When a Toronto house listing starts with an enthusiastic “Opportunity Knocks!!” followed by “fantastic potential,” you can’t help but be suspicious these days.
Take 20 Howick Ave., for example, which had those exact phrases in its listing write-up.
It’s a one-bedroom, one-bathroom bungalow that has been on and off the market since late 2023.
The front porch.
Typically, a house listed for under $1 million in Toronto would be snapped up in a matter of days or weeks.
The living room.
So why hasn’t it sold? There’s obviously been plenty of time for opportunity to knock.
A room in the basement with a missing portion of wall.
Well, possibly because it’s more than just a fixer-upper. If opportunity knocks at 20 Howick Ave., it better knock softly since the walls aren’t fully intact.
The bedroom.
20 Howick Ave. is over 100 years old and has definitely seen better days.
The stairs to the basement.
With missing walls, badly damaged floors, and likely a host of other issues that come with houses of this age.
The basement.
So, while the listing says this house is “ready for renovation”, it’s more ready to be torn down and re-built.
The kitchen.
Usually, a house being torn down is not a total deterrent to potential buyers. In fact, homes in way worse condition have sold for much more.
The bathroom.
In fact, on paper, 20 Howick Ave. could be a good property for a new build.
The backyard.
The lot, while on the smaller side at 16 x 119 feet, is not terrible. There’s also a parking pad at the front of the house, which is great for access.
However, the listing price is $698,000, which is pretty expensive for a teardown in this down market.
Another room with missing wall and floor.
And the bigger issue is that property values in Carelton Village and Pellam Park area have been dropping. In fact, since 2023, they’ve dropped more than 20 per cent.
The basement has a separate entrance.
So if you’re looking to make a substantial investment to build a new house, you really don’t want to do it in a neighbourhood where you’re properties aren’t going to at least hold their value.
The laundry.
Additionally, with all this economic uncertainty and the weakened dollar, it’s even more of a risk to buy a house, especially one where the renovation cost could vary widely depending on imposed tariffs.
The back of the house.
In short, 20 Howick Ave. might be waiting even longer for a buyer to come knocking unless the owners are willing to sell for much less than asking.
