A Toronto house listed for just $1 sold on Friday after unsurprisingly receiving an offer well over asking.

The house, located at 28 Mackinac Crescent in Toronto’s Bendale neighbourhood, hit the market on November 12 with an asking price of $1,250,000. By the offer date, however, the price of the house dropped to just $1 — a sales strategy that several Toronto realtors have employed to get even further ahead in today’s ultra competitive market.

Century 21 Innovative LAH Team Realty

Century 21 Innovative LAH Team Realty

For that price, the buyers got a cosy red-brick bungalow with six bedrooms — three of which are in the basement — and two bathrooms. The house, although quaint, sits on a large 40×125-ft lot.

Century 21 Innovative LAH Team Realty

The inside of the home was recently renovated, with the flooring, washrooms, and kitchen upgraded earlier this year. The upstairs bedrooms are spacious with big windows, so even though it’s a smaller home, you wouldn’t feel cramped.

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Century 21 Innovative LAH Team Realty

Century 21 Innovative LAH Team Realty

Down in the basement, where the other three bedrooms are, there’s also another kitchen with an eat-in island and one of the bathrooms. If the new owners wanted to rent the space out for extra income, that would certainly be a possibility. There’s even a side entrance to the house at the top of the basement stairs, allowing for a convenient private entrance to the lower level.

Century 21 Innovative LAH Team Realty

In Toronto, having a decently-sized backyard is a hot commodity, so even though this home’s yard doesn’t have a lot going on, there’s endless potential.

With the $1 price tag having left the offers open-ended, we’d be interested to know what other price points were offered for this house.