The Toronto Community Housing Corp. is putting up dozens of its homes for sale in some of the city’s most in-demand neighbourhoods, giving buyers a chance to snag a bargain — as long as they’re willing to put in a little work.
In an attempt to generate revenue to maintain its other properties, the city’s social housing corporation has sold almost 40 single-family homes so far across the city. It has plans to list 78 more in the coming year.
The conditions of the homes vary greatly, with some needing major renovations. But with TCH houses listed at almost half the average price, some buyers may find the extra work is worth it.
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For example, in Toronto’s Leslieville neighbourhood, where home prices can top $1 million, TCH recently listed a four-bedroom, two-bathroom home at $585,000.
For some house-hunters, it’s an opportunity to enter Toronto’s daunting real estate market.
“Other houses that we’ve looked at, that have been somewhat renovated, it’s a really high price point,” said Stephanie Ibbitson, who is shopping for a home. “It’s hard for a first-time home buyer to afford that.”
Click on the video above to watch a full report from CBC reporter Marivel Taruc.