Here’s how much the Toronto house listed for $1 sold for

Why would someone list their pricey Toronto home at $1? To create a bidding war, of course.

The Toronto house that was listed for the shocking selling price of $1, unsurprisingly, has sold — and well above its asking price.

Located at 28 Mackinac Crescent on Danforth Road Lawrence Avenue East, the house only sat on the market for one week. According to Century 21 realtor  Arul Sivasubramaniam, who spoke to CTV New Toronto, the three-bedroom home sold for $1.2 million late last week.

As expected, Sivasubramaniam says that listing the house for $1 was a tactic to attract bidders to the property and media coverage. Back in October, the home was listed for $1.15, but the listing was quickly removed.

In 2016 the house sold for $990,000 and back in 2010 — when the cost of housing in the GTA was slightly more reasonable) — the home sold for $320,000.

The average cost of a detached home in Toronto currently sits at $1.7 million.

Image credit: Zolo 

Source: CTV New Toronto

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