Sold! Detached houses in Toronto still going for way over asking

As overall sales plummet in Toronto, predictions that housing prices are set to drop can be found all over the place. Still, a perusal of sold homes over the last month reveals that there are still a few pulling in big numbers above asking. 

These are almost invariably detached homes in competitive/desirable neighbourhoods priced in the $1 million to $2 million range. It's certainly possible to argue that these are just places that have hit the market lower than they're worth, but that's not the only variable here.

This three bedroom detached home just off the Danforth seemed a bit low at its $1.3 million list price, but ultimately garnered enough of a bidding war to drive the final sale up to $1.8 million, which then put it a bit higher than you'd expect ($1.5M or $1.6M seems more reasonable).

The Essentials

• Address: 95 Arundel Ave.
• Hit the market at: $1,399,000
• Time on market: 8 days
• Selling price: $1,800,000
• Amount over asking: $401K

Why it sold for what it did?

This house has lots going for it, from the oversized master bedroom to the renovated main floor to the large backyard and two car garage. It might only be three bedrooms, but it certainly doesn't seem small, and detached houses certainly haven't flooded this neighbourhood.

Was it worth it?

It'd be intriguing to know what this place would have gone for if it hit the market in mid summer. As it happens, it was sold while home prices were still riding high. In that context, the selling price makes sense. 

by Derek Flack via blogTO