Why This Northwest Toronto Home Listed At $899,900 Is A ‘Great Starter Home’

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Price: $899,900

Neighborhood: Keelesdale–Eglinton

X Factor: This listing, which has been active for nearly a month, is all about price and opportunity during this “unsettled” time in the real estate market, says one expert.

The 1,200-square-foot two-bedroom, two-bathroom bungalow features an updated kitchen, updated bathroom on the main floor, and a lower floor that could double as an in-law suite. It’s the perfect home for a young couple looking to break into the market, said realtor David Sussman of Forest Hill Real Estate.

“It is an excellent house to start with.”

If this is your first time shopping, you may be wondering if it’s a good deal. We brought in our expert, real estate agent David Sussman, to better understand why this property costs what it does.

Why is it this price? Any home listed for less than $1 million on Toronto’s extremely expensive market deserves “special mention,” Sussman said.

Sellers initially had bids for 17 Kenora Cres. to $849,000, then raised the price to $899,900, Sussman said, according to MLS data. They probably expect it to sell for around $899,900.

Keelesdale-Eglinton is a neighborhood that Sussman calls “up and coming,” which influences the listing price. The house is close to parks, delicious restaurants and has easy access to transit, Sussman added.

“Certainly good value based on the fact that only one (property) has sold for less than $1 million this year in that area,” Sussman said.

“The floors look good, the walls look good,” Sussman said, adding that potential buyers could spend $50,000 to $100,000 on renovations to “make it look spruced up.”

But if buyers aren’t willing to spend money on renovations right away, it could hold up, Sussman said, especially since the property has an updated electrical system and air-conditioning unit, something not often found in older homes like this one.

Back porch at 17 Kenora Crescent in the Keelesdale-Eglinton neighborhood of Toronto.

And for the same price as a city condo, it might be too good a deal to pass up, especially since there’s a garage, a “reasonable” lot and a sunroom, he said.

Also, the buyer is likely to rent a flat for around $1200 per month, if they are looking for some additional income.

“This is the type of housing that people will gravitate toward the most because of affordability,” Sussman said.

The 1,200-square-foot two-bedroom, two-bathroom bungalow features an updated kitchen, updated bathroom on the main floor, and a lower floor that could double as an in-law suite.

Tips for finding a place like this: There are older houses like this all over town, but they typically sell for well over $899,900, Sussman said.

To find other homes like this one, Sussman suggests looking near Dupont or Eglinton West, or anywhere “west of Allen.”

Sussman also suggests looking near Jane and Finch Streets, or west of Keele Street to Black Creek.

“Based on Toronto prices, this property is an opportunity,” said Sussman.

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