This is how much the Toronto house listed for $1 actually sold for
A Toronto house that made headlines last week for its unusual selling price of $1 has been sold.
The home, located at 28 Mackinac Crescent in the Danforth Road and Lawrence Avenue East area, was on the market for less than one week.
Century 21 Realtor Arul Sivasubramaniam told CTV News Toronto on Monday the three-bedroom detached home sold for $1.2 million three days ago.
It's no surprise the home did not sell for its original $1 listing price.
Toronto real estate agents have previously told CTV News Toronto that listing a home for $1 is a new tactic being used to attract bidders to the property.
Desmond Brown, 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 as possible on it. So they can get multiple bidding wars happening or multiple offers on it."
When representing a buyer, however, Brown says it can be very irritating.
"It ends up generating a lot more competition than is really necessary. So it's a waste of a lot of people's time," Brown told CTV News Toronto.
According to real estate website House Sigma, this property hit the market in October for $1.15 million but the sale was terminated.
In 2016, the house sold for $990,000 and in 2010 it sold for $320,000.
The average selling price of a detached home in Toronto in October was $1.7 million.
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