“In parts of Toronto like this, people just want to get into the neighbourhood, so they’re anticipating a home like this,” said realtor Othneil Litchmore.
Price: $849,000
Neighbourhood: Woodbine-Lumsden
X-factor: This semi-detached, three-bedroom home with a den and one bathroom in East York is located in a transit-friendly neighbourhood near numerous schools and parks. The nearby Stan Wadlow and Taylor Creek parks provide easy access to the trail network at Don River Valley Park.
Plus, right in front of 243 Oak Park Ave. is a schoolyard. Realtor Kylie Walters said this could be “a pro or con depending on the buyer.”
“Noise and traffic are a consideration, but on the other hand, you look out onto green space instead of into someone else’s home,” she said in an email to the Star.
Inside the house, Walters pointed out the family room boasts wooden beams and skylights — “a nice touch” that appears to be an addition to the original home. The same room features exposed brick.
The home is listed for about $850,000, but it’s likely to go for more, according to Walters and realtor Othniel Litchmore. Here’s why — and how they can tell.
What else do we know about the property?
The house covers somewhere between 700 square feet and 1,100 square feet, according to the listing information, Litchmore said.
“It’s a small house” compared to what can be found in the suburbs, but probably bigger than most condos downtown, he said, which can often be 600 square feet.
In an email to the Star, the listing agent for the home, Nasma Ali, pointed out that there are other benefits.
“It also has a basement and backyard which you won’t have with a condo,” she said.
Plus, being across from a school means the home “ is a priority when comes to plowing snow and city maintenance.”
She added that the area is family-friendly and has “wonderful neighbours.”
The home doesn’t have a garage, but it does come with a “legal parking pad,” the listing says. While some residents might simply pave over their grass to create a driveway, Litchmore said it’s an upside that the listing notes the parking pad has the necessary permits to be legal.
As well, the home looks clean and well-maintained, but “it could be updated,” he noted. For instance, neither the bathroom nor the kitchen are “modern,” and the kitchen has laminate countertops, he said.
However, it might not come as a surprise to someone who’s in the market for a house in Toronto, Litchmore explained.
“In parts of Toronto like this, people just want to get into the neighbourhood, so they’re anticipating a home like this,” he said.
To Ali, however, the house is “filled with character” and more easily adjustable to the buyer’s taste.
“The home is ready for buyers to come in and add their personal touch,” she wrote.
According to the listing history, the home was last sold in 2010 for $388,000.
Why is it priced this way?
The listing on HouseSigma includes an AI-generated figure that estimates the property value to be around $955,000.
But Walters predicted the home could sell for even more. While similar-sized houses in the area have gone for $1 million on average, she said she could see this reaching $1.1 million.
“The listed price is what is commonly referred to as a ‘marketing price’ and is set intentionally low to capture the attention of a larger buyer pool in order to get more eyes on the listing,” Walters explained.
How to tell when it’s a marketing price? One clue is the fact that the seller is holding offers. That means offers are being withheld “until a specific date where the seller will review them at the same time and choose the best option.” In this case, that will be on Tues. May 16.
According to Litchmore, it makes a lot of sense for sellers to hold offers because there are many active buyers in the market right now who are “ready to pay a premium for homes.”
Speaking on his own experience, Litchmore said he listed a Whitby home one night this week, and the next morning, it had six offers and sold above asking.
Holding offers, then, “also operates as a way to control the crowd (and) bring some order to the process.”
Tips for finding places like this?
Buyers with a budget under $1 million will find lower prices on “smaller homes (two bedrooms or less), those needing renovations, or houses in less desired locations,” Walters said.
“We also look at a lot of condos and condo townhouses at this budget, as condo towns are a great alternative to owning a freehold home,” she said. Freehold homes are those which do not come with monthly maintenance fees.
In this area, there are usually condo townhomes that can be found with maintenance fees around $300 per month.