Toronto home listed for $1 sells for $1.2 million

A Toronto home that made headlines last week for its unusual $1 sale price has been sold.

The house, located at 28 Mackinac Crescent in the Danforth Avenue and Lawrence Avenue East neighborhood, had been up for sale for less than a week.

Century 21 real estate agent Arul Sivasubramaniam told CTV News Toronto Monday that the three-bedroom detached house sold for $1.2 million three days ago.

It’s no surprise that the house didn’t sell for its original sale price of $1.

Toronto real estate agents have previously told CTV News Toronto that listing a home for $1 is a new tactic used to lure bidders to the property.

Desmond Brown, a Toronto real estate agent and host of podcast Soldinthe6ix, says the trend is nothing more than a marketing strategy.

“We see the trend periodically,” Brown said. “It’s to generate as much activity on it as possible so that they can get multiple bidding wars or multiple offers on it.”

However, when representing a buyer, Brown says it can be very irritating.

“It ends up generating a lot more competition than it really needs to. So it’s a waste of a lot of people’s time,” Brown told CTV News Toronto.

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According to real estate website House Sigma, this property went on the market in October for $1.15 million, but the sale was terminated.

The house sold for $990,000 in 2016 and $320,000 in 2010.

The average sales price of a detached house in Toronto in October was $1.7 million.

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