Why this northwest Toronto home listed for $899,900 is a ‘great starter home’
Any house listed for under $1 million in Toronto’s exceedingly expensive market deserves a “special mention,” real estate agent David Sussman tells the Star.
By Alessia PassafiumeStaff ReporterFri., May 6, 2022 (2 min. read)
#GTAHomeHunt is a weekly series from the Star that gets into the details of real estate listings in Toronto and the Greater Toronto Area. Have a tip? Email us at firstname.lastname@example.org
Neighbourhood: Keelesdale – Eglinton
X-Factor: This listing, which has been up for nearly a month, is all about price and opportunity during this “wonky” time in the real estate market, says one expert.
The 1,200 square-foot bungalow with two bedrooms and two bathrooms features an updated kitchen, a renovated main floor bathroom and a bottom floor that could double as an in-law suite. It’s the perfect home for a young couple looking to enter the market, realtor David Sussman of Forest Hill Real Estate said.
“It’s a great starter home.”
If you’re a first-time buyer, you might be wondering, is this a good deal? We brought in our expert, real estate agent David Sussman, to better understand why this property costs what it does.
Why is it priced this way: Any house listed for under $1 million in Toronto’s exceedingly expensive market deserves a “special mention,” Sussman said.
The sellers initially held offers for 17 Kenora Cres. at $849,000, then raised the price to $899,900, Sussman said, according to the MLS data. Likely, they’re expecting it to sell for close to $899,900.
Keelesdale-Eglinton is a neighbourhood Sussman calls “up-and-coming,” which factors into the listing price. The home is near parks, delicious restaurants, and haseasy access to transit, Sussman added.
“Certainly good value based on the fact only one (property) has sold under $1 million this year in that area,” Sussman said.
“The floors look good, the walls look good,” Sussman said, adding that prospective buyers could put in $50,000 to $100,000 in renovations to “make it look spruced up.”
But if buyers aren’t willing to spend money on renovations right away, they could hold off, Sussman said, especially as the property has an updated electrical system and an air-conditioning unit — something not often found in older homes like this one.
And for the same price as a condo in the city, it might be a deal too good to pass up, especially as there’s a garage, a “reasonable” lot and a sunroom, he said.
Plus, the buyer could likely rent out a floor for around $1,200 per month, if they’re looking for some extra income.
“This is the type of housing that people are going to gravitate toward more because of the affordability,” Sussman said.
Tips for finding a place like this: There are older homes like this all over the city, but they typically sell for much more than $899,900, Sussman said.
To find other homes like this, Sussman suggests looking near Dupont or Eglinton West, or anything “west of the Allen.”
Sussman also suggests looking near Jane and Finch Streets, or west of Keele Street all the way to Black Creek.
“Based on Toronto prices, this property is an opportunity,” Sussman said.