House with lucky address sells for $550K over asking in less than 48 hours

How to plan for this year's housing market Real estate broker Erica Reddy shares her tips with CTV's Your Morning on how best to plan for buying or selling a home in 2023.

A house in Ontario with an auspicious address sold for significantly more than its listing price after only being on the market for two days.

18 Bruce Thomson Drive, a Markham home in the Victoria Square Neighbourhood, was listed on May 11 for $1.79 million and had a "very short lifespan," listing agent Hiu Yan Bow told CTV News Toronto in an interview Friday.

“It sold firm in two days,” Bow said.

The four-bedroom, four-bathroom home features wood flooring, granite countertops, wainscotting in its formal dining room, and a gas fireplace. The sale price broke the previous record for similar property types and sizes in the north Markham area, Bow said.

The quick and successful sale can be attributed to a number of factors, Bow explained – starting, in part, with the home’s address.

“Eighteen is a very lucky number in Chinese culture,” Bow said, “That means, basically, promised wealth.”

The last property to set a record sale in the area had a similarly lucky address, she added.

So, Bow incorporated the address into her marketing strategy.

“It is a very high-demand area, particularly for the Chinese community, along with ultimately, I think a very sought-after address,” she said.

After less than two days on the market, Bow’s clients were made an offer for $2,350,000 – $551,000 over their asking price.

“I certainly think a lot more people could have seen the property,” Bow said. “But the offer that we accepted was a very attractive offer.”

Bow also credits the success of the sale to a strategic listing price. She thought the property had the potential to sell for more, but decided to list it at the bottom-end of its market value to attract as many eyes as possible.

“The intention is to entice as many buyers into seeing the property as possible, not to fool anyone because [$1.79 million] is within market value.”

The home is far from the first to sell well over asking price in the Toronto area recently – it’s a trend we’re seeing more of lately, Bow said.

“I would say maybe in the recent month or two, we're seeing this a little bit more just because of the lack of supply of homes in the Toronto area market,” she said. “There's not a huge abundance, so the demand is there.”

Just a few weeks after Bow’s clients sold their home, a house in Toronto just over 10 feet wide sold for $300,000 over its asking price after less than five days on the market.