Someone is trying to sell the second floor of their Toronto home for $600K

9 / 100

As Toronto real estate prices continue to be outrageous people are getting more creative with home ownership.

A perfect example is this two-bedroom, one-bathroom property listed for just $599,000.

At first glance it seems like the deal of the century – 4 Chambers Ave. is semi-detached home with a backyard and everything for just under $600K.

The kitchen and dining area.

It boasts over $100K of renovations, including a modern kitchen with granite countertops, oak hardwood floors, and plenty of natural light.

4 Chambers Ave.  Toronto

The living room.

The living, dining and kitchen spaces are all open concept.

4 Chambers Ave.  Toronto

The primary bedroom has a large closet.

The primary bedroom has plenty of storage.

4 Chambers Ave.  Toronto

The bathroom.

The bathroom is modern and has a big shower.

4 Chambers Ave.  Toronto

The second bedroom.

But if you really read the listing, things get a bit weird.

4 Chambers Ave.  Toronto

The backyard is over 900-square-feet and has 16-foot deck.

For example, it casually mentions that there are “no maintenance fees, just shared utilities,” and there’s “access to the basement storage room and backyard.” Hmm…..

4 Chambers Ave.  Toronto

The room was redone in 2019.

And then you find out this “home” is actually just the second floor of a house, that’s being listed for $599,000. The “buyer is buying [the second] floor only,” reads the listing.

4 Chambers Ave.  Toronto

The primary bedroom walks-out to the balcony.

Now, co-ownership of a house is definitely a thing. It’s really popular in large cities like London, New York, and several European cities. Toronto also has plenty of condo buildings that are co-ops.

4 Chambers Ave.  Toronto

There’s also access to the large wood shed.

So it is technically legal, but only if it has gone through the proper steps to turn a single family dwelling into co-ownership dwelling.

4 Chambers Ave.  Toronto

The wall unit functions both as heat and air conditioning.

“To be a legal co-ownership corporation one would have to have their house converted from a freehold dwelling into a co-ownership complex (even if it’s two units), in order for each owner to get independent financing that distinguishes each individual portion of mortgage debt and their obligations in paying it,” explains Steven Fudge, a sales representative at Bosley Real Estate Ltd. Brokerage, in a blog post.

4 Chambers Ave.  Toronto

The unit comes with all electric light fixtures and window coverings.

If the legal route isn’t an option, Fudge notes there’s the possibility to have an informal contract under one shared mortgage, but that also can get a bit tricky financially and legally.

4 Chambers Ave.  Toronto

The home is located close to Earlscourt Park and is close to the amenities at The Stockyards and in the Junction.

It’s unclear if 4 Chambers Ave. is a legal co-ownership or something else.

Realtor Nelson Campos told blogTO that 4 Chambers Ave. is part of a fourplex and has a separate entrance.

“4 Chambers Ave. is one floor only. 2 and 4 [are] on one side 6 and 8 Chambers on the other side,” he said, adding that gas and tax bills are shared at 40% with the owner of 2 Chambers Ave.

It’s also worth noting that 2 Chambers Ave. is also for sale, but that still doesn’t make it clearer as to what buying this home would mean in terms of ownership.

So this is either a great condo alternative or a legal and financial nightmare. So with that in mind, approach with caution.