Townhouse

Why is this 3 bedroom townhouse in Toronto costing $699,990?

A new listing in Toronto’s Corso Italia-Davenport neighborhood costs well under $1 million — and could be a gateway for buyers looking to enter Toronto’s hot real estate market.

This three-bedroom, three-bathroom townhouse at 17 Gilbert Avenue is priced at $699,990, a rare find and the cheapest around in terms of comparable bedrooms and bathrooms. Located in the St. Clair Avenue West and Caledonia Street area, this 1,565 square foot property hit the market a few days ago.

Despite Toronto’s distinction as the most expensive place in the country, listings at that price still exist in the city, according to David Sussman, realtor at Forest Hill Real Estate.

“There are places that sell for less than a million dollars all the time. You know, there’s places like this that you can get for a reasonable price, and you can invest some money in it, and maybe someone will buy it for 650 and put some work into it and sell it for 850 or 950,” Sussman says. .

This three-bedroom, three-bathroom freehold townhouse at 17 Gilbert Avenue in Corso Italia is near St. Clair Avenue West and Caledonia Road and is listed for $699,990.

Alejandro Baez, the RE/MAX Ultimate listing agent for this property, says this freehold townhouse presents different opportunities for buyers. Buyers can build and build a second floor, since the house is only 1.5 stories high. They can demolish the property entirely and build a new house, or live there and simply renovate the top floor, suggests Baez.

The top floor has two bedrooms and a bathroom, with a third bedroom downstairs. The unfinished basement includes a laundry room and a bathroom.

This three-bedroom, three-bathroom freehold townhouse at 17 Gilbert Avenue in Corso Italia is near St. Clair Avenue West and Caledonia Road and is listed for $699,990.

“It will be a great condo alternative for someone who doesn’t want to buy a condo and wants to have a freehold property, and with a garage in Toronto, which is a big deal,” Baez says. A garage is rare in this cluster of town, but a detached garage is nearly impossible to find, according to Baez, making this location a rare and attractive find.

Baez says the townhouse is owned by a couple who live downstairs. According to Sussman, registry records show a transaction with an unlisted price when the house was first purchased in 1967. Now, 55 years later, it is on the market.

This three-bedroom, three-bathroom freehold townhouse at 17 Gilbert Avenue in Corso Italia is near St. Clair Avenue West and Caledonia Road and is listed for $699,990.

Baez says they are holding offers until Thursday.

According to Sussman, the property is properly valued but needs a lot of work. “If you can buy this place, you buy it for 700 and put $200,000 in it, maybe you’re ahead of the game, maybe you’re smarter than everyone else,” Sussman says.

This three-bedroom, three-bathroom freehold townhouse at 17 Gilbert Avenue in Corso Italia is near St. Clair Avenue West and Caledonia Road and is listed for $699,990.

Sussman says this property is perfect for first-time home buyers or a home flipper, and gives you the opportunity to make a lot more money out of it. Given its location, Sussman describes it as a “renovator’s dream” and the neighborhood as an “investment”. TTC services are nearby including several parks like Earlscourt Park, Sandra Park, Wadsworth Park and others.

At the end of the street, a two-bedroom, one-bathroom freehold townhouse sold in December 2021 for $837,500. A newly renovated property at 66 Gilbert Avenue, and smaller than Baez’s listing, sold below its asking price of $865,000. A recently renovated 2 bedroom, 2 bathroom semi-detached nearby at 211 Prescott Avenue is listed for $698,000.

This three-bedroom, three-bathroom freehold townhouse at 17 Gilbert Avenue is listed for $699,990 and comes with a detached garage, a rare find, according to the listing agent.

Baez says 17 Gilbert Avenue would be perfect for a young family or someone who isn’t going to break the bank and can afford to live in this community. “Our expectation is to get the best deal, we don’t know what will happen. Gilbert is really a great street,” says Baez.

“If you have three or four people who really want this and see it as an opportunity, they might bid. I don’t think it’s worth much more. That would be a bit silly unless you really know what you get on board,” Sussman says.

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