Why is this 3-bedroom Toronto townhouse listed for $699,990?
Fresh on the market, this freehold townhouse property in Toronto’s Corso Italia-Davenport neighbourhood has more than 1,500 square feet and sits near St. Clair Avenue West and Caledonia Road.
By Dorcas Marfo Staff Reporter Tue., April 19, 2022 (3 min. read)
A new listing in Toronto’s Corso Italia-Davenport neighborhood is priced well under $1 million — and could be an entryway for buyers looking to get into Toronto’s red-hot housing market.
This three-bedroom, three-bathroom townhouse at 17 Gilbert Avenue has a price tag of $699,990, a rare find and the cheapest in the vicinity in terms of comparable bedrooms and bathrooms. Located in the area of St. Clair Avenue West and Caledonia Street, this 1,565-square-foot property made its appearance on the market a few days ago.
Despite Toronto’s distinction as the most expensive place in the country, listings at this price still exist in the city, according to David Sussman, a realtor at Forest Hill Real Estate.
“There are places that sell for under a million dollars all the time. You know, there are places like this that you can get for a reasonable price, and you can put some money into it, and maybe someone’s gonna buy this for 650 and put work in it and sell it for 850 or 950,” says Sussman.
Alejandro Baez, the RE/MAX Ultimate listing agent for this property, says this freehold townhouse presents different opportunities for buyers. Buyers can build up and construct a second floor, since the home only has 1.5 storeys. They can tear the property down entirely and build a new house, or live in it and just renovate the top floor, suggests Baez.
The top floor has two bedrooms and a bathroom, with a third bedroom on the main floor. The unfinished basement has a utility room and bathroom.
“It will be great condo alternative for somebody who doesn’t want to buy a condo and wants to have a freehold property, and with a garage in Toronto, which is a big deal,” says Baez. A garage is rare in this cluster of the city, but a detached garage is close to impossible to find, according to Baez, making this spot a rare and appealing find.
Baez says the townhouse belongs to a couple who live on the main floor. According to Sussman, registry records show a transaction with an unlisted price when the home was first purchased in 1967. Now 55 years later, it’s on the market.
Baez says they are holding offers until Thursday.
According to Sussman, the property is properly priced but requires a lot of work. “If you can buy this place, you buy it for 700 and put 200 grand into it, maybe you’re ahead of the game, maybe you’re smarter than everybody else,” says Sussman.
Sussman says this property is a good fit for first-time homebuyer or for a home flipper, and gives you the chance to get a lot more money from it. Given it’s location, Sussman describes it as a “renovator’s dream” and the neighbourhood as an “investment.” TTC services are close by, including several parks like Earlscourt Park, Sandra Park, Wadsworth Park, and others.
Down the street, a two-bedroom, one-bathroom freehold townhouse sold in December 2021 for $837,500. A newly-renovated property at 66 Gilbert Avenue, and smaller than Baez’s listing, sold below its asking price of $865,000. A recently-renovated, 2-bedroom, 2-bathroom semi-detached nearby at 211 Prescott Avenue is listed for $698,000.
Baez says 17 Gilbert Avenue would be a good fit for a young family or someone who is not going to break the bank and will be able to afford to live in this community. “Our expectations are to get the best offer, we don’t know what will happen. Gilbert is a really great street,” says Baez.
“If you get three or four people that really want that and they see the opportunity in it, they could bid it up. I don’t think it goes for much more. It would be sort of silly, unless you really knew what you’re getting into,” says Sussman.