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
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
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
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.
Are you an agent with tips for house hunters? Send your story to firstname.lastname@example.org.