76 Edgecroft Rd., Toronto
Asking price: $899,000
Selling price: $976,000
Previous selling price: $575,000 (2013)
Taxes: $3,488 (2017)
Days on the market: Zero
Listing agent: Jody Thompson, Re/Max Professionals Inc.
The action: Last spring, agent Jody Thompson sold Queensway bungalows between $1.1-million and $1.25-million, often in bidding wars. Ontario’s Fair Housing Plan and its new mortgage stress test dampened activity this spring, but this two-bedroom bungalow rustled up bids quickly thanks to a listing price way below the level at which renovated and expanded homes in the same area were selling, with some fetching more than $1.7-million.
“The first two [buyers who had] showings both came in with pre-emptive offers, so it was sold in six hours on the market,” Mr. Thompson said.
“The first quarter was busy with people like [the buyers] that went to their brokers the last week of December and got pre-approved for the first quarter, so they didn’t have to do the stress test 120 days out.”
What they got: This 828-square-foot residence with a traditional brick façade has an updated roof, mechanics and interior.
In the past five years, heated floors were added in one of the two bathrooms and ceramic flooring, granite countertops and stainless steel appliances installed in the kitchen. The entertaining and dining quarters are open to one another and the 797-square-foot basement has an open sitting area in front of the guest room.
A back stairwell exits to a private patio, backyard and double garage on the 40-by-133-foot lot.
The agent’s take: “Buyers loved that it was fully renovated with top materials and finishings. It was completely move-in ready and under $1-million,” Mr. Thompson said.
“It’s very livable for young professionals, and maybe over time [they will] top up or put an addition on.”