Sellers of this Toronto home raked in $651,000 over the asking price

May 7 2021, 2:04 pm

Anyone who’s looked at the Toronto real estate market lately knows that virtually every home that’s listed sells over asking, but this Dufferin Grove property really stands out.

The Toronto home, a five-bedroom at 453 Gladstone Avenue with a Scandinavian charm to it, hit the market on April 26 with an asking price of $1,899,000. It sold one week later for $2,550,453 — that a whopping $651,453 over the asking price.

Courtesy of Zoocasa

The sold price, although shocking when compared to the asking, is actually right on the money for the area.

“While this home did go far over asking, the average sold price in Dufferin Grove area for a detached home is $2.549M since March 1st, 2021,” Zoocasa agent Emma Pace told Daily Hive. “This makes the sold price actually on par with the neighbourhood.”

toronto home over asking

Courtesy of Zoocasa

Courtesy of Zoocasa

And with it being a five-plus-one-bedroom house, it’s actually one of the larger homes in the area, which means the relatively low listing price was a selling strategy.

“Over five bedrooms is relatively rare in the city so it attracts both larger families and investors,” Pace said. “This property was strategically priced low to encourage multiple offers and likely received more initial interest versus listing at the average value for the neighbourhood.”

toronto home over asking

Courtesy of Zoocasa

Courtesy of Zoocasa

toronto home over asking

Courtesy of Zoocasa

The most recent sellers bought the house back in 2007 for just $650,000, which is nearly $2 million less than they just sold it for.

“Prices in the neighbourhood have spiked over the past 10 years with people wanting the downtown life but having a bit more of a [suburban] feel,” Pace said.

“Over the past year, it has jumped even higher, most likely an effect of people wanting more space both inside in terms of square footage and larger backyards.”

Courtesy of Zoocasa

With five bedrooms and a sizeable backyard (by Toronto standards), the buyers of this home are certainly getting their money’s worth.

Laura HanrahanLaura Hanrahan

+ Real Estate
+ Toronto Homes
+ Urbanized
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