Sale of the Week: the $630,000 Milliken home that shows fresh builds remain a booming market
THE PROPERTY: Unbuilt at the time of sale, this house is part of Goldhawks Gardens—the kind of upscale subdivision rarely found within Toronto’s borders. The open concept home spans 1,588 square feet, and includes a large great room, hardwood floors and nine-foot ceilings. According to the selling agents, the walk-out unfinished basement with separate entrance is a key selling point in the surrounding Asian immigrant neighbourhood, where extra space translates into room for larger families or potential rental opportunities.
THE HISTORY: As a newly built property, its history is yet to be written. The neighbourhood, however, is well-established and sought-after by those looking to buy in a strong Chinese community. Pacific and Splendid China Malls, a community library and park are all five minutes away by car. The location is a major draw for first-time buyers from out of the country who want both to live in a new home and in an ethnic community.
THE FATE: The home was geared towards young families, and that’s exactly what it got: a young couple of new Canadians with a baby on the way. In a few years, the child might attend nearby École élémentaire Laure-Rièse, a French immersion school, or Agnes Macphail Public School, an elementary highly rated by the Fraser Institute. Building a shed on the irregular 34.56-by-90.22-foot lot is a possibility, but adding a pool may be tough.
THE SALE: The price point was difficult to establish as this community didn’t yet exist when the house was put on the market. Selling agents looked north to Markham to set a listing price and waited for the market to respond—and it did, strongly. Unbuilt homes remain a booming sector of Toronto’s real estate market, thanks especially to immigrant buyers flocking to buy them. New homes in the GTA often sell out within a day, but secondary buying opportunities may arise when potential buyers fail to close.
BY THE NUMBERS:
$10,000 in upgrades thrown in by the builder
97 per cent of asking price
75 new homes being built within the new Goldhawk Gardens community
20 days on market
5 minutes to Pacific Mall
2 first-time owners (and baby makes three)