Narrow house

At $ 900,000, this skinny Toronto home is listed below par when compared to the neighborhood. What will it sell for?


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Price: $ 899,999

District: The Junction

X factor: This two-bedroom, two-bathroom bungalow on a residential street is just a short walk north of Dundas Street West, home to some of the area’s best bars, cafes and restaurants. Taking a southbound tram, High Park is just 10 minutes away.

The completely renovated house is divided into two units with separate entrances, one on the ground floor and one in the basement.

But what about the price? We called in a real estate agent Othneil Litchmore, to better understand this property.

The ground floor of the house appears to include a kitchen, a full bathroom and a bedroom.

Why is it priced this way?

At 526, avenue Québec, this detached house is in the “heart” of the Jonction.

Litchmore points out that while the price tag seems high for the cottage, it’s actually lower than average compared to other two-bedroom, two-bath homes sold in the neighborhood. Of ten properties sold in the area in the past five months, prices have ranged from $ 875,000 to $ 1.6 million, he says, with most homes selling between $ 1.2 million and $ 1.3 million. dollars.

With what appears to be a single bedroom on the ground floor, the room looks spacious.

In addition to selling this home in a neighborhood in demand, the real estate agent is appealing to rental investors, Litchmore says, which could also contribute to the price.

“Forget about paying too much for COVID-inflated materials / labor, take advantage of low mortgage rates in this turnkey opportunity,” the listing reads. “An attractive (return on investment) makes this gem perfect for investors.”

With recent mortgage rates at historically low numbers, property owners are also emphasizing the income potential of renting one or both units, Litchmore says. They are also betting that the house is completely renovated, hoping that buyers see this purchase as an investment that will no longer require renovations, potentially costing more during the pandemic.

The whole house has been renovated and the main floor and basement have similar full bathrooms.

“It’s renovated; you know you can get tenants in right away, ”Litchmore said, adding that tenants are willing to pay for renovated homes and those that have been on the market for a long time are usually there because they are“ shit. “.

Another selling point is that the house is detached, although Litchmore says that comes with a caveat.

“It’s very skinny,” he says, pointing out that the house is only 16 feet wide, while even townhouses are typically around 24 feet wide. A three-story townhouse can be around 16 feet wide, but the width is unusually narrow for a single-family home, Litchmore said.

In the basement is the second kitchen.

“It’s not like a real detached house because I don’t think… you can walk around the sides of the house,” he said, adding that he suspected decades ago , this lot was connected to the one next door. “The house next door is just as small.

Still, this technically detached house can be seen as a plus, as “some people are just really opposed to the idea of ​​sharing a wall,” Litchmore says.

“Frankly. I don’t know what that will be for,” Litchmore said. “I’m not sure how the market will treat this one. There’s a lot of different things going on. And I don’t know which one will make up for the other.

The basement appears to have a spacious, renovated bedroom.

Any tips for finding places like this?

“Typically, if someone just wants a two-bedroom home, their best bet would be a condo, condominium townhouse, or even a townhouse,” Litchmore said. “It will be more affordable.”

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