Toronto real estate news continues to be the talk of the town since the city's housing bubble just won't pop. People are definitely getting creative with land and property in response to the sparse market for housing. A recent real estate listing in Toronto shows a garage being sold for $599,000 at 0 Greenwood Avenue, which is the price that a Toronto house for sale used to be just a few years ago.
The listing has been up since yesterday, Sept. 4. The ad says it is a "rare opportunity for someone looking to build in desirable Danforth Village". The property is a 20-foot by 100-foot lot with parking. It's got a lush backyard with several trees and space for a garden.
Houses in the Greenwood-Coxwell area are going for at least $899,000, which is lowballing it. Some of the more modern and renovated homes in the area are listed for over $1 million.
The garage itself is squished between two houses and is quite a quaint area for a property. In today's market, it is still desirable, though. It is close to the subway, school, shops, and restaurants, the listing reads.
Narcity spoke with listing agent Antigone Dallas, who was kind enough to share some information about the lot.
According to Dallas, the land for sale has been sitting vacant "for years" and she and her family are now trying to close off their estate, and that is why it has come up for sale. So far, a handful of people have contacted her about it with interest in redeveloping the space.
When asked about if she thinks a lot that small could be redeveloped, Antigone said, "If you look throughout the neighbourhood there are single storey homes and they are redeveloped. Monarch Park has a couple of them, bottom of Greenwood has one or two, and the lot sizes really are very similar, they're often on 20 or 21 foot lots with parking right in front."