It shouldn’t come as a surprise to hear that a decrepit, semi-detached fixer-upper in The Junction has hit the market for nearly $900,000. Because, like it or not, the average price of a semi-detached home in Toronto is currently over $1 million, so a price tag like this isn’t all that shocking.
While the price tag of $849,000 is certainly below the current average of a semi-detached in the 416, some serious TLC is required to make this rundown property liveable.
Located at 538 Quebec Avenue in The Junction, this 2-storey home has been described as a “blank canvas” for renovators and builders and is located on a quiet street in a “hip and lively” neighbourhood.
Sure, the three-bedroom and one-bathroom home is located in one of the city’s most popular areas, but saying this property has seen some better days is clearly an understatement.
There are cracks in the walls, chunks missing from the plaster, plastic used to cover up the windows, peeling cupboards, a kitchen that looks like it could be used as the set for a horror film, and flooring so stained it’ll make your stomach churn. Essentially, more than a good cleaning is going to be needed to bring this place back to life. Oh, and let’s not forget about the backyard, which is also in need of serious work.
According to the listing page, the property is being sold on an “as is where is” basis and architectural drawings have already been made up for anyone interested in purchasing the home, which is over 100 years old.
That said, the house is close to High Park, public transit, a library, recreational centres, and schools.
While learning that this rundown home is listed for shy of the million-dollar threshold might be a bit surprising for some, this isn’t the first home in Toronto to make headlines this summer for its high price tag. In July, a 2-bedroom, 1-bathroom bungalow located on Euclid Street in Little Italy hit the market for $999,999 and later sold for $800,000 over asking.
This comes as home sales in the Greater Toronto Area posted a record for August, after rising 40.3% year-over-year. Prices in the region also shot up, with the average price of a home sold in the GTA reaching $951,404, up from $792,134 a year ago, according to the Toronto Regional Real Estate Board. What’s more, the rise in price comes as sales of detached homes rose 50.6% and semi-detached houses climbed 66.8%.
According to Jenny Bosworth, Sales Representative, Sutton Group Associates, “With prices the way that they are for renovated product in Toronto, the truth is that 538 Quebec is a reasonable investment for anyone with the appetite and the budget for a project. Once done up, it’s a full package — a 3-bedroom Victorian semi, with parking, in a coveted location. Spent wisely, a buyer would not be over-improving the property for the features it offers.”
So, if you’re comfortable with the price tag and the amount of work that will be required to fix up this home, we suggest taking a look inside.
- Bedrooms: 3
- Bathrooms: 1
- Type: Semi-detached
- Style: 2-Storey
- Size: N/A
- Lot size: 15.68 x 100 Feet
- Age: 100+ years
- Taxes: $3,580 /yr
- Price: $849,000