcoin’s volatility means the price of the condo could vary significantly depending on when the transaction is made. Details about how the sale would be structured have not been released.
“Let’s make history – the GTA’s first Bitcoin listing!” reads the property’s realty listing.
Accepting Bitcoin as payment is likely to drive away the majority of suitors, though it could make the condo more attractive for foreign buyers.
“If I live in a country where I can’t get my money out of the country but I can get it into Bitcoin, then it gives me the opportunity to enter the Toronto real estate market,” said Brett Starke, the real estate agent managing the sale, in an interview with CBC. The anonymity of cryptocurrency transactions means pretty much anyone in the world could buy the condo.
So, how legal is this? According to a statement by Real Estate Council of Ontario (RECO) registrar Joseph Richer, “we do not regulate buyers and sellers, and impose no restrictions on the manner in which they choose to pay for a property.”
Given the significant dip in the price of Bitcoin since it peaked in early/mid-December, it seems like a great time to take a risk and stock up on the cryptocurrency.