It used to be remarkable when Toronto homes would sell for maybe a few hundred thousands over the asking price. But with skyrocketing prices, bidding wars and nowhere near enough housing to go around, it looks like the benchmark has changed. A detached two-bedroom, two-bathroom home at 75 Macpherson Ave. in Summerhill sold for $3,702,075 on Wednesday, a whopping $1,007,075 over the listing price of $2.695 million.
The home was on the market for just six days before being snatched up by the lucky buyers for a hefty price.
The two-storey yellow brick home features two bedrooms plus a lower level bedroom and two bathrooms. You’ll find bay windows, a fireplace and hardwood floors in the living room. It connects to the dining room, which features a walk-out to the backyard.
The primary bedroom includes a walk-out to a private balcony and a unique, pink-tiled four-piece bathroom. There’s also another living space on the second level with built-in shelves.
The lower level might be in need of some updating, but you can’t go wrong with a full kitchen, bedroom and another bathroom.
The backyard has been landscaped with interlocking stone paving and includes a few fully-grown trees that will look beautiful in the warmer seasons.
The property also comes with a two-garage parking space.
While $1 million might sound like an unbelievable amount in other markets, Toronto’s just a different beast – just a few months ago, a Rosedale home sold for more than $2 million over asking.
The January 2022 Market Watch report from the Toronto Regional Real Estate Board found that active listings are down 44 per cent year-over-year, from 7,396 active listings in 2021 to 4,140 in 2022. According to the report, that’s the lowest level the city has seen in over two decades. The average home price was also up year-over-year by 28.6 per cent, reaching $1,242,793.
It’s clear that the housing market is nowhere near cooling off in Toronto in 2022, so we might just have to get used to putting down an extra 50 per cent on a home offer just to stay in the running!
