Toronto Real Estate is Wildin' Out: $1 Houses?! 🏠💸

The Deets

Yo, so word on the street is that some houses in Toronto are being listed for just ONE DOLLAR. I'm not even playing, fam. A buck. A single George Washington. You could buy, like, half a coffee with that, or, ya know, maybe a house? 🤯

Turns out, it's not as simple as hitting up the bank with a fiver. These listings are basically clickbait for real estate. Agents are using it when they can't figure out how to price a property, or when the crib is just not poppin' off the regular way. Think of it like a clearance sale, but for houses.

We talking 'bout spots in East Danforth, a lot in Englemount-Lawrence with plans already approved, and a vacant lot in Cabbagetown that's zoned for a whole four stories! Like, someone is trying to GO OFF.

But is it a smart move? Some real estate gurus are like, "Yeah, it gets eyeballs on the property." Others are side-eyeing, saying it's a total "I'm about to lose it" move. The stats are kinda sus too: only about 1% of these $1 listings actually sell. Ouch.

And it's not just a T.O. thing. There was this baller house in West Vancouver that sold for, like, a buck seventy-five, but the buyer had to move the whole thing. Europe's getting in on the action too! In Italy, some towns are selling houses for one euro to bring in new residents and give the town a glow-up. But, plot twist, you gotta promise to fix the place up, pay some fees, and get to work ASAP. No cap.

On the government tip, they're trying to make it easier to get new homes built by cutting the GST on new builds under $1 million for first-time buyers. The Residential Construction Council of Ontario (RESCON) is hyped about it, but they're stressing that it needs to happen quick. They're also talking about investing in modular housing and doubling the rate of homebuilding. Basically, they wanna make houses more affordable and stop the housing crisis from getting even worse. Fingers crossed, y'all. 🙏