$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).
For more information on the Toronto Luxury Market, please click here
for the complete article, please click here
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).
For more information on the Toronto Luxury Market, please click here
for the complete article, please click here
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