19 Apr Toronto’s Highest & Lowest Priced Sales: March 2019
In this monthly series we’re featuring Toronto’s highest and lowest priced sales. You can check out last month’s post here.
While this is mostly just a fun exercise to feed curiosity, we are going to gain some valuable insight into the market along the way.
A few parameters:
1) We are only 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.
LOWEST SALE PRICE: $104,000
4645 Jane St #1201
This 2 bed, 1 bath unit sold on March 28 after 22 DOM (days on market). Does it look familiar? Last month’s post featured a sale from the same building. You can read more about it in that post but basically, this building is not CMHC insured. Without this Canadian Mortgage & Housing Corporation insurance, most lenders will not provide a mortgage here. So units here suffer from a very limited cash-buyer pool, all of whom need to be comfortable with an unhealthy and risky condo corporation. Similarly sized units in the area are selling for 2-3 times the price!
Well, I think this series is going to get a little boring if we keep running into 4645 Jane St so let’s take a look at the…
NEXT LOWEST SALE PRICE: $130,000
50 Old Kingston Rd 5-115
This “bright” main-floor bachelor unit comes in at under 500sqft. It features a walk-out to private patio, walk-in storage closet, and one exclusive-use underground parking space.
So what’s going on here? A few points to note:
- Location: this property is FAR. Way out by Kingston Rd & Lawrence in Scarborough.
- This is a building for residents aged 55+, so I’m sure many of you readers are not elidgeable…yet!
- This is a Co-op Apartment. Cooperative Corporation has different rules and rights compared to a Condominium Corporation. It is a different form of ownership altogether. In your standard condo, you own your unit, and then your share of the common elements. In a co-op, you are essentially purchasing shares in the building as a whole. This usually comes with its own set of issues. First off, financing a co-op can be slightly more difficult and complicated. Second, co-ops will often have restrictions (not always age-related, as in this case) on who they will let in as new owners, and will require some sort of interview process. Third, there are further restrictions on how you can use the unit. For example, you may not be permitted to rent out your co-op apartment to a tenant.
Co-ops can often cost less than a comparable condo, but it really is not the same product. Buyers interested in a co-op unit are advised to review the opportunity with their mortgage broker, and become fully versed in the rules and restrictions of the corporation.
And now for the fun part…
HIGHEST SALE PRICE: $6,200,000
49 Nanton Ave
This detached Heritage-designated home in Rosedale sold after 23 days on market for $100k over last month’s highest sale. It’s a 3-storey home on a massive 69 x 150ft lot. At over 5600sqft of living space with 6 parking spaces, there’s no running out of space here. The listing touts a spacious master suite (and 5 other bedrooms), elegant dining room, inground pool, and a climate controlled 1500 bottle wine cellar. Sounds great, but they only included one photo in the listing! I wish we had more to look at.
Oh and never forget to look at property taxes for a listing. The tax bill here was $30,272 in 2018!!!