Two homes in North York recently attracted competitive offers through contrasting pricing strategies, highlighting diverse approaches in a dynamic real estate market.
One raised bungalow near Mel Lastman Square was initially listed in March at $1.188 million. Despite receiving five offers, the sellers rejected them as insufficient and subsequently raised the asking price to $1.488 million, only to reject a further bid at that level. According to the listing agent, Andrew Ipekian, the timing may have contributed to the lukewarm response, with many competing listings available. In June, the sellers shifted tactics dramatically, lowering the price to $999,000 while updating marketing materials to showcase the home’s in-season pool, a relatively rare feature in this price segment. The change sparked renewed interest, yielding four new offers and culminating in a sale at $1.3 million. The property includes three bedrooms, two full kitchens and bathrooms, an attached garage, and a finished basement with a separate entrance, situated on a 50- by 135-foot lot. The agent emphasized the home’s location near transit and highways, along with its potential for future expansion or rebuilding on a wider lot, making it an attractive option for buyers seeking entry into the neighbourhood.
In contrast, a four-bedroom two-storey house near Earl Bales Park adopted a low initial asking price to generate multiple bids. Agent Andre Kutyan reported that the home was set deliberately below market value to stimulate early interest. Within 24 hours, one buyer submitted an offer that included a $515,000 premium over the asking price, reaching $1.81 million ahead of the official offer review date. A rival bidder attempted to top this but was ultimately unsuccessful. The property stands out for its unusually large 50- by 177-foot lot, notably larger than typical lots in the area. The 74-year-old home offers 2,053 square feet of living space, including an updated kitchen, four bathrooms, and family room opening onto a south-facing patio, along with multiple wood-burning fireplaces. The agent described the house as having modern additions uncommon for its age, highlighting easy access to amenities along Avenue Road and proximity to major routes without the premium prices found closer to Wilson Avenue and Highway 401. Buyer interest came from various quarters, including those seeking a move-in ready home, renovation projects, or potential land development.
These cases illustrate the diverse tactics agents and sellers use to maximize sale outcomes in North York’s real estate market, ranging from strategic price reductions to deliberately low listings designed to ignite bidding competition. Both properties leveraged distinctive features and location advantages to appeal to different types of buyers amid shifting market conditions.