Price Check: What kind of home will $1 million get you this winter?

Price Check: What kind of home will $1 million get you this winter?

How about a modern condo in West Queen West, a detached home with a backyard in Keelesdale or a 1,400-square-foot bungalow in Mimico?

Like it or not, $1 million seems to be the new benchmark for the cost of real estate in Toronto. Even in this quasi-buyer’s market, that amount is still below the average price of a GTA home. So what does a million bucks actually get you? Here are three very different homes in three very different neighbourhoods that recently sold for about $1 million.

West Queen West: A modern condo

Sold for: $915,000
Listing price: $939,000
Date sold: January 4, 2023
Bedrooms: 2
Bathrooms: 2
Size: 800 square feet
Maintenance fees: $722/month

This two-bedroom West Queen West condo, built in 2011, just sold for $915,000. The highlight: a 600-square-foot private terrace—the biggest one in the building. It’s a corner unit and was upgraded over the past three years, with new flooring and lighting. Loads of trendy shops and bars surround the complex, and Trinity-Bellwoods Park is within walking distance. For avid cyclists or joggers, the Martin Goodman Trail is close by.

Keelesdale: A detached house with a backyard

Sold for: $830,000
Listing price: $849,900
Date sold: January 10, 2023
Bedrooms: 3
Bathrooms: 1
Size: 1,400 square feet
Maintenance fees: N/A

The Bank of Canada is still hiking interest rates, which means buyers have had less competition and therefore more opportunities to grab a bargain this winter. This three-bed detached house languished on the market for almost two months before it was purchased for $19,000 under asking. The two-storey home’s windows, flooring and kitchen were all updated within the past five years. The location is just south of the Eglinton Crosstown—which will be a plus if the seemingly interminable construction delays ever come to an end. On the downside, it has only one bathroom and not much curb appeal.

Mimico: A bungalow blast from the past

Sold for: $1,060,000
Listing price: $1,099,900
Date sold: Jan. 13, 2023
Bedrooms: 3+1
Bathrooms: 2
Size: Roughly 1,400 square feet
Maintenance fees: N/A

This three-bed bungalow in Etobicoke has a dated interior, but it only sat on the market for two days before someone snatched it for $40,000 below its listing price. The basement comes with its own kitchen and bathroom as well as a private entrance, so it’s ready to rent out. Plus, the place has a big front yard and a two-car garage in the back. The Gardiner and Colonel Samuel Smith Park are both short drives away.

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