Interesting news on the street: the first is that our neighbour Jessica who lives on the other side of our semi-detached, has sold her place! Bad news here is she seemed to be in a hurry to get out -- maybe the Smith chaos just drove her away -- and she sold it without an Open House and appeared to take the first offer. She must be one of the few people to sell a house for less than asking in Toronto.
So what does that mean for us? Well, on one hand it's easy to say our house is worth more. Her place has an oil furnace, radiator heat, no A/C, an unfinished basement and very old kitchens and bathrooms. So you could make the case that if you wanted to get it to the level of our place it would cost you 100 grand. On the other hand, from a psychological point of view, you've got to figure that people would balk at paying a huge price differential for a house that from the outside doesn't look much different.
Who knows? All I can say is that suddenly the crazy irrational Toronto housing market just doesn't seem crazy and irrational enough. Bring on the rich desperate homebuyers!
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