The resurrection

The news from the front lines grows darker.

The Bank of Canada may nip mortgage rates again in a couple of weeks, but the spring selling season is already roadkill. In all but a few spots (notably Montreal) buyers have retreated, sellers are cutting deals and inventory is growing.

It’s a developing story we’ve been following, as regular addicts know. The direction is down. The bottom, however, unknown. The price decline in general has been just over 15% since the 2022 peak. Sales last month feel about 20% or more in most urban markets. Active listings are up by about half. Valuations are in a slow melt, rather than a freefall.

Re-listings are frenetic. Many sellers try to make a property look new and fresh on MLS by terminating and rebooking. It’s estimated that up to 30% of all current inventory in the GTA, for example, is actually recycled and unsold stuff. How long can this go on, some potential buyers wonder, before the really serious haircuts start appearing? Or will politicians – who actually fear a house price collapse – move in and shore up demand once again?

Meanwhile some interesting stories emerge. Days ago we told you about a mid-town, 17-foot-wide historic row house that was listed for $1.9 million, holding back offers until a designated day in the expectation of a bidding war – that didn’t happen. So now it’s listed again, at $2.1 million.

Hope spring eternal. So, Andrew argues, does deception. And that brings us to the weird story of 951B Greenwood Avenue.

Yes, it was featured on this blog back in 2021. That’s when it was a derelict, abandoned garage, on a weensy sliver of land, listed for close to $800,000.

Source: Toronto Star

Well, somebody bought it. Then that somebody poured an ocean of money onto the weedy little patch and erected a 1,200-square-foot modern wood-&-glass edifice that ended up looking like it grew out of the neighbour’s roof.

“This annoys the hell out of me,” says Andrew.

“Since being built, it was listed for sale at one point at $2.35 million. It was de-listed and listed again at various prices. Then the latest price it was listed at was $1.089 million.”

Our intrepid blog dog decided to check things out. “I was in the neighbourhood on the weekend,” he says, “and decided to go the open house. I asked the agent (in front of two witnesses) if there was any chance if I offered the asking price, it would be sold at that price. The agent said no”.

Well here she be.

Source: Realtor.ca

As it turns out, the agent was correct. The house was on the market at just over a million, but there was never any intention to have it sell for the amount. It was a tease. Here is what happened.

Source: HouseSigma

“What really annoys me,” adds Andrew, “is that now the agent has plastered a “sold above asking” sticker on the sign. (see attached photo). Where is the sticker that says “sold $800K below previous asking”?”

Source: Blog Dog Andrew

The resurrection. From a spider-and-mouse hotel to a $1.5 million luxury, strange designer home massively at odds with its surroundings. Not only that, but the guy who bought the garage (for $730,000) and spent the next few years creating this structure likely lost a bundle. On the other hand, several realtors did quite well. The province collected tens of thousands in land transfer tax. The property tax assessment went ballistic.

Did the buyer get a deal?

Sadly, yes.

About the picture: “Hi Garth – a couple of years ago you featured two of our greyhounds on your blog,” writes Janet. “We lost both of them sadly in the last two years.  We have adopted two more in the last 12 months.  Jake comes from West Virginia and Goldie more recently from Australia.  The greyhound rescues in Canada have been pulling greys from Australia the last few years as many need homes.  We’ve been adopting for close to 30 years and these two sweethearts are our sixth and seventh adoption.  Here they are at Long Point beach.”

To be in touch or send a picture of your beast, email to ‘garth@garth.ca’.

Source: https://www.greaterfool.ca/2025/05/16/the-resurrection-2/