A Property’s Long Journey on the Market
A two-bedroom, one-bathroom bungalow at 242 Glen Park Ave. in Toronto has been on a rocky sales journey since it first hit the market in 2017. Originally priced at $1,499,000, the property saw multiple price reductions, dipping to $799,900 at one point. In its most recent listing, however, the price has surged to $949,900, despite significant fire damage that has left the house uninhabitable.
Burnt to the Ground, But Still on the Market
The property is being sold “as-is” for land value only, a fact that was true even before the fire. The blaze left little more than a charred skeleton of the home, making it inaccessible for prospective buyers. Yet, its 25-by-130-foot lot size and location in a so-called “high-demand” area have kept the seller optimistic about finding a buyer.
Is the Price Right?
Despite the optimism, there are factors working against the property:
- Declining Neighborhood Values:
- The Yorkdale and Glen Park area has experienced a 13% drop in property values over the past year, with overall prices in decline since 2021.
- Currently, homes in this neighborhood average $1.2 million, compared to over $2 million in North York as a whole.
- High Building Costs:
- For investors, developers, or renovators, the cost of demolishing the burnt structure and constructing a new custom home is significant. Building a modern home in Toronto can easily exceed $200,000, making the investment potentially unprofitable in the short term.
- Limited Upside Potential:
- While the area boasts custom-built million-dollar homes, the location may not yield the same returns as more premium Toronto neighborhoods. Buyers seeking a strong return on investment might hesitate.
Why It’s Not Selling
The key buyers for a property like this—developers, investors, or renovators—seek a clear profit margin. Unfortunately, the combination of neighborhood price trends, steep construction costs, and the current asking price makes 242 Glen Park Ave. a tough sell.
Oakville Housing Market Prediction for 2025: Trends & Visual Forecast
A Warning About Canadian Fixed Mortgage Rates: Why They May Rise Despite Bank of Canada Cuts
Toronto and Vancouver Mortgage Debt Expected to Surge to Decade-High Levels, CMHC Reports
Toronto Housing Market Forecast 2025: Trends, Insights, and Predictions
Ontario Real Estate in 2025: Where Home Prices Are Set to Soar
Location vs. Condition
Though the property’s listing touts its position in a “high demand” area, the reality is more nuanced. The recent cooling in Toronto’s real estate market and the property’s fire-damaged state present hurdles that even its land value and neighborhood can’t easily overcome.
The ongoing saga of 242 Glen Park Ave. highlights the challenges of pricing a property realistically in a fluctuating market. While its burnt-out shell may attract attention, the high asking price and market conditions leave potential buyers questioning whether the investment is worth it. For now, the property remains a symbol of Toronto’s changing real estate landscape—where even land value isn’t a guaranteed sale.
Leave a Reply