14 Mar Toronto’s Highest & Lowest Priced Sales: February 2019
In this new series we’ll be featuring Toronto’s highest and lowest priced sales each month. While this is mostly just a fun exercise to feed curiosity, I’m sure we’ll gain some insight into the market along the way!
A few parameters:
1) We’ll only be looking at sales in the City of Toronto, not the rest of the GTA.
2) These are the highest and lowest priced MLS sales at the time of writing. It is possible that a deal has been signed but not yet firmed up or updated on MLS.
3) Unless there is a particularly interesting case, we’ll only be including residential real estate sales: both condo & freehold.
With that said, let’s jump in!
LOWEST SALE PRICE: $100,000
4645 Jane St #427
This 2 bed, 1 bath unit sold for a seemingly impossible price on Feb 8 after a whopping 149 DOM (days on market). Similarly sized units in the area are selling for 2-3 times the price. Built in 1970, it’s a 700sqft suite with parking space. It lacks ensuite laundry but is located conveniently on the Jane express route, down the road from York University, and close to the intersection of the 400 and 407 highways.
THE CATCH? You may be inclined to assume that the dated interior and not-so-central location are the determining factors here but there is one more crucial piece of info. This building is not CMHC insured. Without this Canadian Mortgage & Housing Corporation insurance, most lenders will not provide a mortgage to buyers looking here. So not only is the buyer pool severely limited (to those with enough cash to buy in full or with private financing), but buyers would need to be comfortable having their investment be just as hard to sell in the future. This is also indicative of an extremely unhealthy and risky condo corporation which has finances that have likely been driven into the ground.
HIGHEST SALE PRICE: $6,100,000
43 Lowther Ave
While it boasts remarkable finishes, this luxury home’s sale price is more a reflection of the intersection of condition, size, and location. This was the sellers’ third attempt at selling, originally asking $7.5M in April 2018. This time around, it only took 5 days with a $6,649,000 asking price.
At only 11 years old, it’s a newer build that inspires confidence in condition and the ability for turn-key ownership. The semi-detached house sits on a large 28.42×139′ lot in the Annex, just North of Bloor and on the border of Yorkville. Its 5000sqft of living space contains 3 bedrooms, 6 washrooms, and a private elevator. Property features a regal carport and 3 parking spaces. That’s right, I really said “regal carport.” Cool!