320 Elmhurst Road

Property Overview

This 1945-built, single-storey home in Varsity View offers a compact, no-frills living space on a surprisingly large lot. Its primary appeal lies in its location and the potential inherent in its generous land size. The 694 sqft home is modest and ranks in the lower percentiles for size and age among its peers, but it sits on a 5,380 sqft lot, providing a rare amount of outdoor space for the neighbourhood. The property features a finished basement and no garage.

It would best suit a specific type of buyer: a pragmatic first-time purchaser comfortable with a smaller, older footprint, or an investor/developer who sees value in the land itself. Its appeal is not in its current condition or size, but in its location within a sought-after area and the future possibilities the lot presents. It’s a property where the land is the asset, and the house represents either a simple starter home or a redevelopment opportunity.

Key Considerations & FAQs

1. What does the ranking data actually mean?
   The data shows this property is smaller and older than most in its immediate area. However, its lot size is a standout feature, and its assessed value sits in a more competitive range, suggesting the land contributes significantly to its worth.

2. Is the finished basement included in the 694 sqft living area?
   No, the 694 sqft refers to the above-ground living space. The finished basement provides additional usable area, which is a valuable asset in a home of this size.

3. Who would this property not suit?
   It would not suit buyers looking for a move-in-ready, modern family home with ample indoor space or garage parking. It’s best for those with a vision for the lot or very modest space needs.

4. The 2021 sale price was higher than the current assessment. What does that indicate?
   This could reflect a cooling market shift since 2021, or it may indicate that the previous sale included factors not captured in a standard assessment, such as specific interior updates. It underscores the importance of viewing the current assessment as a baseline, not a market price.

5. What are the less obvious factors to consider here?
   The very large lot for the area could mean higher property taxes relative to the home's size, but also greater flexibility for additions, landscaping, or future redevelopment (subject to zoning). The age of the home (81 years) necessitates a thorough inspection, as maintenance and system updates will be a key part of ownership costs.