Property Overview
This 2024-built, two-storey home on Bannatyne Avenue W in Brooklands presents a distinct profile. Its primary appeal lies in being a modern, turn-key new build within a neighbourhood of predominantly older homes. The 1,359 sqft living space is notably above average for the area, offering contemporary layouts and finishes. A key characteristic is the renovated basement, adding functional space. However, the lot size of 2,575 sqft is compact, even for its immediate street and the broader neighbourhood.
This property would suit a first-time homebuyer or a downsizer seeking a modern, low-maintenance home without a lengthy commute, as it provides new construction comforts in an established area. It’s also a practical choice for an investor looking for a newer rental property with minimal immediate upkeep. The appeal is balanced: you are buying newness and modern efficiency, but not land size or an established streetscape of mature homes.
Frequently Asked Questions
1. Why is the assessed value so much lower than typical city-wide home values?
The assessed value reflects municipal valuation for tax purposes, which can be significantly lower than market sale prices, especially for new builds. The recent sale price of $48,600 is a more accurate indicator of its current market value.
2. The home sold for $9,500 in early 2023 and then $48,600 in mid-2024. What explains this huge increase?
The 2023 sale likely represented the value of the vacant lot or a pre-construction transaction. The 2024 sale price reflects the completed value of the newly constructed home on that lot.
3. How does the compact lot size affect living here?
The smaller lot means lower outdoor maintenance, which some buyers will prefer. However, it limits potential for expansions like a large deck, garage, or addition. Outdoor privacy and space for gardening or play will be more limited compared to many neighbouring properties.
4. What does the "renovated basement" likely refer to in a 2024 home?
In the context of a brand-new build, this typically indicates that the basement was fully finished as part of the original construction, not a later renovation. It means the lower level is ready for use as living space, not a raw concrete cellar.
5. As a new build on a street of older homes, what should I consider?
You benefit from modern building standards, energy efficiency, and new appliances. Be aware that the character of the street is mixed, and the home's value may be more influenced by its new condition than by the older homes around it. It's wise to inquire about any builder warranties that may still be in effect.