1457 McDermot Avenue W – Property Summary
Key Characteristics & Buyer Profile
This is a 1923-built home with 789 sqft of living space and a land area of 5,316 sqft. Its standout feature is the lot. On its street, the property ranks in the top 3% for land size, and within the Weston neighbourhood, it lands in the top 2%. The assessed value is $146k, which is below average for its street, neighbourhood, and city—reflecting both the modest house size and the older construction.
The appeal here is straightforward but worth unpacking. Most buyers will see a smaller house on a large lot and think of expansion, a garage, or a garden. But what’s less obvious is the value of the land relative to its context. The lot is well above the neighbourhood average of 3,269 sqft, yet the assessed value is below the neighbourhood average of $184.7k. That discrepancy suggests the land itself is undervalued compared to nearby properties with similar lot sizes. For a buyer willing to hold or renovate, that gap could represent upside.
This property would suit two types of buyers. First, someone looking for an entry-level home in an older, established neighbourhood like Weston, where the smaller living area and lower price point make ownership more accessible. Second, a buyer with longer-term plans—someone who sees the lot as the primary asset and is willing to invest in the house or eventually build new. It would be less suitable for someone who wants move-in-ready space or a modern layout without significant work.
Frequently Asked Questions
1. How does the living area compare to other homes in the area?
The living area is 789 sqft, which is below the street and city averages but around the middle for the Weston neighbourhood. It ranks in the top 66% locally—meaning about a third of nearby homes are smaller, and two-thirds are larger. It’s a compact footprint, closer to a bungalow or starter home than a family-sized house.
2. What does the high land ranking actually mean for a buyer?
A top 3% ranking on the street and top 2% in the neighbourhood means this lot is significantly larger than most nearby properties. For context, the average lot on the street is about 3,789 sqft—this one is 5,316 sqft. That extra space could allow for a rear addition, a detached garage, or simply more yard. But it’s worth checking zoning and setback rules, as older neighbourhoods sometimes have constraints on what you can build.
3. Is the assessed value accurate for what the property is worth?
Assessed value is a baseline for property tax, not a market price. At $146k, it’s well below both the street average ($214k) and neighbourhood average ($184.7k). That partly reflects the small house and age. But given the large lot, the market value could be higher than the assessment—especially if a buyer sees development potential. A local appraisal or recent comparable sales would give a clearer picture.
4. What should I know about a house built in 1923?
Homes from this era often have solid framing and good bones, but they also come with older wiring, plumbing, and insulation. The year-built ranking shows it’s typical for Weston (neighbourhood average is 1937) but older than most citywide (average 1966). Expect some deferred maintenance. It’s smart to budget for a home inspection focused on foundations, the roof, and the electrical panel.
5. How does this property compare to others on the same street?
On McDermot Avenue West, this home is smaller than most (ranked 174 out of 221) and has a lower assessed value (ranked 187 out of 221). But it’s an outlier for land size—ranked 7th out of 221, meaning only six other houses on the street have larger lots. So it’s an atypical property: less house, more land. If you’re comparing with neighbours, focus on what matters more for your plans—square footage or outdoor space.