Bidder adds over $100,000 to win controversial Toronto house auction

In October 2024, a large Tudor-style house located at 99 Cortleigh Blvd. in Toronto was put on the market for an asking price of $3,695,000. Within three days, the property garnered significant interest, leading to multiple offers despite the sellers initially holding off on reviewing any proposals until they had more exposure to potential buyers. On the first day of the listing, one bidder promptly made an offer but returned the following Monday with a revised bid, enhancing their initial offer by $105,099. This strategic move was influenced by a recent decrease in interest rates, which elevated buyer confidence in the real estate market. As potential homeowners were attracted to the price point in Lytton Park, it became evident that not all buyers could afford properties exceeding $5 million. The property itself is situated on a 50- by 110-foot lot and features a three-storey design supplemented by an attached garage and various access points leading to a kidney-shaped pool and south-facing yard. While the front of the house retains the traditional Tudor-style aesthetic, the interior includes renovations and expansions boasting a total of 2,931 square feet of living space, along with 1,263 square feet in the basement. The house's design integrates both classic and contemporary elements across its living areas, highlighted by a family room addition and breakfast nook characterized by large windows and vaulted glass roofing. As interest in the home surged during the open house, agent Carol Lome noted that the desirable characteristics of the property, combined with its location, contributed to its appeal. The sellers' decision to wait for an optimal offer resulted in the eventual sale for $3,800,099 on the market after just three days, illustrating the high demand for substantial homes in that neighborhood, particularly as homes typically possess center hall layouts, which are sought after by potential homeowners. Ultimately, the quick sale of this house within a highly competitive real estate climate underscores the fragility and dynamism inherent in the housing market. This case serves as an example of how strategic bidding can lead to securing desirable properties in sought-after regions in Toronto and highlights the impacts of lower interest rates on buyer confidence and purchasing power. The swift sale within such a condensed time frame reflects not only on the desirability of the property itself but also on the larger trends in the real estate market, where motivated buyers are willing to increase their offers significantly to obtain their dream homes.