Canada Housing Market

A recent property sale in Toronto has left residents questioning the state of the city’s housing market. Despite selling for less than its asking price and significantly below $1 million—a rarity for a detached home in Toronto—the size of the house has ignited discussions on the steep prices in the real estate market. The home, which sold for $846,000, is considered a bargain in a city where the average standalone home costs $1.57 million. However, many argue that the price is still too high for what was offered.

Located in Oakwood Village, near Vaughan Road and Oakwood Avenue, the house is in good condition, requiring no immediate renovations and comes with its own charm, front yard, backyard, and parking space. Despite these features, the selling price, slightly lower than listed, has been deemed too high by many, especially considering the house’s compact size.

With two bathrooms and a 1+1 bedroom setup, the house is noticeably cramped, a fact not highlighted in online listings which omit its square footage. The lot’s dimensions are provided, stretching over 100 feet in length but only 19 feet wide, totaling 1,995 square feet. Given the spacious backyard, the house’s actual size leaves much to be desired.

Public reaction has been strong, with tens of thousands commenting on the home’s photos and price on social media, expressing frustration over Toronto’s escalating unaffordability. Comparisons have been made to much larger properties in other regions, questioning the value of such a small home in Toronto’s market. This sale underscores the challenges many face in the city’s housing market, increasingly accessible only to wealthy investors, further distancing the dream of home ownership for the average city dweller.