1206 Wildfield Cres., Mississauga
Asking price: $5,299,900 (August, 2022)
Previous asking price: $5,999,900 (May, 2022)
Selling price: $4,850,000 (October, 2022)
Taxes: $17,283 (2021)
Property days on market: 154
Listing agents: Matthew Regan and Ashleigh McCarthy, Royal LePage Real Estate Services Ltd., Regan Real Estate
This two-bedroom bungalow is an unconventional property, custom built six years ago on a 64- by 191-foot lot on the edge of a ravine by Lake Ontario, about 26 kilometres west of Toronto. In the space of 10 weeks, multiple potential buyers booked visits, but not a single one made an offer.
“We started to see a shift in the market with interest rates starting to go up back in March,” said agent Ashleigh McCarthy.
“And this home also wasn’t going to be everyone’s cup of tea. If you have young kids … and if you needed a swimming pool, this wasn’t the home for you.”
The price was slashed by $700,000, generating interest from one buyer, but that sprout quickly withered. About two months later, the seller managed to negotiate another offer that topped out at $4.85-million.
“Bungalows are holding their value much more than two-storey homes because of the shifting demographic,” Ms. McCarthy said.
“We have a lot of baby boomers who aren’t quite ready for condo living and want a main floor lifestyle, which is getting harder and harder to find.”
What they got
This stone-clad house has a double garage and 2,690 square feet of living space with multiple exits to south-facing terraces, including one with a spiral staircase to a patio, hot tub and tiered gardens.
Interior highlights include a gas fireplace, 15-foot ceilings, exposed beams and stone archways in the living room.
There are also fireplaces in the primary bedroom and the downstairs recreation area.
The basement provides three more bedrooms and two out of the home’s five bathrooms.
The agent’s take
“The materials and quality were far above and beyond what you’d typically find in a new build home,” Ms. McCarthy said.
“In terms of privacy, it’s second to none. You’ll never see people behind you or side by side; there’s a lot of coverage with trees.”