Sold! Baby bungalow gets bid up to $760K

As condo prices continue to climb in Toronto, the small home becomes an attractive option for those who like the idea of a backyard and some extra space from their neighbours. These properties don't work for everybody, but there's an undeniable appeal to such cute houses.

This baby bungalow at 121 King Edward Avenue in the scorchingly hot Woodbine-Lumsden area is a great example of why such properties are so appealing. Unsurprisingly, it's also an example of how they almost invariably sell for over asking.

While the space on offer is obviously limited, the interior is designed in a manner similar to a contemporary condo, and the outdoor space is much larger and more private than is typical of a communal building. The quiet street was also likely attractive to those who made offers.

The Essentials

• Address: 121 King Edward Ave.
• Type: Detached house
• Bedrooms: 2
• Bathrooms: 1
• Lot size: 16.67 x 126.37 feet
• Realtor: The Weir Team
• Hit the market at: $599,000
• Time on market: 6 days
• Sold for: $760,000

Why it sold for what it did

This is a highly attractive area. Home prices in Woodbine-Lumsden have increased more than anywhere else in the city over the last decade save for Greenwood-Coxwell. As a detached home, it was probably under-listed at $599K. 

Was it worth it?

The listing price doesn't mean much here. The average price of homes in the area has crept up to around $800K, so this small but unique property was always going to attract lots of interest. In today's market, $760K is entirely reasonable for this home. 

by Derek Flack via blogTO