A Toronto home that sold under $1 million in this red-hot market? Here’s why

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GTAHomeHunt: This semi-detached home located in a desirable area of Toronto, between Davenport Road and St. Clair West, sold for almost $50,000 below its original asking price. We got our real estate expert to break down why:

: This semi-detached home located in a desirable area of Toronto, between Davenport Road and St. Clair West, sold for almost $50,000 below its original asking price.

The property is a few bus stops away from Dufferin Station, the Bloor Station GO and the 512 St. Clair streetcar as the commute time to the downtown core is fairly decent. According to Litchmore, homes that are still heated by oil in Toronto are a huge turn off for a ton of potential buyers as natural gas is now considered a standard option for homeowners.

Common problems that usually arise with homes that are heated by oil are the lack of heat, high fuel consumption and the inability to turn on the furnace. This is why it remained on the market for 29 days during one of the hottest housing markets in history, Litchmore says.

 

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