Toronto bungalow sells for $1.46 million, almost $500K over asking price

Toronto’s real estate market is nothing if not in high demand right now, and this cozy Toronto bungalow that just sold almost half a million dollars over its asking price is the perfect example of that.

The two-bedroom yellow brick home located at 191 Leslie Street in Toronto’s Leslieville neighbourhood was listed on March 11 for $999,900. It sold just four days later for a whopping $1,460,000 — $460,100 over asking.

Although the price may seem shocking, Zoocasa agent Derek Wacker says that he’s not surprised by how much it sold for.

“When evaluating the sold price of 191 Leslie Street and considering the fact that the market is very competitive right now and that the property is fully detached and situated in the heart of Leslieville, I’m not surprised with what it sold for,” Wacker said.

The house itself is quaint, with a kitchen, living room, and two cozy bedrooms occupying the main floor.

Down in the basement, you’re transported back to the ’70s with wood-panelled walls, popcorn ceilings, and carpeting throughout.

“The listing also notes high basement ceilings which is a rare find in Toronto,” Wacker said.

The basement does, however, function as its own apartment with a small kitchen, bedroom, den, and bathroom.

The property, which sits on a sizeable 25 x 128 foot lot, gives the buyer plenty of options for updating it in the future, Wacker says.

“The buyer could live in the property now and later extend the house,” Wacker said. “This property could easily accommodate a second storey in the future.”

A similar property on the nearby Hastings Avenue was recently bought and renovated top to bottom with a second floor and nanny suite addition.

“The Hastings property after the renovation fetched a sold price of over $2.5 million,” Wacker said.

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The Leslie Street home’s backyard is also in need of serious work. It currently has a nice deck attached to the house but the landscaping, which currently consists of a dirt patch and a few trees, could use some attention.

Wacker says that the neighbourhood, filled with boutique shops and restaurants, would certainly draw in a buyer looking to build a long-term home here.

“When I look at this property I see potential,” Wacker said. “Live in it now and save paying a realtor and land transfer taxes in the future by rebuilding and adding a second storey instead of changing houses again.”

Whether or not you would want to pay almost $1.5 million to live in this Toronto bungalow, one thing is for sure: there’s nothing but potential in this house.