22 November 2020 Posted By : Ainsley Smith

$1M Over Asking? The Most Sought-After Toronto Listings in 2020

Another year has almost come and gone, and while no one could have predicted how 2020 was going to unfold, this unpredictable year has shown the true resilience of not only Canadians but of the housing market, too.

As Toronto marks nine months of the pandemic, the resiliency of the housing market in Canada’s largest city has proven itself, particularly in the freehold market, where sales and prices have been on the rise since the early summer. And the trend has continued well into the fall, with total transactions up 16% in October, while average prices jumped up 10%.

In the lead up to the end of the year, real estate agent Doug Vukasovic has highlighted some of the most sought-after Toronto properties in 2020, each of which sold for more than 170% of its asking price — indicating just how much homeowners are willing to spend to land their dream homes.

“These three homes attracted a lot of attention — and became the city’s biggest-selling properties from a-list-to-sale perspective,” Vukasovic said in a recently released housing report.

On this list, you won’t find multi-million dollar mansions decked out with enviable finishes and amenities, rather, it’s made up of homes that are in dire need of some serious TLC. Ultimately, the list is comprised of homes in highly-sought after neighbourhoods that will most likely be gutted and renovated, if not torn down completely.

“The biggest factor for these homes selling for significantly more than the asking price is that they were listed well below market value to begin with,” Vukasovic explained to Toronto Storeys.

“A common thread between these homes is that all were located in West Toronto in great established neighbourhoods and all required work. I’m not suggesting that any of these were deals obviously. Deals don’t really exist in the freehold segment, which continues to be a seller’s market.”

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