Charming century-old Toronto home is selling for cheap than you’d expect

It’s not often you find a house in Toronto for under $1 million and rarer still a triplex. And yet, 295 Old Weston Rd. is somehow both those things. 

The three-unit home is listed for $699,000, which is, by all Toronto real estate benchmarks, pretty undervalued. 

The neighbourhood’s average sale price for a semi-detached house like this is between $825,000 – $1,255,000. 

The front entrance. 

The recently sold comparables have mostly all sold for over $800,000, except this very run-down semi-detached house that sold for $680,000. 

The living room on the main floor with an original fireplace. 

And sure, maybe the realtor is going for a bidding war on this, but that’s not likely to happen in this market. 

The main floor unit. 

What’s more confusing is the fact that 295 Old Weston Rd. sold only two years ago for $760,000.

A bedroom. 

Sure, it sold for $89,000 less than asking back in 2022, but $760,000 is still almost $100,000 more than the listing price is currently set at. 

The kitchen and living room of one of the units. 

Which begs the question, what’s wrong with this house? 

A bathroom that’s been partially updated. 

From the pictures, nothing seems to stand out as a giant red flag. 

A bedroom. 

Yes, it is admittedly somewhat dated as far as interiors go.

A half-demolished bathroom. 

And, yes, the floors all need replacing.

The upstairs unit. 

And, yes, the roof also probably needs replacing.

The laundry room. 

One could also hazard a guess that the plumbing, HVAC, and electrical all need updating too. 

A half demolished kitchen. 

There are also probably some other troublesome issues that you’re bound to uncover when you open up walls, considering the house was built 11 decades ago in 1914. 

A kitchen. 

So you’re looking at a hefty renovation bill, but there have definitely been worse properties that have gone for more.

A bedroom with exposed brick wall. 

Plus, with a little TLC, this could be a decent property that could bring in over $80,000 in gross rental income. 

A new flooring project. 

However, while all that may be true, the major problem is location.

The basement unit. 

On paper, you’d think Carleton Village and Pellam Park would be a good neighbourhood.

An aerial shot of the neighbourhood. 

It’s close to St. Clair Ave. W with most amenities within walking distance, good transit links and tons of parks nearby – it’s still one of the less desirable locations. 

The front porch. 

House prices are almost $800K below the West End average, and property values have decreased four per cent in the last 12 months.

The backyard. 

More concerning is that since 2022, they’ve dropped more than 15 per cent. 

The back of the house. 

So, while it is almost impossible to lose money in Toronto real estate, it does sometimes happen, especially if you don’t pay attention to the old adage of location, location, location!