40 beaconsfield toronto

Sold! How to make $900K on a Toronto house flip

Every week in Toronto it seems like a handful of homes sell for so far over asking that you wonder if the world's gone mad or if real estate agents aren't relying on under-listing properties even more frequently than before given the intense seller's market it the city.

40 beaconsfield avenue torontoThis isn't, however, the only way to get a sense for just how high demand is in Toronto right now. In fact, it's better to track a property that's hit the market multiple times in a relatively short time span to get a sense for how hot things have got.

Case in point, this house at 40 Beaconsfield Ave. The Mash has tracked this one for a while, and for good reason. It hit the market last June for $1,490,000, ultimately selling for $1,700,000 just over two weeks later.

40 beaconsfield avenue torontoShortly thereafter, its neighbour at 38 Beaconsfield sold for $2,096,000. Well, you know what happened next. The thought that #40 could be moved for more cash crossed someone's mind, and it was given interior renovations before being listed at $2,450,000 this month.

It just sold for $2,400,000. That's over $900K more than what it was listed at just last June. Um, wow?

40 beaconsfield avenue torontoThe Essentials
  • Address: 40 Beaconsfield Ave.
  • Last known selling price: $1.7 million (July 2016)
  • Hit the market at: $2,450,000
  • Time on market: 11 days
  • Sold for: $2,400,000
40 beaconsfield avenue torontoWhy it sold for the price it did

Because the local real estate market is out of control? Aside from that, this is a sizeable historic house on a street that's close to the action on West Queen West. The interior also looks nice, even if it didn't get a complete gutting when it was prepared for the flip.

40 beaconsfield avenue torontoWas it worth it?

Only if you love the idea of living in a heritage home. Despite the sheen of a new interior, this house is over a century old, and will definitely require significant maintenance to keep up. While it's big, it's also a semi, which makes the nearly $2.5 million price tag even harder to stomach.

40 beaconsfield avenue toronto

Lead photo by

Realtor


Join the conversation Load comments

Latest in City

Marie Curtis Park is Toronto's local spot for a low-key day at the beach

The amusement park on the Toronto Islands is reopening for the summer

Cannabis store replacing closed Starbucks and people say Toronto is officially ruined

The history of Toronto's lost palace

Toronto installs duckling docks to save baby animals from drowning in harbour

Toronto just got a new rooftop park and it's spectacular

Toronto kitten born without anus now happy and healthy after life-saving surgery

Justin Trudeau appalled after hate symbols found on chairs at Toronto park