Toronto’s top “over-asking price” homes

Toronto’s top “over-asking price” homesCanada’s largest city is home to some of the highest real estate prices in the world.  From million-dollar waterfront properties in the Scarborough Bluffs to the multi-million dollar condominiums in Yorkville, living in Toronto can get pretty pricey.  Bidding wars are common in premium neighbourhoods with certain homes selling at “over-asking” prices.

Below is a list of Toronto’s top “over-asking price” homes and what made each listing so special.

This home in Toronto’s east-end sold for over asking.  But it lacks the grandeur and luxury that so many of these homes possess.  The real estate agent says it garnered a premium price because of the love story attached to it.  77-year-old Jack McFadyen put the house up for sale after his wife, Stella, passed away.  The two had been married for nearly 50 years, and the home served as a time capsule of their life together.  Instead of staging the home with modern appliances and furniture, the real estate agents decided to showcase it “as is”.  Wartime relics and precious family photos graced the walls of this charming three-bedroom home.  The realtor wanted potential buyers to fall in love with the story of Jack and Stella, and so they marketed it as such.  And it didn’t hurt that the home boasted views of Lake Ontario as well! 

McFadyen’s house was listed for $839,900 – but it ended up selling for $855,000 instead.

You may want to sit down for this one.  A bungalow in Toronto’s North York region sold for nearly $500,000 over the asking price.  Yes, really.  It’s not a particularly outstanding bungalow, nor is the lot particularly deep.  But for one young woman, the house was worth it.  She beat out nearly 20 rivals, purchasing the house for a stunning $1,180,800.  (2nd photo in slideshow)

Sometimes bidding wars are artificially garnered by deliberately pricing the home at a cheaper rate, triggering an auction-like atmosphere amongst desperate buyers.  That’s the tactic this one real estate agent used when selling this home in Forest Hill.  The house was priced under $1-million, which is a rarity in that neighbourhood.  The home eventually sold for $425,000 over asking.  (7th photo in slideshow)

Near the famous inner-city housing development known as St. James Town, there lies a stretch of 100-year-old homes.  These houses, rich in heritage, narrowly missed the bulldozers as low-rental apartments went up all around them.  And that’s where you’ll find 11 Linden Street.  This semi-detached home triggered a desperate bidding war, selling for nearly $300,000 over asking.

Some simple renovations and a brand-new garage is all it took for this homeowner to garner $133,000 over asking price.  This home in Toronto’s gentrified Leslieville district was originally listed at $799,000.  But five interested buyers got locked in a heated bidding war.  In the end, a couple reportedly sealed the deal by coming in with an aggressive offer the owner just couldn’t refuse.

But this story is hardly uncommon in Leslieville.  The area’s proximity to the downtown core and its trendy social venues make this neighbourhood one of Toronto’s most expensive for real estate. 

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