Sale of the Week: The $770,000 house that shows the possible consequences of tighter mortgage rules

Address: 419 Westmount Avenue
Neighbourhood: Oakwood
Agent: Cristina Osorio, Real Estate Homeward, Brokerage
Previously sold for: $245,000, in 2000
 
 
 

The property

A 1920s three-bedroom with an artfully staged interior.

The living room is at the front of the house:

 
The dining area is continuous with the living room:

 
A closer look at the dining area:

 
The kitchen recently got a new set of cabinets:

 
There are three bedrooms on the second floor. Here’s one of them:

 
Another bedroom:

 
All three bedrooms share this bathroom:

 
And here’s the master bedroom:

 
There’s a basement jam space/rec room:

 
And here’s the backyard:

The history

The sellers bought the 85-year old house in 2000, and didn’t do any work on it other than regular maintenance. The agent spent ten days getting it market-ready—a process that involved a fresh coat of paint, the addition of lots of new furniture, a refresh of the kitchen cabinetry and the installation of new lighting.

The fate

The buyers are a young family planning to raise their children in the house just as it is, which is exactly what the sellers wanted. Although they had outgrown the property and needed to upsize, they had lived in the home since the birth of their first child, and they preferred a buyer that wouldn’t tear the place down or gut it.

The sale

The federal government’s new, more restrictive mortgage rules came into effect just days after the house was listed, which may have made for a bumpy sale. There were 17 showings and three open houses, but just one offer. Although it was $8,000 under asking, the sellers liked the potential buyers enough to accept.

By the numbers

• $770,000
• $2,889.48 in taxes (2016)
• 1,250 square feet
• 560-square-foot basement
• 11 days on MLS
• 3 bedrooms
• 2 bathrooms

The Hunt

City

“I’ve been a family doctor for more than 20 years. Now, I have no choice but to close my practice”

Rising costs, new administrative duties and subsequent burnout have made it impossible for physician Fan-Wah Mang to keep her Mississauga clinic open. Delivering the news to her patients—many of whom have nowhere else to go—broke her heart