Toronto house on busy retail strip keeps slashing price but just won’t sell

You know that one lone house on Bloor St. that’s between the Native Youth Resource Centre and the Korean restaurant Damda? 

Yeah, I was also wondering what the deal with that house is. 

Mostly because it looks super out of place among all the businesses along Bloor St. W., but also because has been for sale for the better part of two years. 

So, here’s the tea on the last house standing.

A bedroom. 

The old Toronto home has been the private residence of the same family for over 80 years. 

The main staircase and wood panelled hallway. 

Which, side note, good on them for staying in their house through the re-development of that neighbourhood, including the massive Honest Ed’s teardown and the buildout of the subsequent Mirvish Village complex. 

An aerial shot of the neighbourhood. 

Honestly, it’s kind of a shock that it’s still a private residence, given all the changes that have happened on Bloor St. W in the last 80 years. 

However, it’s not really for a lack of trying that it hasn’t been bought up as a development opportunity. 

The front entrance. 

In April 2022, the house was listed for sale for $3,888,000, but despite its prime location, it just won’t sell. 

The price dropped over $1 million to $2,695,000 in 2023, and then kept dropping every few months to its lowest point in October this year, when it was listed for $1,899,000.

A shot of the street. 

Which, if you’re doing the math, is an almost $2 million price reduction.

The living room. 

And yet, it still didn’t sell even at $1.8 million, which is almost $1 million below the average sale price for a detached house in that neighbourhood.  

A shot of the roof. 

Although it seems kinda unfair to compare it to other homes in the Annex since the five-bedroom, one-bathroom house is a complete tear-down – the shingles are literally falling off the roof. 

The kitchen. 

But the state of the house is not what 657 Bloor St. W is trying to sell on.

Its big selling points are the location and the fact that it is zoned for commercial and residential use. 

The third floor landing. 

In other words, it should be catnip for a developer to come in and build a multiplex, which is exactly how the realtor is positioning this property. 

“Zoning allows major development of this lot,” Louis Adams writes in the listing.  

“[The] existing home can be extended all the way to the rear lane and up several stories or develop into a brand new, multi-storey building with residential apartments and street-level retail.”

The one and only bathroom. 

As Adam sees it, the best buyer would be someone who wants to take advantage of the commercial zoning to operate an office or use it for interesting retail uses and has an eye for development in the future. 

Unfortunately, that’s the sticking point: future development.

To develop now isn’t the most attractive prospect since with only 2,300 square feet of usable land and current density allowances mean you can only build something that is 2.5 times the lot size. 

A rendering of what could be in the space. 

However, the ongoing changes to increase available housing in Toronto could make 657 Bloor St. W a more attractive development prospect. 

“Ongoing changes in the City of Toronto’s density allowances are happening, so it’s likely the existing coverage will be increased dramatically,” explained Adams.  

The main staircase. 

And when that happens it becomes a different story.

Also, if you were worried about the logistics of building on a 2,300-square-foot site, Adams squashes those anxieties. 

The lane. 

“The very wide public lane in the back allows for very direct, easy access to the rear of the lot to bring in heavy machinery to demolish, excavate, and deliver materials for a new build,” he said.  

657 Bloor St. W has just been re-listed for $1,989,000, an increase from October’s listing price and the ninth time it’s been listed.

So while there is significant potential for this lot, it all hinges on if / when Toronto density allowances are going to change. 

An aerial shot of the back of the house and the yard. 

In other words, it might take a Christmas miracle for this house to sell.