Imagine years ago, telling people that one day you would pay almost a half-million dollars to live in a semi-detached house near Eastern Avenue & Carlaw Avenue.

It might not have made sense back then, but today, bidding wars are breaking out on a regular basis, and homes are scarce.

Welcome to Leslieville, one of the hottest real estate pockets in Toronto!

What is so special about Leslieville?

Well it’s one of the oldest areas of Toronto, for starters.  Dating back to the 1850’s when Leslieville was a small village, the area has long been home to blue-collar laborers who worked nearby factories and industrial plants.

Today, the area is undergoing a huge transformation as middle-class families and the creative-types want to make their homes in this unique pocket only minutes from downtown.

Try walking down Queen Street between Leslie & Carlaw where the quaint 19th century storefronts house chic cafes, restaurants, and antique shops, and you cant help but feel like you’re in a small town in Northern Ontario.

Prices have risen dramatically over the past three years, and speculators, investors, and renovators abound.

117 Heward Avenue, priced at $424,900, is a modest semi-detached, four-bedroom Duplex on a small 16.5 x 93 foot lot with no driveway, and no parking.  The house has been completely renovated and currently consists of two rental units, each containing two-bedroom, one-bathroom suites.

The lower-level unit consists of the basement and the main floor, with a large bedroom in the basement and the living room, kitchen, and 2nd bedroom on the main level.  Because the 4th bedroom is in the basement, the house as a whole must be referred to as a “three-plus-one-bedroom.”  Any bedroom below ground, or without a window is referred to as a “plus one.”

The upper-level unit consists of the 2nd floor and a 1/2-storey 3rd floor which houses a large master bedroom, but the bathroom in this unit is on the 2nd floor, so it is somewhat inconvenient living in that 1/2-storey.  There is a large walkout from the 2nd level facing east.

Renovations in the past few years include new concrete walkways, new eavestroughs and downspouts, and a re-built and re-shingled roof.

There is no central air conditioning, which surely makes for hot summer nights in Toronto, but the new Slimline A/C units work great in small houses and often you can’t tell the difference.

Offers for this home are being reviewed on Monday, July 30th, so the optimistic listing agent and pessimistic buyers would certainly detect the scent of a bidding war on the horizon.

Multiple offers in the summer?

Yep.  Often it’s not a question of “if,” but “how many.”

And with a turn-key Duplex on a sought-after street in an up-and-coming area that is starved for new listings, I think anybody who sees this house at $424,900 is suffering from a bad case of wishful thinking…

Email this article to a friend