Toronto fixer-upper listed well below neighbourhood average but can't find buyer
Toronto's real estate market has been tough on sellers lately, but one house in the city's east end is proving that even a relatively affordable price tag doesn't guarantee a quick sale.
Located in Scarborough, 159 Eastwood Ave. has been bouncing on and off the market since 2024, with multiple price cuts and hundreds of days spent waiting for a buyer.
And while the detached home might not be move-in ready, it could be an interesting opportunity for someone looking to put their own stamp on a property.
A half-demolished bathroom in the basement.
The two-bedroom house is definitely a fixer-upper, but with detached homes in the surrounding neighbourhood typically commanding much higher prices, there's potential for the right buyer.
The enclosed front porch.
Of course, unlocking that potential will require some serious renovations, a healthy budget and probably a very good contractor.
The kitchen looks relatively modern but does have broken windows.
The listing itself specifically calls out to "investors, contractors and renovators" who might be interested in transforming the property.
A separate entrance to the basement.
It's also being sold in "as-is, where-is" condition, meaning buyers will need to be prepared to take on the home in its current state.
The front hall.
So prospective buyers should probably do their own due diligence before putting in an offer.
The living room.
But perhaps the most interesting thing about 159 Eastwood Ave. isn't that the house needs work. It's the listing history.
A bedroom.
The home technically first hit the market in 2020 for $699,000, but it was listed for only three days.
The front hall.
It then came back on the market four years later, in August 2024, with an asking price of $849,500.
A bathroom.
At some point during its 224-day stretch on the market, the asking price was reduced to $795,000.
The basement.
But still, buyers weren't seeing the potential.
A room.
The property was subsequently relisted for $787,000, where it spent another 183 days on the market, and the price was slashed again, this time to $720,000.
The kitchen.
Then came another significant reduction, bringing the asking price all the way down to $615,000.
A bedroom with a walk-out to a balcony.
That's $234,500 less than its August 2024 asking price, or a reduction of nearly 28 per cent.
A second kitchen in the basement.
You might think that would get someone interested.
The bedroom with the walk-out deck.
But in a somewhat surprising twist, the sellers have since bumped the asking price back up to $668,250.
Semi-demolished basement walls.
A move likely made to be closer in price to comparable homes that have sold in the area.
The stairs down to the basement.
Still, even at its latest asking price, the property is considerably cheaper than most detached homes in the neighbourhood.
The third bathroom.
According to neighbourhood market data, the average price for a detached home in this area is around $1.1 million, with some recent properties selling for over $3 million.
A roughly framed-out room in the basement.
Of course, comparing a house that needs extensive renovations to the average detached home in the neighbourhood isn't exactly an apples-to-apples comparison.
The basement.
And while there's no telling how much money a buyer would end up putting into the property to turn it into their dream home, you can definitely turn this house into something pretty nice for around $450 to $550 per square foot, according to Lighthaus Built, and make a solid return on your investment.
The backyard.
The listing also suggests the property could offer redevelopment possibilities, but buyers are advised to do their own due diligence to confirm what's actually permitted.
One of two upstairs bedrooms.
Location-wise, there are certainly some selling points.
The second-floor deck.
This pocket of Scarborough is family-friendly with access to parks, schools, shopping, public transit and major routes.
The living room.
And for someone willing to take on a major renovation or potentially start from scratch, the property could present an opportunity to get into a neighbourhood where detached homes typically command much higher prices.
The basement kitchen.
But after multiple listings, several price reductions and hundreds of days on the market, it seems finding that particular buyer has been easier said than done.
The back of the house.
Whether the latest price increase helps or hurts its chances remains to be seen. In hindsight, the sellers might be wishing they'd kept it on the market back in 2020, just as Toronto's pandemic-fuelled real estate frenzy was getting underway.
