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Despite reports this week that Canada’s housing market is ready to deflate slowly, there continue to be examples in Toronto of homes that sell for more than the casual observer might expect.

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Consider the two-storey house at 34 Playter Cres., just north of Danforth Avenue in Greektown.

The red brick house is clearly in a state of disrepair: Wire hangs from the front porch awning and paint is peeling from the garage door trim.

But the home was listed for $949,000 and sold for just more than $1-million Monday. That’s a lot of money for something the new owners will likely tear down and replace.

Yet the number doesn’t seem to surprise anyone in the industry.

“We see it all of the time and it’s become very normal for us,” said Linda Ing-Gilbert, the real estate agent who sold the home. “It’s the people looking into [the real estate industry] that are going ‘Oh my god!’ ”

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That might have been the reaction of open house visitors who toured the home last week and saw rooms on the second floor packed with old clothing, books and debris — plus the smell of cat waste. In an age of hiring designers to stage homes for re-sale, it was a sure sign that no one was expected to buy it to move into immediately.

Richard Silver, president of the Toronto Real Estate Board, was unable to comment on this particular sale, but did not seem surprised by the price.

“If a house is in a prime location and someone wants to tear it down to build something else, that happens.”

Besides, he said, the home’s location in Playter Estates is considered “the Rosedale of the east end.”

Added Angela Zelvenschi, a realtor for about 10 years: “The condition of the house doesn’t matter. It’s about the area and what’s surrounding the house.”

National Post