Desperation Sets in for House Hunters in Toronto’s Red-Hot Market

Dana Kayali is preparing for battle. Clutching a stack of home ads, the pension fund manager and her fiancee brave a swarm of about 30 people on a recent Saturday and step into the first of four open houses of the day. They’re all searching for what’s dawning on Kayali is a fantasy: a home in downtown Toronto for under C$1 million.

She’s immediately deflated. The floor in the master bedroom slopes up about half a foot, the upstairs hallway is so narrow another house hunter has to squeeze through sideways and an inspection report recommends that parts of the roof, outer walls, and back porch need to be replaced within two years because there’s a risk of water damage. It’s listed for C$699,900 ($521,690). Seven days and seven bids later, it sells for C$1.05 million.