$1M no longer a luxury home in Toronto

The mythical $1-million barrier used to be a popular barometer of luxury, but in the red-hot Toronto housing market, this sum would only be enough to buy what has been described as “a tear-down home on a skinny lot.”

Built in 1912, the bungalow at 69 Muriel Ave. was listed on January 23. The initial asking price of $679,900 prompted a fiery bidding war that led to the property getting sold on February 2 for a staggering $1,050,000.

The sale value was deemed exceptional by observers, as the house was situated in a miniscule 20 feet x 78 feet lot. The 10-day turnaround for the listing, which was slated to close mid-March, emphasized the level of competition in the GTA market.

Bidding wars have become an all-too-common feature of the GTA real estate sector, where the average sales price across all housing types has increased 22.3 per cent year-over-year in January (up to $770,745).

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