Toronto house hits the market for $1 and offers are only being accepted today
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.
CTVNews.ca Top Stories
Documents reveal Ottawa's efforts to get Loblaw, Walmart on board with grocery code
It was evident to the federal government as early as last fall that Loblaw and Walmart might be holdouts to the grocery code of conduct, jeopardizing the project's success.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
'I just want to be safe': Ukrainian man in Canada faces limbo amid consular freeze
A recent decision to restrict consular services for fighting-aged Ukrainian men has made a Ukrainian man in Canada feel less certain of his next steps — and worried he could be pulled back to the war.
Dozens of U.S. deaths reveal risks of injecting sedatives into people restrained by police
The practice of giving sedatives to people detained by police has spread quietly across the U.S. over the last 15 years, built on questionable science and backed by police-aligned experts, an investigation led by The Associated Press has found.
Improve balance and build core strength with this exercise
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.