1960s bungalow near Toronto’s Black Creek sells for $1-million

Open this photo in gallery:

279 Driftwood Ave., Toronto

Asking price: $898,000 (November, 2022)

Selling price: $1-million (November, 2022)

Taxes: $3,400 (2022)

Days on the market: Seven

Listing agent: Belinda Lelli, Royal LePage Real Estate Services Ltd.

Buyer’s agent: Marco Pezzelli and Belinda Lelli, Royal LePage Real Estate Services Ltd.

Open this photo in gallery:

The action

This three-bedroom bungalow sits in a neighbourhood of similar, mostly 1960s era bungalows in the area west of York University. To help it stand out, the house was staged and priced under $900,000. The strategy succeeded in attracting about 200 visitors between two open house events.

“The sellers trusted my guidance and allowed me to list it aggressively, given the changing market and the approaching winter, holiday season and end of year,” agent Belinda Lelli said.

“The other [houses for sale in the area] priced at $1.05-million or $1.1-million, they weren’t doing open houses. They didn’t stage, they didn’t advertise. So they were just sitting there on the market.”

Within a week the more than 60-year-old house had received seven offers – all from new Canadians – with a seeming indifference to rising interest rates and the less than enviable reputation of the Jane and Finch intersection nearby. The best offer came in at an even $1-million.

“This is an incredible story that speaks to the need for affordable housing for many new Canadians that seek a home to accommodate two families or multi-generational accommodations,” Ms. Lelli said.

“So no one was complaining about the house or the location because it’s in Toronto and in proximity to schools and transit.”

Open this photo in gallery:

What they got

This brick house with an attached double garage sits on an 80- by 117-foot lot backing onto Driftwood Park and beside Driftwood Public School.

The long-time owners had renovated bathrooms on both levels, and added a secondary kitchen downstairs.

The basement also has a dining room and recreation area with a gas fireplace and access to a south-facing patio and yard with two sheds, a vegetable garden and fruit trees.

Open this photo in gallery:

The agent’s take

“What’s good about Driftwood is the lot size because typical ones are 50 feet [wide],” Ms. Lelli said.

“It also has a separate side entrance to the lower level whereas some other ones don’t have that.”