Scarborough back split drops price four times in buyer’s market

8 Mayhill Cres., Toronto

Asking price: $999,999 (July, 2022)

Previous asking prices: $1.089-million (Mid-June, 2022); $1,185,000 (Early June, 2022); $1.2-million (May, 2022); $1.3-million (April, 2022)

Selling price: $970,000 (August, 2022)

Previous selling prices: $330,000 (June, 2010); $270,000 (April, 2004)

Taxes: $3,116 (2021)

Days on the market: 14

Listing agent: Lal Chowdhry, Coldwell Banker – R.M.R. Real Estate

The action

In April, this four-level, back split was listed for $1.3-million, which was roughly the amount the neighbouring house sold for at the peak of the market. But with interest rates rising – along with local housing inventory – buyers weren’t biting. The sellers dropped the asking price several times before settling at in July. An offer of $970,000 was accepted in August.

“The market changed so rapidly,” said agent Lal Chowdhry. “It was difficult, and took time, for the sellers to accept that the price they expected was no longer attainable, especially when they knew what other properties in their area sold for in the early months of this year.”

“But we didn’t consider offers in the low- or mid-$900,000s because this house was fully done. There were no major issues.”

One of the home’s upper-level bedrooms had been renovated to create a den and ensuite bathroom for the primary bedroom. The loss of that bedroom may have impacted the final sale price.

“The buyers wanted to come down on price because they would have to spend extra money to get the layout back to what it was before,” Mr. Chowdhry said.

What they got

The more than 60-year-old house has a private driveway and sits on a 43- by 137-foot lot.

The roof, windows and major mechanical systems have been recently upgraded, and the eat-in kitchen has been revamped with stainless steel appliances and hardwood floors.

Open living and dining areas are on the main floor and there are two more bedrooms on the lower level.

In the basement, there is a secondary kitchen and a recreation area, plus a rear exit and one of the home’s three bathrooms.

The agent’s take

“It’s on a street that’s very convenient for folks to get to transit and the 401 [highway],” Mr. Chowdhry said.

“There’s a school down the street, and the Scarborough golf course is also down another street.”

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