Toronto real estate sale prices have been soaring well above the asking prices, and this Beaches house that just sold for $505,900 over the asking price is no exception.
The home, located at 54 Willow Avenue, was listed for $1,499,000 and sold six days later for a staggering $2,004,900.
Although not huge, this three-bed Toronto Beaches house, coming in around 1,100-1,500 sq ft, has a spacious kitchen, modern upgrades, and even a finished basement with a fireplace.
What’s even more appealing is that the house is located just four homes from the lake, meaning the new buyer will have just a quick walk to get to the water.
According to Zoocasa agent Kurtis Horvat, the shockingly high sale price is simply a reflection of the current Toronto real estate market.
“This property and sale sum up the current market quite well,” Horvat told Daily Hive. “We are seeing so much competition from buyers right now, especially for properties that offer additional unique characteristics, outside of just new renovations. In this case, the new homeowners will be south of Queen Street East and just steps to the lake.
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With the house being in the Beaches, it’s even more appealing to buyers. Houses in the neighbourhood tend to be snapped up quickly.
“This is a highly sought after and in-demand pocket,” Horvat said. “The sheer lack of supply on new listings continues to drive up the selling prices as we can see here. If potential buyers are out looking in this area, they need to act swiftly if they see a potential property that suits their needs as it is likely to go quickly!”
With houses continuing to sell well above asking, there’s no cap to just how high Toronto’s real estate market will soar in the coming months.