Subject listing to benchmark
- Listed at C$2.85M.
- Public details show 5 beds, 5 baths, and annual taxes C$14,279. (PSR Brokerage)
- Marketing info doesn’t list exact finished area here; some portals have ranged estimates, but you’ve observed it’s closer to ~3,000 sq ft rather than 4,000+. Using 3,000 sq ft dramatically changes implied per‑sq‑ft math and therefore value.
You said the property is a detached house and needs work. That typically pulls a fair value down versus fully finished, turn‑key homes, even if the design is modern. So we’ll lean toward comps and math that reflect a more conservative estimate.
Closest strong comparables
A. High-end nearby comp, similar neighborhood, similar scale
- Listed at C$3.058M.
- Public details: detached, 2‑storey, listed by Paul Zammit; taxes shown C$11,968. (PSR Brokerage)
- A separate agent page indicates the finished area reported as 3,000–3,500 sq ft and a lot of 50 × 124.63 ft. (McCann Realty Group)
Implied price per sq ft, using their reported size range:
- At 3,000 sq ft → about C$1,019 / sq ft
- At 3,500 sq ft → about C$874 / sq ft
This comp is in the same broad Grandview/Thornhill pocket, recently listed, and sized in the same ballpark as your realistic estimate. It sets a market ceiling for very well‑finished, recent or very upgraded stock in the area.
B. Lower‑priced but nearby detached comp, smaller footprint, renovated
- Listed at C$1.75M.
- Public listing details show detached, sidesplit, taxes around C$7,752. (Thrive Real Estate) (Thrive Real Estate)
- Area reported as 2,000–2,500 sq ft on agent listing. (Thrive Real Estate)
Implied price per sq ft range, using their size range:
- At 2,000 sq ft → about C$875 / sq ft
- At 2,500 sq ft → about C$700 / sq ft
This comp gives a lower bound anchor for the pocket: smaller, but recently renovated, within the same sub‑area, and actively listed.
What this implies for a 3,000 sq ft property that needs work
- Upper bound from the top comp: roughly $874–1,019 / sq ft. A new or fully finished modern house of ~3,000–3,500 sq ft could justify near the upper end.
- Lower bound from the smaller, renovated comp: roughly $700–875 / sq ft. A home needing work should be closer to or below this midpoint, depending on how much work, finishes, and layout you’d need.
Because your property needs work and is realistically closer to 3,000 sq ft:
- A reasonable fair value per sq ft for your exact situation is likely in the C$800–900 / sq ft zone. That balances:
- Above the lower bound of a smaller renovated home, because yours is larger.
- Below the upper bound of the nicest recent listings in the same neighborhood, because yours needs work rather than being premium‑finished.
Multiply by ~3,000 sq ft:
- C$800 × 3,000 = C$2,400,000
- C$900 × 3,000 = C$2,700,000
Suggested offer range
- Primary offer window: C$2.45M – C$2.60M
- Puts you comfortably below the high comp’s implied PPSF and within the $800–900 range for ~3,000 sq ft.
- Leaves room for negotiation toward the middle or upper end if seller counters.
- Stretch ceiling: About C$2.65M
- Only if there’s strong competition or if you decide the work is minimal and you highly value the exact property. Still slightly below or near the upper PPSF of the high comp, which is defensible only if conditions are better than assumed.
- Avoid going above ~C$2.7M unless you confirm accurate size much higher than 3,000 sq ft or the home is essentially turnkey after minimal work. Going above that steps into the territory of top comps and new construction pricing without justification if the home needs work.
How to use this in negotiation
- Lead with your observed size and condition to justify the PPSF you’re using, not the advertised size.
- Reference 90 Grandview as the high benchmark, and 12 Courtham as the lower benchmark; show their implied PPSF and area proximity as context.
- Offer near the lower end first if seller seems firm on their list price, but clearly state your numbers are supportable based on comps and condition.
- If seller pushes back, ask for concrete proof of any larger finished area or recent upgrades that would move your PPSF toward $900+; otherwise, stay closer to mid‑range.
Bottom line: for ~3,000 sq ft in this area, C$2.45–2.60M is a rational, market‑based offer range given the comps and your condition note.