Why This NW Toronto Home Is A ‘Great Starter’s Home’ At $899,900

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Price: $899,900

Neighborhood: Keelesdale – Eglinton

X Factor: This offer, which has been up and running for almost a month, is all about price and opportunity during this “shaky” time in the real estate market, an expert says.

The 1,200-square-foot two-bedroom, two-bathroom bungalow features a remodeled kitchen, a remodeled ground floor bathroom, and a lower ground floor that doubles as an in-laws. It’s the perfect home for a young couple looking to hit the market, said Forest Hill Real Estate broker David Sussman.

“It is a great starter home.”

If you’re buying for the first time, you might be wondering if this is a good deal? We engaged our expert real estate agent David Sussman to better understand why this property costs what it does.

The 1,200-square-foot two-bedroom, two-bathroom bungalow features a remodeled kitchen, a remodeled ground floor bathroom, and a lower ground floor that doubles as an in-laws.

Why is it priced like this: Any home listed for less than $1 million in Toronto’s extraordinarily expensive market deserves a “special mention,” Sussman said.

The sellers initially had offers for 17 Kenora Cres. at $849,000, after which the price was increased to $899,900, Sussman said, according to MLS data. They probably expect it to sell for nearly $899,900.

Keelesdale-Eglinton is a neighborhood that Sussman calls ‘up-and-coming’, which plays a part in the price of the offer. The house is near parks, delicious restaurants and has easy access to transit, Sussman added.

“Definitely a good price based on the fact that only one (property) has been sold in that area under $1 million this year,” said Sussman.

“The floors look good, the walls look good,” Sussman said, adding that potential buyers could put $50,000 to $100,000 in renovations to “keep it looking neat.”

But if buyers don’t want to spend money on renovations right away, could wait, Sussman said, especially since the property has an updated electrical system and air conditioning — something not often found in older homes like this one.

Backyard porch at 17 Kenora Crescent in the Keelesdale-Eglinton neighborhood of Toronto.

And for the same price as an apartment in the city, it might be a deal too good to pass up, especially since there’s a garage, a “decent” lot and a sunroom, he said.

In addition, the buyer can probably rent out a floor for about $1,200 a month, if they’re looking for some extra income.

“This is the type of home people go to because of its affordability,” Sussman said.

The 1,200-square-foot two-bedroom, two-bathroom bungalow features a remodeled kitchen, a remodeled ground floor bathroom, and a lower ground floor that doubles as an in-laws.

Tips for finding a place like this: There are older homes like this one all over town, but they usually sell for much more than $899,900, Sussman said.

To find other homes like this, Sussman suggests looking near Dupont or Eglinton West, or something “west of the Allen.”

Sussman also suggests looking near Jane and Finch Streets, or west of Keele Street all the way to Black Creek.

“Based on the prices in Toronto, this is an opportunity,” said Sussman.

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