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On 14th December 2022, 246 Inglewood Drive – a 50-foot lot by Vishar Homes – was sold for $7.25 million (CAD) – giving it the title of ‘Moore Park’s Most Expensive Home’. After two unsuccessful listings at $7.5 million (CAD), the coveted address – 246 Inglewood Dr, Rosedale-Moore Park, Toronto – lasted only 49 days on the market when listed at $7.25 million.
What strikes me about this sale is that just before this – there was another 40-foot lot that sold for about $6.8 million making it the most expensive home in Moore Park for a brief period.
Could this be a sign of things to come in Moore Park?
The pictures do a much better job of describing the house. Regardless, here’s my best attempt to describe the property for you in words:
– 6000+ square foot, 2-story detached home with 4+3 bedrooms, 6 bathrooms, and 1 garage; main floor 2005 sq ft, second floor 2046 sq ft, and lower level 2126 sq ft
– A spacious, modern, elegant, and functional design with high ceilings to maximize space and trap natural light within; dedicated spaces – kitchen, family room, office room, mudroom, dining room, breakfast area, foyer, recreation room, wine cellar, cold cellar, exercise room, laundry rooms, etc.
– Medium-large sized fenced backyard close to public transit stops, parks, and some of the best schools in Toronto
A couple of months ago, I was looking to buy a lot in Rosedale. I really wanted to build my dream home there. Immediately I realized how much better of a deal Moore Park was – a neighbourhood that’s right next to Rosedale.
But what’s of note is that houses in Rosedale are way more expensive than those in Moore Park. Typically, homes in Moore Park aren’t listed at $6-7 million. They average at around $4 million. While the coveted Rosedale neighbourhood and prestigious address command an average cost of a house higher at $6 million. Depending on the intersection and quality of the build, homes have sold in Rosedale for as much as $10-13 million.
The sale of the two lots in November & December 2022 for $6.8 million & $7.25 million could very well be a sign of new price points emerging in Moore Park. I wouldn’t consider these addresses or lots to be the ‘best of’. Inglewood Drive is a very busy intersection which can be off-putting for some buyers. And yet, they sold for record prices in what would otherwise be considered a down real estate market.
Despite these record sales, homes in Moore Park are still not as expensive as in Rosedale. The gap is bridging slowly and steadily but it’s still there. My two cents: if you’re looking for a premium neighbourhood to build a forever home, love the idea of a prestigious address – but still love a good deal — then Moore Park is an excellent option. With sales like this one, the opportunity to add considerable equity during your build may not be around much longer.
If you want to speak to someone knowledgeable and engrained in the stats, renovations and permits involved with this neighbourhood you’re in the right place. Book a call with me here, or send an email to [email protected]
In case you missed it, 246 Inglewood Drive was first listed and sold in 2021 for $3.6 million (CAD). Today, as of January 2023, after undergoing a rebuild, it’s Moore Park’s most expensive home sold for $7.25 million (CAD).
A couple of other addresses in the Rosedale-Moore Park neighbourhood that were sold recently (last quarter of 2022):
– 32 Hudson Dr, Rosedale-Moore Park, Toronto: Sold for $6.8 million (CAD) in November 2022
– 33 Welland Ave, Rosedale-Moore Park, Toronto: Sold for $4 million (CAD) in October 2022
– 123 Rose Park Dr, Rosedale-Moore Park, Toronto: Sold for $2.8 million (CAD) in October 2022
– 244 Glenrose Ave, Rosedale-Moore Park, Toronto: Sold for $2.1 million (CAD) in October 2022
As you can see the prices are all over, the street name, lot size, and renovations will dictate pricing in this case. The median price for detached homes in Rosedale-Moore Park for December 2022 was around $3.9 million – up 40% from its 5-year price.
Rosedale-Moore Park has a great reputation as a neighbourhood because of its proximity to some of the best schools in Toronto’s midtown area. If you’re a parent, you hear us. You understand exactly what this means. But there’s more to Moore Park than just schools.
– Whitney Junior Public School (1.8km, 4-minute drive)
– Our Lady of Perpetual Help (2km, 5-minute drive)
– David Balfour Park Trail (1.2 km, 4-minute drive)
– The Beltline Trail (2.4km, 7-minute drive)
– Mt Pleasant transit stops (2.1 km, 6-minute drive)
– Capocaccia Trattoria, Italian restaurant (1.8km, 6-minute drive)
– Brownes Bistro, French restaurant (2km, 7-minute drive)
– Cineplex Entertainment, Movies (1.9km, 6-minute drive)
It’s a great community because of the schools, the greenery, the convenience, and something that’s often overlooked – the people living in the community. A community that feels suburban with neighbours you actually know, yet only minutes from Downtown Toronto is truly something special.
If you’re a dog person like me, your four-legged bestie will love the neighbourhood as much as you do. Trails, friendly hellos, and lots of dog park buddies are all pros that come with that community feel.
On 16th June 2021, this very address was purchased for just $3.6 million and underwent a massive rebuild. The developers of this property must have noticed the same opportunity and upside that I saw in this neighbourhood. Moore Park is quickly becoming synonymous with Rosedale offering plenty of upsides whether you’re looking to invest in luxury real estate or build a forever home. If you’re thinking about building for either purpose ensure you’re working with a team that’s been there and done that. While building my forever home in Moore Park I’ve helped my clients find perfect lots and the right opportunities not too far down the street from me.
Pierre Carapetian is the Broker Of Record for Pierre Carapetian Group Realty with over 12 years of experience in the real estate market. As a proud Torontonian and real estate broker, he prides himself on knowing this city inside out. He started investing at the age of 18 and has facilitated over half a billion dollars in real estate transactions.
