Every once in a while, an offer comes onto Toronto’s real estate market that seems too good to be true, and most of the time, it is. A detached bungalow in the east end is now for sale for just $1. Unfortunately, you’ll definitely need more than a loonie to claim this house as your own, but exactly how much more is anyone’s guess.
The home has been on the market for just five days but according to CTV Toronto, the $1 strategy may have been intended to generate more interest in the property and spark a bidding war.
The realtor, Arul Sivasubramaniam of Century 21, told the outlet that offers are only being accepted today.
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The home, located at 28 Mackinac Crescent near Danforth Avenue and Lawrence Avenue East, is small but newly renovated, with three bedrooms, two bathrooms, a finished basement, three parking spots, and new appliances.
This marketing tactic isn’t new to Toronto real estate either. Back in 2019, a four-bedroom home was advertised for $1 with the goal of getting buyers’ attention and letting them decide on a reasonable price.
However, a Royal LePage broker told CTV at the time that the strategy likely wouldn’t work out in their favour because people would price it lower than it’s worth.
As for what becomes of this bungalow for sale, only time will tell.