Toronto bungalow sells in four days for $410K over asking

Jan 12 2022, 9:57 pm

The Toronto real estate market is unprecedentedly competitive, and motivated buyers looking to snag a property are resorting to bully offers well over asking, as was the case for a recently sold bungalow.

The home, located at 63 Joanna Drive in Toronto’s Wexford-Maryvale neighbourhood, hit the market with an asking price of $999,998. It sold just four days later after receiving an early offer of $1,410,000.

“We did have an offer date set but received a pre-emptive offer,” listing agent John Perioris told Daily Hive.

over asking bungalow toronto

Safeland Realty Inc.

over asking bungalow toronto

Safeland Realty Inc.

The house is a three-bedroom, three-bathroom bungalow with updated appliances, spacious rooms, a sizeable backyard, and a finished basement with its own kitchen and bathroom, meaning it has the potential for rental income.

over asking bungalow toronto

Safeland Realty Inc.

Safeland Realty Inc.

Detached homes have been in high demand over the past year and a half, with buyers wanting larger spaces as they spend more time at home. And although the price of this bungalow may seem surprising to some, Perioris says it was a combination of hard work and a great property that paid off.

“We did have high expectations for the property,” Perioris said. “It’s completely turn-key with the current owners have completed a full renovation a few years ago. They followed my professional guidance on listing and presentation, which helped us to attract the attention that we did.”

over asking bungalow toronto

Safeland Realty Inc.

Safeland Realty Inc.

The home last sold in 2015 for $600,000 — $810,000 less than it sold for this month. Although the red hot market is a factor in the increased value, Perioris says that the owners also fully renovated the property.

Safeland Realty Inc.

With no real cooling-off insight for the Toronto real estate market, over-asking prices coming in before the offer date likely won’t stop any time soon.

Laura HanrahanLaura Hanrahan

+ Real Estate
+ Toronto Homes
+ Urbanized
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