Toronto house hits the market for $1 and offers are only being accepted today

TORONTO -

A three-bedroom house in Toronto that was recently renovated has hit the market for $1 and the agent selling the home says offers are only being accepted today.

The home, located at 28 Mackinac Crescent in the Danforth Avenue and Lawrence Avenue East area, has been on the market for four days.

Century 21 Realtor Arul Sivasubramaniam told CTV News Toronto offers are only being accepted today, but was not able to provide any other details about the pricing strategy.

The two-bathroom bungalow has a separate entrance to a finished basement and has recently undergone many updates, the listing says. 

Property taxes for the home are currently $3,293 annually. 

It will come to almost no one’s surprise that the $1 price tag for the home is almost certainly too good to be true. 

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.