The Globe and Mail

It’s been a roller-coaster year in real estate, opening on a residential battlefield that saw sellers clearly with the upper hand. In Toronto, bidding wars for mid-range homes in which as many as a dozen or more eager buyers trumped and re-trumped their offer prices were commonplace. Listing prices in many neighbourhoods were simply a starting point for homes that would eventually sell for hundreds of thousands over asking. But as fall winds blew and the federal government’s new rules tightened financing requirements, sales – and sale prices – dipped across the country. Vancouver, Canada’s second-largest residential real estate market, was hit hardest and sales tumbled by double-digit percentages. These are a few of the stand-out real-estate transactions we’ve covered this year.

Willowdale bungalow, Toronto
Asking price: $759,000
Selling price: $1,180,800
After Globe Real Estate reported that a run-down north Toronto home sold for a whopping $421,800 – or 56% – over asking, the story was picked up by media outlets across the country and the sale became the poster child for an overreaching market. The buyer, a university student originally from China with family money behind her, outbid 17 rivals. Even agent Michael Adelson was taken aback by the frenzied bidding. “We thought the market would take it to its logical level,” he said, “and the market took it to its illogical level.”

Comment: Everyone forgets – as it is mentioned below – that this house was way under priced. Sales were averaging $1 million for similar properties in the area, so the selling price is not that far off. It had a huge lot and would make the basis for a luxury infill, as most of the other older homes do. Everyone forgets to put this one in proper context.

39 Wells Hill Ave., Toronto
Asking price: $950,000
Selling price: $1,375,000
This Casa Loma home was deliberately priced under $1-million to attract offers and a quick sale. The strategy worked, with 15 rival bids delivered in 7 days and the winner coming in at $425,000 over asking.

686 Crawford St., Toronto
Asking price: $899,000
Selling price: $1,162,000
Multiple offers came in for this home just south of Christie Pits park, last renovated in 1983. After 60 private showings and a week on the market, the best offer came in at $263,000 over list. The skylit garage even came with a ping pong table.

80 Pearson Ave. , Toronto
Asking price: $699,000
Selling price: $926,000
When this semi-detached fixer upper sold for $223,000 over asking, agent Lyle Hamilton couldn’t hide his disbelief. “We were all totally shocked,” he said. The home is subdivided into a rabbit warren of five separate apartment units and will require a large outlay to renovate it back into a single family home. Pointing to the home’s best attributes, Mr. Hamilton offered that the modest home, “…has that versatility of use that played very strongly in its favour.”

16 Cornish Rd., Toronto
Asking price: $975,000
Selling price: $1,176,100
Location played the major role in the selling of this home as the buyers were set on owning a property in the exclusive Moore Park enclave west of Mount Pleasant Road. They bid $201,100 over asking to make their wish come true. “It’s a huge lot and a beautiful house,” said agent Cameron Weir.

25 Larkin Ave., Toronto
Asking price: $899,000
Selling price: $1,065,000
There were three offers for this 80-year-old house just a block north of the shops, cafes and restaurants of Bloor West. High-end renovations, a finished basement and some prized outdoor space drew a winning bid that was $166,000 over asking.

11 Linden St., Toronto
Asking price: $995,000
Selling price: $1,290,000
Just south of the massive St. James Town 1970s-era housing development, this 1890s home was set in an enclave of heritage homes that escaped the bulldozers. The charming semi-detached drew 25 private showings within a week of being listed and sold in a bidding war. “Of all the houses I sold this year, it went for the biggest premium,” said agent Michael O’Brien. “In all of my real estate career, I’ve never seen such a frenzy to get a house.”

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto Realtor with Century 21 Regal Realty. He did not
write these articles, he just reproduces them here for people who are
interested in Toronto real estate. He does not work for any builders.
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