Rental tenants complicate sale of Bowmanville townhouse

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106 Honey Crisp Lane, Bowmanville, Ont.

Asking price: $749,900 (October 2023)

Selling price: $730,000 (January 2024)

Previous selling price: $508,986 (October 2022)

Taxes: $4,223 (2023)

Days on the market: 72

Listing agent: Muhammad Raffay, Coldwell Banker R.M.R. Real Estate

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The action

This townhouse is just a year old but the seller had trouble attracting more than half a dozen visitors last fall when many buyers were distressed by higher borrowing costs. A couple of offers did come through but failed over concerns about getting the existing tenants to move. The sellers finally found a buyer willing to make a deal in return for a $19,900 cut on the asking price.

“Keeping it vacant, you’d get a better price, and more people would be comfortable buying the property,” said agent Muhammad Raffay.

“Usually, the prices of these townhouses are $800,000 to $850,000.”

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What they got

This three-storey townhouse has a modern design with an attached garage and an office at ground level with access to the backyard.

The second floor is arranged with two entertaining areas, a dining space and a kitchen outfitted with granite countertops, an island and stainless steel appliances.

There is a laundry room and three bedrooms on the third floor. The largest bedroom has a walk-in closet and one of the home’s three bathrooms.

Tied land fees are $85 a month.

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The agent’s take

“It’s hard to find nice townhouses of that size,” Mr. Raffay said.

“It has separate family and living rooms and a big eat-in kitchen, so it has a lot of windows.”

“It’s close to everything, like pubs, schools and hospitals, and it’s a new neighbourhood with nice homes,” said Mr. Raffay.

“In a few years or so, we’ll have a GO train station coming in.”