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Royal LePage Real Estate Services Ltd.

40 Peveril Hill N., Toronto

Asking price: $1,598,000

Selling price: $1,550,000

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Previous selling prices: $952,000 (2013); $687,500 (2012)

Taxes: $6,270 (2019)

Days on the market: 10

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

The action

Entertaining areas feature new hardwood flooring.

Royal LePage Real Estate Services Ltd.

After hearing that a neighbouring home was sold for $1.43-million in late 2019, the sellers of this house set their sights on getting $1.5-million for theirs. The two-storey house on a 25-foot-by-115-foot lot adjacent to a laneway is steps from future Eglinton Light Rail Transit line, and it was feared that the noise of LRT and condominium construction might deter bidders. But the sellers underscored the home’s long-term potential and eventually, two offers were presented in February.

Agent Belinda Lelli said she spoke to a specialist in laneway housing who confirmed that the current two-car garage attached to the property would be eligible for conversion as a separate residence. "So I then marketed the property to investors and not just end users,” agent Belinda Lelli said.

“The basement didn’t have a kitchen, but you could put a little kitchen in there, so you’d have that place to lease as well.”

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What they got

The modern kitchen features stainless steel appliances and an island.

Royal LePage Real Estate Services Ltd.

The 50-year-old house has had new windows and roofing installed and three bathrooms have been updated. There are new hardwood floors in all three bedrooms and in the entertaining areas on the main and lower levels. The lower level also has a fireplace and double doors to a guest room.

The main floor kitchen is modern with stainless steel appliances and an island overlooking a dining area with access to a back deck and private patio.

The agent’s take

The home's proximity to public transit helped make it attractive to bidders.

Royal LePage Real Estate Services Ltd.

“It’s a beautiful, well appointed house in Cedarvale,” Ms. Lelli said.

“[The sellers] renovated the floors, baths and finished their basement with a separate entrance.”

Furthermore, this 1,484-square-foot house is close to coveted schools, shops and eateries, as well as transit. “The LRT is bringing positive changes there,” Ms. Lelli said. “[Plus] Yonge and Eglinton will literally be a stop away.”

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