This Toronto bungalow is on the market for $949K and approved for a second storey. Is it worth it?

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This home is selling for close to triple the price it sold for nine years ago.

In Walters’s opinion, this home is suitable for first-time buyers, downsizers or investors.“They mentioned it’s been approved for a second level … I think by putting that in the listing, the sellers are suggesting this could be a teardown home,” he says.

“I could see a flipper taking this, doing a major renovation and turning it into a bigger, more desirable home and selling it to someone else.”In 2014, the home was sold for $357,000. Now, nearly nine years later, it is just over two and a half times that price. Walters gives some insight into the current market in the Mount Dennis neighbourhood.

“There are a lot of considerations for this, in addition to time in market, factors such as lot size, condition of the home, neighbourhood/location, parking, etc. will contribute more to the overall value than construction approvals would. The pre-approvals and permits are definitely an added bonus, but not every potential buyer will necessarily be looking to use these,” Walters says.

 

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