Home bought and quickly relisted for over $210k more shows state of Toronto's market
The Toronto area’s housing market has been all over the place lately, with desperate owners selling at enormous losses in some cases and heated bidding wars returning in others.
It is true that after a slow year for activity, long-sidelined buyers are restless and over-eager to get their foot in the door and take advantage of the lower interest rates expected to come later this year. And, being Toronto, demand for housing seems to be perpetually insurmountable regardless of the economy, especially in the face of such a rapidly growing population.
Though the latest data shows sales numbers in the region are still slightly lower than this time last year, experts say that things are indeed picking up again, and are set to surge later in spring.
One newly listed property serves as a perfect example of that.
The small detached house at 487 Dawes Road near St. Clair Avenue E and Victoria Park Avenue has hit the market this month for $1,128,888 — a price that, beyond seeming too high for the property, is more than $210,000 higher than the home was purchased for just a few months ago.
Sold history for the property from Zolo.ca shows that it was sold for more than $216,000 less than it is currently going for, just a few months ago.
The listing history shows that the 2+1 bedroom, two bathroom bungalow was listed last fall for $935,000 and sold just over three months later for an even lower $912,000 in December.
The current price — for which the home seems to have sold conditionally — marks a $216,888 jump in less than four months without, it seems, any renovations being done to the home whatsoever.
The photos on the left, the current listing photos, show no improvements made to the home from when it was sold for far less just a few months ago, as seen in the earlier listing photos on the right. (RE/MAX Epic Realty/Chestnut Park Real Estate Limited)
Though new listing photos depict the home staged with different furniture, the basics seem to be all the exact same as they were in the December listing pics, with much more being asked for the real estate without any apparent investments made in the interim.
If it was indeed purchased for anywhere around the asking price this month (after just eight days on the market, no less), it would be an easy and profitable flip for the sellers, and could be an indication of things to come as the market wakes back up.
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