Kingscrest estates . The bungalow was sold at 1.46 million over the asking price by 460000. The unimpressive-looking Toronto bungalow was sold for 999000 yuan and finally sold for nearly 1.5 million yuan, but the real estate agent said he was not surprised at all.
The small yellow brick bungalow, located at No. 191 in Leslie Street in the Jones Avenue and Dundas Street areas, was sold for 1460000 yuan after it was listed for five days.
The small bungalow has two rooms on the main floor, another two rooms in the earth vault, a total of two bathrooms, but no garage.
Desmond Brown, a Toronto real estate agent and podcast host, told CTV News on Wednesday that he was not surprised that the price of the house was much higher than the asking price. “it’s crazy, but it’s not surprising,” Brown said. “I don’t blink when I see it now.”
He believes that the high price of the bungalow, which was renovated a few years ago, may be due to its “ideal” location, just a few steps away from Leslieville’s Queen Street. In addition, he believes that the house is “obviously bidding very low” in order to attract more people to bid, and the area is quite large, so that new homeowners can have room for further construction. The property tax on the house is $3718 a year.
Although it was not renovated at the time, the house sold for just $347000 in 2007, according to documents obtained by CTV News in Toronto.
Brown said he believes the Toronto real estate market is “unsustainable” and that rapid house price growth needs to slow. “We need to stabilize house prices,” he said. In the past, we used a rough rule of thumb that house prices would double in 10 years, but now it is faster than the philosophy we have always believed in. ”
Earlier this month, the average home price in the Toronto area exceeded 1 million yuan for the first time, according to the Toronto Real Estate Bureau (Toronto Region Real Estate Board). Low interest rates and a shortage of supply have intensified the bidding war, according to the real estate bureau.