Toronto’s housing market might be cooler than it was a year ago, but don’t let that fool you into thinking you can scoop up a house for the price of your morning coffee. Two semi-detached homes at 38 and 40 Cedarvale Avenue just hit the market for $1– yes, really- but they’re expected to sell for much, much more.
Why the $1 Listing Price?
It’s not a mistake. Listing agent Natasha Varjacic of Real Estate Homeward calls it a bold and transparent pricing strategy inspired by Australia’s open-bid auction model. “This isn’t about misleading anyone into thinking you can actually buy a home for a loonie,” she says. “We’re letting the market decide the value without pretending this is what the seller expects.”
What Makes These Homes Unique
- Sold Together: Though they have separate addresses and tax assessments, the homes are being sold under a single title.
- First Time on the Market in Decades: These properties have been owned by the same family for generations.
- Prime East End Location: Just steps to Woodbine Station and the Danforth.
What You’re Getting
38 Cedarvale Ave.
- Fully upgraded
- Hardwood floors
- Sun-filled kitchen with oversized island
- Backyard built for entertaining
- Three bright bedrooms, including a primary suite with skylight, double closets, and ensuite bathroom
40 Cedarvale Ave.
- A spacious fixer-upper
- Four bedrooms, large kitchen, and solid bones
- Rented out in recent years, so it needs some TLC
Options for Buyers
- Live in one, rent the other
- Multi-generational living setup
- Buy with a friend or sibling
- Split and sell separately (severance process is already in motion with a hearing set for July 30)
Investment Potential
Semi-detached homes in the area are currently selling for around $1.2 million, and property values in this East End pocket have jumped 13% over the past five years. With two homes on one lot, the potential for ROI is huge- especially if the lots are severed.
“This is the first time I’ve ever listed a property at $1,” says Varjacic. “But given the uniqueness of this situation, it felt like the right move.”
Just don’t expect to walk away with both homes for a buck- but if you’re ready to compete, this could be the investment opportunity of a lifetime.
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Canada Housing Market 
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