This week, I had the opportunity to show a beautiful home in Leaside. Interestingly, it hadn’t even hit the market yet.
The sellers were planning to wait until the fall because the home they had purchased doesn’t close until November, and, like many families in Leaside, they assumed summer wasn’t the ideal time to sell while so many people are away at cottages.
The home was impressive; four bedrooms, four bathrooms, beautifully renovated from top to bottom, with a walk-out lower level that felt more like another floor of the house than a basement.
So what was the asking price?
Here’s the interesting part. They listed it for exactly what they paid in 2024: $2.75 million.
The property was offered exclusively first, and the listing agent reached out to a small group of Realtors to let us know it was available. After fewer than five showings, it sold at the asking price.
Why?
It certainly helped that the home showed beautifully, but I think the biggest reason was that the sellers understood today’s market. They weren’t trying to chase yesterday’s prices or test the market. They priced the home where buyers saw value, and the result was a straightforward sale.
That reminded me of another house I mentioned a few weeks ago. It was initially listed at $1.99 million with an offer date, received no offers, was then increased to $2.295 million, and has now been reduced to $2.149 million. It’s a fantastic home, but it lacks secure parking, making it a tougher sell for many buyers. Even great homes need to be priced with today’s buyers in mind.
One of the biggest lessons we’re seeing this year is that every market has its own story. Detached homes in sought-after neighbourhoods like Leaside are very different from the condo market, where buyers have an abundance of choice and considerably more negotiating power.
There isn’t one Toronto market, there are dozens of micro-markets, each behaving a little differently.
If you’re wondering what your home might be worth, or what buying or selling looks like in your neighbourhood today, we’d be happy to share what we’re seeing on the ground.
And if you’d like to buy or sell, please call Davelle.
My First Home: How to Buy Smart in Toronto
Know someone who talks about buying a home “someday”? Forward them a copy of our new My First Home magazine. It covers what to know, where to look, and how to buy smart in Toronto.
Want to Make This Market Work for You?
As always, if you have questions about the market, or would like an updated home evaluation, we’re here to help.
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