A recent Toronto home sale has residents fuming over the city’s housing market despite the fact that the property sold for less than the asking price and well under $1 million, which is almost unheard of for a detached house in the city.
It is the size of the detached house in question that has people venting about the exorbitant price of our real estate this week, as the selling price of $846,000 — a steal in a city where the average price of a standalone home is $1.57 million — seems way too high for what the buyer got.
Located near Vaughan Road and Oakwood Avenue in Oakwood Village, the house isn’t by any means dilapidated, does not require any renovations in order to be livable, and could even be considered charming.
With a front yard, backyard and parking, it is technically a gem in the city for the price — that is, on paper.
Seeing photos of the home, it’s apparent why it went for a few thousand less than the listing price, and for an amount that is low for the city (a preposterously expensive “low,” mind you).
With two bathrooms and just 1+1 bedrooms, the place is visibly very cramped, and it seems that realtors may have purposely omitted its square footage from online listings.
Only noted is the size of the lot, which is slightly over 100 feet long by just 19 feet wide, amounting to 1,995 square feet total. And, given that the backyard looks quite bigger than the footprint of the house, one can only imagine how small the actual building is.
While the buyer may think they got a steal, people online don’t agree, with photos of the home and its price garnering tens of thousands of responses on Instagram.
The reactions are largely of frustration over how unaffordable Toronto has become, with people paying $846k for a house the size of “a horse stall” that looks like “something you can buy on Amazon for $19k.”
“With that money you could buy a mansion in Texas,” one person noted.
“I was having a good day until this reminded me of reality,” another said.
Here’s your housing crisis
— Q S 3 X Y© 🅱️ (@ninja91191) October 24, 2023
A few chimed in to say that the person likely just paid for the (also very small) lot, and may just demolish the house and turn a profit on a new build.
But, this just further drives the point home that buying a home is way out of reach for so many in the city, and seemingly only available to wealthy investors who have no intention — or need — to actually live in the homes they scoop up.
Right At Home Realty via Strata.ca