Today in "the housing market definitely isn't in an inflationary bubble" news, an extensively remodeled 3 bedroom North Toronto home, located at 174 Cranbrooke Ave., sold for more than $600,000 over its asking price this week.
The home sold after being on the market for just 6 days, according to The Globe and Mail.
It had previously sold in August 2014 for $1,065,000 and sold in February 2022 - less than 8 years later - for almost triple what it went for in 2014. The seller was asking $1.995 million and the home sold for $2.608 million.
The house was "extensively remodeled in 2017", the report notes. The remodel - which included "a modern bathroom upstairs and downstairs a new open dining area and kitchen with stainless steel appliances, Caesarstone countertops and a massive island" - attracted about 80 potential buyers when the home went on the market, the report noted.
Brayden Irwin, one of the agents who listed the home, said: “We did not do any open houses because we feel serious buyers want to see the house in a private setting and walk through on their own with their agents.”
He continued: “It gets a better response from the market when they’re able to do that and not being disturbed by other people.”
Seven serious offers had come in by the house's offer date. Irwin told The Globe and Mail: “Three offers were really above the rest, so it shows that there are a lot of serious buyers in the market.”
“It seemed like almost every property coming to market was either selling in multiple offer [scenarios] or were selling pre-emptively,” he continued. “It’s a classic North Toronto detached house on a 25-foot lot, but these sellers opened up the main floor and did a really beautiful renovation.”
He concluded: “A lot of people were looking at this house because of its proximity to John Wanless, which is a popular elementary school, and its proximity to Yonge Street.”