North York bungalow sells under asking in market dip

31 Bowerbank Dr., Toronto

Asking price: $1,415,000 (October, 2023)

Selling price: $1,355,000 (December, 2023)

Previous selling price: $263,000 (September, 1995)

Taxes: $6,390 (2023)

Days on the market: 65

Listing agent: Bill Thom, Re/Max Realtron Realty Inc.

The action

Last fall was not the best time to list this three-bedroom bungalow for sale, with buyers in the driver’s seat and competition from three other houses on the same street. But rather than let it sit empty and wait for a turn in the market, the sellers decided to post it for sale, with an asking price of $1.415-million. A few offers trickled in, all too low, and another bid crumbled after the buyer failed to secure financing. But just before the new year another buyer came forward with an offer of $1.355-million, which was accepted. The deal closed in January.

“The market was really bad until about the time we sold it,” said agent Bill Thom. He adds that only one of the neighbouring houses managed to find a buyer.

“The other two went off the market,” Mr. Thom said. “The one sold was fully renovated, and the other two were in better condition, but they were priced higher.”

What they got

This roughly 70-year-old bungalow sits just north of the commuter parking lot for the Finch subway station. It has a traditional brick façade, an attached garage and a south-facing yard on an irregular-shaped lot measuring about 39 by 142 feet.

The eat-in kitchen has been updated and is separated from the living and dining rooms. There is a stone fireplace in the living room.

The basement has a guest bedroom, recreation room, bathroom and a side entrance.

The agent’s take

“It’s a very good price for a detached bungalow with a huge lot,” Mr. Thom said.

“It has a separate entrance, and the basement was partially finished, so it lends itself conveniently for a potential in-law or income suite.”