contact July 7th, 2014
“Toronto’s resale housing market may be cooling off, but at least one enterprising owner has found a way to get his home noticed.
He put it on the market for $1.
The Canadian Real Estate Association says existing homes sales across the country tumbled 13 per cent for the first three months of the year compared with last year.
The group says much of the slide was tied to lower activity in Toronto during February and March. The city accounts for about a quarter of the country’s sales in major markets.
Toronto saw its residential unit sales drop 13.4 per cent, though new listings were also down by seven per cent.
The $1 listing comes from Omar Ibrahim, who put his two-storey house on the market for less than the cost of a litre of gas.
He told CBC News the listing is “basically to see whether or not we can get an offer and something reasonable, letting the market determine … what the value of this house is.”
The house at 93 Badgerow Ave., a semi in the city’s Riverdale neighbourhood, shows well. It has three bedrooms, new flooring, appliances, fresh paint and a finished basement.
Ibrahim is not trying to give the house away and won’t let it go for the asking price. It’s a marketing strategy.
Tony Bassels, the real estate broker, remembers another house in Willowdale that was listed for $1 in 2004.
“It sold in 16 days for about $960,000 and that was listed for a dollar. And again multiple interest drove the price up to there,” he said.
Ibrahim buys homes, renovates and sells them. He bought 93 Badgerow Ave. in January 2008 for $342,000. He’ll find out Monday night when he opens the offers if his strategy will pay off.”