A charming two-story duplex just east of downtown Toronto has become realtor Yin-Lynn Low's latest success story, selling for $10,100 more than its asking price. Located at 666 Gerrard Street East, this detached four-bedroom home in leafy North Riverdale went on the market at $799,900 in October 2023 and sold for $810,000 in less than a week. The property closed on January 31, 2024.
But why did this home sell for well above its list price? And what does this sale say about the current state of the Toronto property market? Learn more below.
Property Features
Permitted for both residential and commercial use, which is rare in Toronto, the buyer of this property can turn it into almost anything they like. That includes a community center, art studio, hospice care home, or medical office. Alternatively, they can divide the house into apartments and generate a significant rental income or reside in the home and enjoy its contemporary features and prime location. The possibilities for development are endless, which is part of the reason why 666 Gerrard Street East was such a sought-after property.
Excellent Location
Another possible reason why 666 Gerrard Street East sold so quickly is its location. The property is situated in Toronto's North Riverdale neighborhood, which has leafy streets and a family-friendly vibe. North Riverdale is also home to the city's second-largest Chinatown and known for its multicultural population. Withrow Park, Riverdale Park East, and Nathan Phillips Square are all within driving distance.
North Riverdale has undergone a great deal of gentrification in the last few years, making it one of the most exciting neighborhoods in Toronto. However, it still has a unique character, thanks to many Victorian and Edwardian homes. North Riverdale is renowned for its community feel, with numerous schools and parks for locals.
Also, this house is just a 17-minute drive from downtown Toronto and its many cultural attractions, including St. Lawrence Market, Bloor Street, Eaton Center, the Royal Ontario Museum, and the CN Tower. Being so close to these landmarks makes 666 Gerrard Street East the perfect place to explore one of the world's greatest cities.
Toronto Property Market
The fact that 666 Gerrard Street East sold for more than its list price is another sign that Toronto's topsy-turvy property market is finally recovering. With inflation reaching record levels in recent years, many Canadians have been reluctant to invest in property. However, things could be changing, with the Bank of Canada hoping inflation will return to its 2% target in 2025. That means buyers can access mortgages with more competitive rates.
Recent research from the Toronto Regional Real Estate Board (TRREB) reveals that home sales and new listings increased in January 2024 compared to January 2023. The local market could improve further if borrowing costs decline. All of these recent developments mean the coming months could be a great time to sell a home. First-time buyers, especially, can make the move to homeownership if mortgage rates are more affordable.
Yin-Lynn's Latest Success
Yin-Lynn Low is a RE/MAX Hallmark realtor who sold 666 Gerrard Street East for more than $10,000 over its asking price. As one of the top 3,500 real estate professionals worldwide, according to the National Association of Realtors, Yin-Lynn has a remarkable knowledge of the Toronto property market and provides a global perspective on real estate.
Yin-Lynn and her team have the expertise you need if you're looking for a house similar to 666 Gerrard Street East in Toronto. They have access to properties not listed on Toronto's Multiple Listing Service (MLS), meaning you can find unique opportunities that suit your budget and lifestyle. Whether you're looking to live in a new home, fix and flip a property, or turn a residential unit into a commercial one, Yin-Lynn Realtor Group can help. The team can also get you the best price when selling your home.
666 Gerrard Street East — Another Win for Yin-Lynn Low
The sale of 666 Gerrard Street East is the latest success story from international realtor Yin-Lynn Low. This property sold well over its list price in less than a week — and it's not hard to see why. Situated in a prime location and boasting a wide range of features, this home has permission for residential and commercial use, making it a potentially lucrative investment.
Looking to buy or sell a property in Toronto? Tap into Yin-Lynn Realtor Group's unparalleled expertise. Contact the team now for a consultation.
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