This Toronto house was divided by landlord into 15 separate units
As Toronto grapples with a housing crisis, one landlord has decided to divide a single house into 15 separate units.
The red brick Annex house, coined “The Grand Old Lady,” is located on 55 Madison Avenue, near Bloor Street and Spadina Avenue.
55 Madison Avenue (Julian Mendl/ Toronto-Pix). The three-storey property is currently for sale, listed for $5,395,000.
Real estate agent Les Wallace told CTV News Toronto that whoever buys it has the potential to pull in a net yearly income of $208,782.
Wallace said four of the units in the Annex house are one-bedroom suites, while the remaining 11 are studio apartments.
The detached Victorian-style house was first constructed in 1896, which is captured in the house’s semi circle arches and rusticated stone foundation, according to Architectural Conservancy Ontario.
55 Madison Avenue (Julian Mendl/ Toronto-Pix). The ACO lists Samuel Platt as the first owner of the house who served as a city councillor from 1845 to 1851.
The property listing details that eight of the units are recently renovated with photos displaying white paneled splash boards and new kitchen appliances in those spaces.
The 50 by 126 foot lot also includes a private driveway with a detached garage.
CTVNews.ca Top Stories
Here's how much more Canadian landlords are asking for now, according to a just-released report
A new report says the average asking rent for a home in Canada in April was up 9.3 per cent compared with a year ago, while a slight month-over-month increase was also recorded for the first time since January.
What is basic income, and how would it impact me?
Parliamentarians are considering a pair of bills aiming to lift people out of poverty through a basic income program, but some fear these types of systems could result in more taxes for Canadians who are already financially struggling.
Canada abstains from Palestinian UN membership vote but supports two-state solution
Canada was one of 25 countries that abstained from a United Nations vote on Palestinian membership that passed with overwhelming support on Friday.
'I may have some nightmares:' Man survives being bitten by 2 sharks in Bahamas
A man who was bitten by two sharks in the Bahamas said Thursday he's 'thankful that I'm here' while sharing his story of survival.
Mexico's president accuses press and volunteer searchers for missing people of 'necrophilia'
The administration of Mexico's president has accused the press and volunteer searchers who look for the bodies of missing people of 'necrophilia,' comments that drew criticism this week.
Rare severe solar storm Friday could bring spectacular aurora light show across Canada
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Out-of-control wildfire burning near Fort McMurray
As of 9 a.m. on Friday, the wildfire burning 28 kilometres southwest of the northeastern Alberta city was 25 hectares in size.
Magnitude 4.2 earthquake reported off Vancouver Island's west coast
A 4.2-magnitude earthquake was recorded west of Vancouver Island early Friday morning.
WATCH Expecting an interest rate cut in June? Don't bet on it after new jobs data
Canada's labour market rebounded in April, adding more than 90,000 jobs, a staggering number of new positions after four consecutive months of little change.