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.
CTVNews.ca Top Stories
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
'Anything to win': Trudeau says as Poilievre defends meeting protesters
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
'One of the single most terrifying things ever': Ontario couple among passengers on sinking tour boat in Dominican Republic
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
Boeing's financial woes continue, while families of crash victims urge U.S. to prosecute the company
Boeing said Wednesday that it lost US$355 million on falling revenue in the first quarter, another sign of the crisis gripping the aircraft manufacturer as it faces increasing scrutiny over the safety of its planes and accusations of shoddy work from a growing number of whistleblowers.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Fair in Ontario, flurries in Labrador: Weather systems make for an erratic spring
It's no secret that spring can be a tumultuous time for Canadian weather, and as an unseasonably mild El Nino winter gives way to summer, there's bound to be a few swings in temperature that seem out of the ordinary. From Ontario to the Atlantic, though, this week is about to feel a little erratic.