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Real Estate News

Price Check: What can buyers get for $1 million and under?

How about a renovated freehold townhome in Moss Park, a century-home fixer-upper in Little Italy or a shiny condo in Swansea overlooking the lake?

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Price Check: What can buyers get for $1 million and under?

Canadian home sales hit a 14-year low to kick off 2023. In the GTA, the average home is currently valued at just over $1 million—a 16 per cent drop from this time last year. And experts expect the slump to continue into the spring before rebounding sometime in June. So what’s available for $1 million or less right now? As always, it depends on the neighbourhood. Here are three very different homes in three very different locations that recently sold.


Related: What does $1.5 million get you? Three neighbourhoods offer three wildly different properties


Moss Park: A renovated freehold townhome

Sold for: $1,090,000 Listing price: $1,150,000 Date sold: February 16, 2023 Bedrooms: 3 Bathrooms: 2 Size: 1,478 square feet Maintenance fees: N/A

The sellers acquired this property in 2012 for $510,000. Last year, it was listed and taken off the market three times. It finally found a buyer this month after 17 days of offers, going for $60,000 under asking.

Since this townhouse is a freehold, it comes with no maintenance fees. Another bonus is the storage space—there are two walk-in closets in the main bedroom, on the third floor. On the downside, the property doesn’t have any green space. Instead, there’s a driveway with an attached garage in the front and a fenced-in stone patio out back.

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Price Check: What can buyers get for $1 million and under?
Price Check: What can buyers get for $1 million and under?
Price Check: What can buyers get for $1 million and under?
Price Check: What can buyers get for $1 million and under?

Little Italy: A century-old fixer-upper

Sold for: $840,000 Listing price: $899,000 Date sold: February 11, 2023 Bedrooms: 3 Bathrooms: 2 Size: 1,500 square feet Maintenance fees: N/A

This two-storey semi sold for $250,000 less than the Moss Park townhouse despite being almost identical in size. The main difference: this one is in desperate need of a facelift. It was built more than 100 years ago, and its aluminum siding, kitchen cabinetry and wall tiles were already out of fashion by the 1980s. Upstairs, there’s parquet flooring and a built-in mirror wall in the main bedroom.

Costly renos aside, the place sits on a serene street in a coveted downtown location. Bustling College Street, the Ossington strip and Christie Pits Park are all within walking distance.

Price Check: What can buyers get for $1 million and under?
Price Check: What can buyers get for $1 million and under?
Price Check: What can buyers get for $1 million and under?
Price Check: What can buyers get for $1 million and under?

Swansea: A shiny waterfront condo

Sold for: $962,000 Listing price: $995,800 Date sold: February 10, 2023 Bedrooms: 2+1 Bathrooms: 2 Size: 1,000 square feet Maintenance fees: $1,040/month

And now for something completely different: here’s a two-bed condo with a majestic view of the lake. Located in a tower right next to High Park and the Martin Goodman Trail, this corner unit was on the market for just over a week before it was snapped up for $33,800 under asking. While it lacks the heritage charm of Moss Park and Little Italy, it brings contemporary flourishes, such as floor-to-ceiling windows and amenities aplenty: the building has a gym, a pool, a tennis court and in-house daycare. Of course, those comforts come at a price—new owners must pay roughly $12,000 annually in maintenance fees.

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Price Check: What can buyers get for $1 million and under?
Price Check: What can buyers get for $1 million and under?
Price Check: What can buyers get for $1 million and under?
Price Check: What can buyers get for $1 million and under?

Are you an agent with tips for house hunters? Send your story to realestate@torontolife.com

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Ali Amad is a Palestinian-Canadian journalist based in Toronto. His work has appeared in publications including Toronto Life, Maclean’s, Vice, Reader’s Digest and the Walrus, often exploring themes of identity, social justice and the immigrant experience.

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