Lack of listings drives seven bids for North Riverdale semi

Written by Sydnia Yu | Published in The Globe And Mail
In the Press
October 28, 2022

304 Bain Ave., Toronto

Asking price: $1,298,000 (September, 2022)

Selling price: $1,555,000 (September, 2022)

Previous selling prices: $860,845 (June, 2015); $137,500 (July, 2000)

Taxes: $6,003 (2022)

Days on the market: Six

Listing agent: Christopher Bibby, Re/Max Hallmark Bibby Group Realty

The action

The home has two newly updated kitchens and three modern bathrooms.RE/MAX HALLMARK BIBBY GROUP REALTY

Labour Day typically kicks off the busiest season in real estate with a flood of new inventory for buyers, yet this semi-detached house was essentially the only property available in North Riverdale this year.

“People were a little afraid to come onto the market,” said agent Christopher Bibby.

“Many sellers in June and July found it quite humbling because the market had deflated. But we were starting to see signs of life in the neighbourhood in August. [We knew about] some off-market deals happening at good prices, which was also due to the fact there was no supply.”

More than 140 buyers visited the house over six days, and seven made offers. In the end, the house sold for $257,000 over the asking price.

“It was a tough decision [among the offers], but in the end … it boiled down to many things, like price, closings and deposits,” Mr. Bibby. said

What they got

There is a backyard and a sundeck off the primary bedroom.RE/MAX HALLMARK BIBBY GROUP REALTY

This 2½-storey house has three bedrooms and open living and dining areas, as well as two newly updated kitchens and three modern bathrooms.

The basement apartment contains one bedroom and a recreation area.

There is a backyard and a sundeck off the primary bedroom.

The agent’s take

The house has three bedrooms.RE/MAX HALLMARK BIBBY GROUP REALTY

“In a lot of those three-bedroom semis that are two-level homes, the third bedroom is going to feel more like a den, whereas here, all three bedrooms are full sized,” Mr. Bibby said.

“At a time when interest rates are rising and carrying costs are higher, we also had a vacant apartment, fully updated and renovated … so the new buyer can choose the tenant and rent that’s fair.”

The 18- by 102-foot lot lacks parking but is in the middle of a vibrant, family-friendly neighbourhood. “The proximity to Withrow Park, the Danforth, Pape subway and the Ontario Line, eventually, was the main draw,” Mr. Bibby said.

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