Toronto’s home price surge has prompted dozens of builders to refinance as the Toronto real estate market continues to heat up. Another newly built house is for sale in the city’s sought-after University District community, but at $900,000, the asking price for the $1.649-million mansion is significantly below what some other recently constructed homes cost in nearby areas.
The 19th-century home is a rarity in the area, with housing for sale there considered “middle-of-the-road,” according to one local real estate agent. Toronto’s median resale home price hit an all-time high of $1.06m in May, according to the Toronto Real Estate Board.
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“If somebody wants to live here they have to be prepared to pay,” says homeowner Nicole Wilson. The house was completed in June 2018, two years after Wilson was advised by her daughter that she had the potential to be a great fit for the home. After other renovations, the house is a finished product. But because of its location, this stylish new house might face competition from other new homes for sale in University District.
Despite the luxury home for sale in the area, this is not unusual for a Toronto home. The average home in the city is priced between $600,000 and $700,000, a price range according to which Wilson decided to start looking to market her home. To improve the performance of the home, more updates might need to be done to the house. “I want to kind of maintain, like, a modest feel,” Wilson said.
“If somebody wanted to live here they have to be prepared to pay
Wilson said the interest in the home she just listed has been great, which is an indication that many people are aware of the house’s unique design. This list includes her daughter, who is helping her with the marketing, but a real estate agent who was in the other room. “You’re lucky to sell for [$900,000], I tell her,” he said, adding that the neighbourhood is still competitive. “It’s an ideal neighbourhood,” Wilson explained.
Both the main home and the short, three-bedroom basement apartment were designed by RSH Design, which specializes in modern aesthetic and sustainability.
In recent years, houses built by the RSH Design have been located in upscale communities like Rosedale and North York, where prices have also risen steadily. In the basement apartment, four large windows allow plenty of natural light to flood the home, which Wilson says was a deliberate design decision. The lower level also features a large garage, something many potential buyers might want. The new home is a few hundred yards from University Avenue, a major thoroughfare.
“We like the look of the street. It’s a unique building,” says Wilson, who hopes the new home will draw people from universities in the area. At the time of publication, she had not received any offers on the home, which is being marketed as a unique listing.