Sat. Jan 22nd, 2022

#GTAHomeHunt is a weekly series from Star that goes into the details of real estate listings in Toronto and the Greater Toronto area. Do you have a tip? Email us at social@torstar.ca

Price: $ 899,999

Quarter: That Node

The bungalow has a basement with a separate 1-bedroom unit and its own entrance at the back.

X-factor: This two-bedroom, two-bathroom bungalow on a residential street is just a short walk north of Dundas Street West, which boasts some of the neighborhood’s best bars, cafés and restaurants. With a southbound tram, High Park is only 10 minutes away.

The completely renovated house is divided into two units with separate entrances – one on the ground floor and one in the basement.

But what about the price tag? We picked up real estate agent Othneil Litchmore to get a better understanding of this property.

The ground floor of the house appears to include a kitchen, full bathroom and bedroom.

Why is it priced this way?

At 526 Quebec Avenue, this detached home is located in the “heart” of Junction.

Litchmore points out that although the price seems high for the small house, it is actually below average compared to other two-bedroom and two-bathroom houses sold in the neighborhood. Out of ten properties sold in the area in the last five months, prices have ranged from $ 875,000 to $ 1.6 million, he says, and most homes have sold between $ 1.2 million to $ 1.3 million.

With what appears to be only a bedroom on the ground floor, the room looks spacious.

In addition to selling this house in a sought-after neighborhood, the real estate agent appeals to rental investors, Litchmore says, which can also contribute to the price.

“Forget paying too much for COVID-inflated materials / labor, take advantage of low mortgage rates in this key option,” the statement said. “An attractive (return on investment) makes this gem perfect for investors.”

With recent mortgage rates at historically low numbers, property owners are also emphasizing the income potential of renting out one or both units, Litchmore says. They also expect the house to be completely renovated, hoping buyers will see this purchase as an investment that does not require more refurbishment, which could cost more during the pandemic.

The entire home has been renovated and both the ground floor and the basement have similarly complete bathrooms.

“It is renovated; you know you can get renters in like that right away, “Litchmore said, adding that renters are willing to pay for renovated homes and that those who are on the market for a long time are usually there because they are” lorte “.

Another selling point is that the house is detached, though Litchmore says it comes with a warning.

“It’s very thin,” he says, pointing out that the house is only 16 feet wide, whereas even townhouses are usually about 24 feet wide. A three-story townhouse can be about 16 feet wide, but the width is unusually narrow for a detached house, Litchmore said.

In the basement is the second kitchen.

“It’s not like a real detached house because I do not think … you can walk around the sides of the home,” he said, adding that he suspects that this plot decades ago was associated with the one next door . “The house next door is just as small.”

Still, this house, which is technically detached, can be seen as a plus, as “some people are just really against the idea of ​​sharing a wall,” Litchmore says.

“Honestly. I do not know what it will go to,” says Litchmore. “I’m not so sure how the market will handle this. Many different things happen. And I’m not sure which one will outweigh the other. ”

The basement appears to have a spacious, renovated bedroom.

Tips for finding places like this?

“Generally speaking, if someone just wants a two-bedroom house, their best bet would be a condominium or a townhouse or even a townhouse,” Litchmore said. “It’s getting more affordable.”

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