From toronto.ctv.ca
With a report from CTV’s John Musselman

A Toronto-area home that sold for $605,000 over the asking price has buyers weary of a real estate bidding war in the city.

The Munro Park Avenue home in the Beach neighbourhood was listed on the market for $1.295 million and sold for a whopping 47% over its asking price at $1.9 million.

Real estate experts told CTV News that in the last four months, 15 homes in the Beach have sold for more than $1 million.

The sellers of the homes all received between 90 and 106% of their original asking prices.

Even with the red-hot Toronto real estate market, bidding wars are more common as buyers vie for a prime location outside of the 905.

Experts say supply and demand is driving prices up, but Toronto is still relatively low priced compared to international markets.

“I think the city as a whole is still undervalued. The good areas are just very good and people want to live there,” one Toronto real estate agent told CTV News on Tuesday.

The 2,000 square-foot home has four bedrooms and is located on a premium street that is only steps from Lake Ontario.

“This is a wonderful community and a wonderful street. It has everything,” resident Karen Luedecke, who has lived on the same street for 57 years, told CTV News on Tuesday.

Agents began showing the home on July 6, with multiple viewings a day. By July 12, there were 10 offers on the home. The home eventually sold to a young couple with no children.

The seller of the residence was a middle-aged woman who is moving to the High Park area of the city. The home had been in her family for the past 45 years.

The province’s housing market is expected to stay healthy, driven by low mortgage rates, strong in-migration and job growth.

According to a major brokerage, more than 1,200 Toronto homes have sold for more than $1 million in the first half of 2007; almost as many as were sold in all of 2006.

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Contact Laurin Jeffrey for more information