Third bid takes bungalow after earlier accepted offer falls through

6 Archerhill Dr., Toronto

Asking price: $1,249,900 (December, 2022)

Selling price: $1,245,000 (December, 2022)

Taxes: $4,161 (2022)

Days on the market: Seven

Listing agents: Elias Ben Khelifa, Munira Ravji and Lorena Sabatino, Royal LePage Signature Realty

The house has an eat-in kitchen.Royal LePage Signature Realty

The action

December was a tough time to list this three-bedroom bungalow with winter holidays and another rate hike in the offing. Nevertheless, nearly 20 prospective buyers came out to mull an opportunity to buy a property in a community-oriented neighbourhood.

“Fifty per cent of buyers were families coming in, and we did have some who were looking to purchase to rent it out or create a basement apartment,” said agent Lorena Sabatino.

“Considering how low inventory was and how much action we got, it was a great sale.”

The sellers received two offers and chose the one they thought best, but the promised deposit never materialized. Previous visitors were notified, and a better bid came in $4,900 shy of the asking price.

“The fact that a house like this – with offers at any time – went into multiples, fell through and sold for more, is a really unique story for that time,” said co-listing agent Munira Ravji.

“Everyone thinks sellers are so desperate and buyers are going to get a deal, but if it’s a great home in a great neighbourhood … it doesn’t matter what market we’re in, we’ll be able to do well with these homes.”

The living and dining area has an electric fireplace.Royal LePage Signature Realty

What they got

This roughly 60-year-old house with an attached garage occupies a 46- by 127-foot lot.

It has an eat-in kitchen and a separate living and dining area with an electric fireplace.

The basement contains two guest rooms and a recreation area, plus a second bathroom and side entrance.

The basement contains two guest rooms and a recreation area.Royal LePage Signature Realty

The agent’s take

“It’s a pretty standard bungalow in the community, and the lot size was fair as well,” Ms. Sabatino said.