What makes this house special? Nothing really, except that it’s located in an absolutely insane real estate market.
We knew things were bad, and that Toronto’s about to inherit Vancouver’s crown of un-affordability, but damn, those 2,670-sq. ft. you see up there went for $400,000 over their asking price.
The detached dwelling sits at Dufferin Rd. and Steeles Ave. and attracted around 800 visitors over the course of three open houses.
It received 50 offers before offers were even supposed to be made and eventually sold for $1.1 million.
This is despite torn wallpaper, a partially finished basement, and ragged carpets throughout.
“I purposely put it for sale without renovating or painting it. If you renovate or paint it, we’re going to go into the spring market by the time we put it up, and then we’re going to have a lot more competition as well and the risk of the market turning,” said agent Steven Atsaves, recognizing that the holiday season is especially short on competing listings.
“It looked like a rock concert on the street,” he said of the open houses.
A report earlier this year suggested Toronto’s housing market may finally be cooling off. That has proven to be blatantly false.
In August, The Toronto Star said it now takes “a six-figure household income to afford a home in the Greater Toronto Area” based on data by real estate brokerage TheRedpin.