Could a new bungalow cost less than a condo in Toronto? When I first shared this listing, the answer was yes. This nearly new bungalow in Ingersoll was listed for just shy of $650K, because a motivated seller had reduced the price to sell.
This post first featured a single listing. The price and details below are from that original listing, so the home may no longer be for sale.
Why this new bungalow stood out on price
Price is the first thing most buyers notice. At the time, comparable properties in the neighbourhood were selling, or had sold, in the range of $700K to $800K. So this new bungalow was priced well below its neighbours.
A price reduction like this usually means the seller wants a quick, clean sale. That can open a door for a prepared buyer. However, a lower price is only a good deal if the home also suits your needs. Therefore, it pays to look past the number and study the home itself.
Here is a simple rule I share with buyers. First, compare the asking price with recent sales of similar homes nearby. Next, check how long the home has been on the market. Finally, ask why the seller is motivated. Together, these three answers tell you far more than the price alone.
Inside the new bungalow: layout and features
This new bungalow was only about two years old. It offered 2 bedrooms and 2 full washrooms in a sought-after new development area in Ingersoll.
The main living space is an open concept Great Room with a fireplace. It flows into the Dining Room and a modern kitchen. The kitchen came with stainless steel appliances, namely a fridge, a stove and oven, a built-in microwave and a dishwasher.
Also, the Great Room has a 9-foot cathedral ceiling. You can relax under it and watch your favourite programs in front of the fireplace. For many buyers, that kind of space is hard to find in a Toronto condo at a similar price.
Parking is another strong point. There is a two-car drywalled garage for your cars and gadgets. In addition, the 4-car interlock driveway gives you extra room for guests.
Location: Highway 401, hospital and downtown Ingersoll
Location matters as much as the house. This property is only a couple of minutes’ drive to Highway 401 and Alexandra Hospital. It is also about 3 minutes from downtown Ingersoll.
For a family, that means daily errands stay short. Meanwhile, quick access to the 401 helps if you still travel toward the GTA for work or to visit family. Before you buy a new bungalow outside the city, drive the route at rush hour. That way, you know what your real commute will feel like.
Heating, cooling and water systems in the new bungalow
Newer homes often come with newer mechanical systems, and this one was no exception. To keep you cool in summer and warm in the cold winter months, the home is equipped with modern HVAC equipment:
- Gas furnace
- Electronic air filter
- Air conditioning (A/C)
- Heat recovery ventilator (HRV)
- Water softener
- Water filtration system
- Tankless water heater (rental)
Note that the tankless water heater is a rental. So, before you buy any new bungalow with rental equipment, ask for the rental contract. Check the monthly cost, the term and whether it transfers to you on closing. These small details can affect your monthly budget.
Is a new bungalow outside the GTA right for you?
If you are looking for an affordable, newer and worry-free property outside the GTA, a home like this can make a dream come true. Still, a move out of the city is a big lifestyle choice.
Start with your daily life. Think about work, schools, family and how often you need to be in the city. Then compare what you give up and what you gain. For example, you may trade a shorter walk to transit for a garage, a yard and more living space.
Next, get your financing in order early. A mortgage pre-approval shows you what you can afford and makes your offer stronger. Also, even a new bungalow deserves a proper home inspection. My post on why home inspections matter for every buyer explains what to look for. In addition, the Canada Mortgage and Housing Corporation has plain-language guides on buying a home.
If you are buying for the first time, you may also find these helpful: 10 essential steps for first-time buyers and condo or townhouse for a first purchase.
How to see the listing and search sold prices
Here is the link to the original property listing: https://www.muftiestates.com/ON/ingersoll/n5c0e3/10756785-MLS-X5773373-na-19-Sutherland-Cres.
To have full access and search any property with sold prices, please register once on my website. After that, you can enjoy all the tools it offers home buyers and sellers alike. Besides property search, there is a wealth of useful information, so relax and explore.
Please note, this post is not meant to solicit anyone who is already under contract with a real estate agent. If you are in a contract, please contact me through your own agent.
There is always a better solution a professional can provide, sometimes beyond one’s own thoughts. Whether you want a new bungalow or another type of home, I will be happy to answer your questions or arrange a private showing for you or your friends.
Talk to a Mississauga real estate agent
Do you have questions about buying a home in or outside the GTA? Please send me a message or call me directly at 416 908 5600. I am A. Q. Mufti, Sales Representative, RE/MAX Real Estate Centre Inc., Brokerage, and I am always glad to help. If this post was useful, you can also leave a Google review.
Disclaimer: this article was published on 18 January 2025 and reflects the information available at that time. Interest rates, prices, and government programs change, so check the current position before acting on anything here. It is provided for information only and is not financial, mortgage, tax or legal advice. A. Q. Mufti is a registered Sales Representative with RE/MAX Real Estate Centre Inc., Brokerage, Ontario, Canada.
