While prices for homes sold in the Greater Toronto Area were twenty percent higher this past December when compared with the figures for the previous December, one home in particular sold for an astronomical amount of money. A split-level home that is located at 19 Talwood Drive in the Lawrence Avenue East/Don Mills Road area went for an astonishing one million dollars beyond the initial asking price. This is just one example of the way home prices in this region have been skyrocketing in recent years, but there is no question that it is one of the most significant.
The home was initially listed at 1.4 million. It would eventually be sold for 2.6 million. It features three bedrooms, three bathrooms, a garage, and a swimming pool. It occupies approximately half-an-acre of land, and it is located in close proximity to trails and a park. After sitting on the market for about a week, it received more than fifteen offers. The home was intentionally priced low, in order to create a bidding war. This is a common tactic when it comes to selling homes.
While the tactic can easily backfire, Toronto-based real estate attorney Bob Aaron believes the tactic proved to be particularly useful in this case, since there are so few listings. It is because of the low volume of available homes that such a tactic can prove to be successful for the seller and agent alike. It is also believed that the current condition of Toronto’s real estate market is unlikely to change in the near future.