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Bidding War Nets Riverdale Semi $250K Over Asking

Think Toronto's real estate market is cooling off? Check out this recent sale in Riverdale. The four-bedroom, four-bathroom Victorian semi was listed at $989,800; when the smoke from the bidding war cleared, the winner got the house for $1,247,700. The home has been almost entirely updated; the basement was dug out and finished and is now the office and rec room, the attic was converted into the master suite, hardwood floors were either replaced or refinished, the kitchen remodeled and fitted with a Wolf range and heated slate flooring. There are still lots of original touches, too, like the stained-glass windows and transoms and the crown moulding. Not much of a back yard to speak of, but at least both Riverdale Park and Withrow Park are short walks away. Good shopping and restaurant access too, with Danforth Avenue a few blocks north, Chinatown just around the corner, and Riverside down at Broadview Avenue and Queen Street. Judging from the comments on the Globe and Mail article, it looks like lots of people think this house's price was deliberately set too low, in order to spark that bidding war. Others think the neighbourhood has become characterless and bland because of gentrification. What's your take?

· Toronto Riverdale semi goes for more than $250,000 over asking [Globe]
· Real estate bidding wars heating up in Toronto [CBC]
· Sold Stuff archives [Curbed Toronto]