One bungalow in Toronto was listed on the market for $999,000, but it just sold out for around $1.5 million. However, one real estate agent says he is not surprised at all by the selling price.
The yellow-brick home, situated at 191 Leslie Street in the Jones Avenue and Dundas Street area, sold for $1,460,000 this week after being on the market for only 5 days.
As per the listing for the bungalow, there are two bedrooms on the main floor and another two in the basement.
The home also has two bathrooms but no garage.
Desmond Brown, a real estate agent based in Toronto and host of the podcast Sold in the 6ix, told CTV News Toronto on Wednesday that homes selling for a lot more than their asking price do not surprise him anymore.
“It’s crazy but I’m not surprised,” Brown said. “We don’t even blink any eye seeing stuff like this now.”
“It’s a pretty sad state of affairs, isn’t it?”
Brown said that the home, which was renovated in the last couple of years, likely sold for a lot more due to its “desirable” location, which is only meters away from Queen Street in Leslieville.
He said this home, which was “obviously priced low” to attract more bidders, additionally has a pretty size that leaves room for new settlers to carry out further renovations.
Property taxes for the new owner will cost $3,718 per year.
The same bungalow, although it wasn’t renovated at the time, sold for only $347,000 back in 2007, as per documents obtained by the media.
Brown added that he believes the Toronto housing market isn’t sustainable, and the fast growth in prices needs to slow down.
“We need to level it off,” he said. “We used to use a rough rule of thumb that house prices would double over a decade, but now it’s outpacing that philosophy that we had.”
The average home in the Toronto-area exceeded $1M for the first time ever this month, as per the Toronto Region Real Estate Board. According to the board, a lack of supply as well as low-interest rates I fueling the bidding wars.