A casual passerby might be surprised to find out that this house with good street presence on a quiet tree lined street was a rooming house. Listed for $525 000 and recently sold to a contractor for $485 000 this house will likely be gutted and converted back to a single family dwelling.
This is part of the ongoing transformation of Mimico and neighbourhoods like it, where quasi-illegal, multi unit, low income housing is converted back to single family use, In this real estate market it is actually worth it to a small contractor/developer to buy a house for 485k, gutted it, and reno the entire interior to sell for profit.
The family with money that moves in will suit the neighbours but where do the previous low income renters go?
Posted by David