Don’t bother going to Yuk Yuk’s for your Toronto comedy – just look to the real estate market. For it’s only in Toronto that real estate agents intentionally use gimmicks to generate a kerfuffle of curious buyers and rapid press coverage. Case in point: the current 4-bedroom home currently listed at a single dollar. Can you spare a loonie?
The price plays on subverting buyers’ expectations with shock as the Toronto market becomes increasingly inflated. In the listing, the house is described as a “renovated three-bedroom (plus one) home with lots of room for entertaining or family in one of the safest parts of Toronto. Excellent place to raise a family.”
Royal LePage Broker Terry Min told CTV News the stunt was to evoke reaction by setting the price as low as possible – though its certain to go for much more. Like hundreds of thousands of dollars more.
"We want to find out the reaction from the consumers and then I will tally it up and analyze the data," Min told CTV.
"I get a lot of calls in regards to this property, however, it's people who are basically just curious about the price."
Min also told CTV his client was the one who requested the $1 asking price, and that leaving it open to the market often results in offers below market value.
The house at 51 Soudan Ave. in the Yonge and Eglinton area has been on the market for about two weeks now. As expected, many offers have been pouring in – the closing date for offers is October 21. However, Min says that even though it’s listed at $1, they are expecting buyers to come back with something reasonable. If they don’t, then he says he’s likely to alter the price to reflect its true value.
It’s a common game we have going in Toronto called “what will this house ultimately go for?” With $1 as the listing price, the final price tag is anyone’s guess.