16 Elderwood Drive, Toronto, ON
Forest Hill South, Toronto · MLS® C13815398
About this home
In short
- Elegance on a Rare 60-Foot Lot in Forest Hill South Ideally positioned on a premium 60-foot frontage in one of Toronto's most prestigious neighborhoods, this...
- With five generously sized bedrooms and five upgraded bathrooms, including a primary suite with a 6-piece ensuite, every detail speaks to thoughtful design and...
- Highlights include hardwood floors and pot lights throughout, a finished basement with a separate entrance, and a self-contained second-floor Suite ideal for extended...
Elegance on a Rare 60-Foot Lot in Forest Hill South Ideally positioned on a premium 60-foot frontage in one of Toronto's most prestigious neighborhoods, this renovated residence blends timeless architecture with modern comfort. The main floor offers formal living and dining rooms with French doors and expansive windows that fill the home with natural light. An inviting family room with fireplace anchors the heart of the home, while the updated kitchen features newer appliances and ample space for everyday living and entertaining. With five generously sized bedrooms and five upgraded bathrooms, including a primary suite with a 6-piece ensuite, every detail speaks to thoughtful design and functionality. Highlights include hardwood floors and pot lights throughout, a finished basement with a separate entrance, and a self-contained second-floor Suite ideal for extended family, guests, or added income potential. Located within walking distance to Forest Hill Village, top-rated public and private schools, parks, restaurants, shops, and transit, this is a rare opportunity to own a beautifully upgraded home on one of Forest Hill South's most sought-after streets.
Key facts
- Property type
- Detached, 2-Storey
- MLS®
- C13815398
- Bedrooms
- 5+1 (6 total)
- Bathrooms
- 5 (1 half)
- Size
- 3000-3500 sq ft
- Lot
- 59.51 × 105.15 ft
- Cross streets
- Spadina / St.Clair
- Parking
- 1.5 garage · 5 parking (built-in)
- Driveway
- Private
- Basement
- Finished, Separate Entrance
- Heating
- Radiant
- A/C
- Central Air
- Exterior
- Stucco (Plaster)
- Foundation
- Concrete
- Roof
- Shingles
- Sewer
- Sewer
- Property tax
- $20,629 / 2025
- Days on market
- 27
- Listing brokerage
- RE/MAX HALLMARK REALTY LTD.
Rooms
skylight · hardwood floor · pot lights
hardwood floor · pot lights · window
hardwood floor · closet · window
hardwood floor · closet · window
backsplash · breakfast bar · hardwood floor
fireplace · pot lights · window
fireplace · french doors · hardwood floor
wainscoting · french doors
hardwood floor · closet · 3 pc ensuite
fireplace · w/o to patio · french doors
hardwood floor · closet · window
closet · 6 pc ensuite · hardwood floor
Listed at $3,990,000. Going by how homes in Forest Hill South and the wider GTA have actually closed against their asking prices (about 97%, 11 local closings in 90 days), the likely sale price is near $3.85M, if it sells. A realistic range is $3.61M to $4.34M.
Independent value check: $4.27M. Without looking at the asking price, our model values the home itself about 7% above the ask (homes like it typically land between $4.00M and $4.47M).
Why $4.27M. The typical detached home sold in Forest Hill South over the past year went for about $4.50M (39 sales). What sets this one apart:
- ▲ Raises it slightlyThe listing describes it as fully renovated or newly built.
Total price vs nearby homes. Likely closing about $3.85M, from 11 recent closings in this pocket.
The market behind the math:
About 2.2 months of inventory: 8 detached homes for sale in the area against 11 closings in the last 90 days. Under two months favours sellers, over four favours buyers.
Price per square foot: this home lists at $1,228/sqft against an area asking average of $1,532/sqft.
- Separate-entrance basement apartment features. A finished 1 bed basement apartment with a separate entrance. A self-contained space for extended family, guests or potential income. In Forest Hill South basements rarely rent out (4 of 71 recent detached leases were basement units), so buyers here treat a suite as family or nanny space rather than income. Value it for the living space, not the rent. Second-suite retrofit status is not verified. A buyer intending to rent should confirm requirements with the City of Toronto.
How this estimate is builtthe short version
This figure comes from a model built on about 44,000 recent GTA sales. It weighs this home’s tax assessment, size, age, location and features against what homes like it actually sold for, including sales in this neighbourhood.
It never sees the asking price. The 11 most comparable recent sales on their own, adjusted for size, beds, baths and lot, point to about $5.33M. Condition and finishes remain an in-person call.
What the listing highlights5 points to weigh
Claims from the listing, worth confirming in person. I can book you a private showing.
- Separate entrance / basement suite: rental or in-law income potential, if it is legally registered and retrofit-compliant. Income potential
- Finished basement: added living space, worth checking ceiling height and that the work was permitted. Value driver
- Renovated / rebuilt: recent work can mean fewer upfront costs, worth confirming the scope, quality, and that permits were pulled. Value driver
- Primary suite: a key comfort and resale feature. Lifestyle
- Hardwood floors: quality hardwood is durable and broadly desirable. Lifestyle
Based on 11 comparable homes that sold in Forest Hill South over the past two years, from 85 closings there.
The closest active listings by size, beds, and price, so you can see what this home is up against.
Per square foot, these ask about $1,469/sqft; this home lists at $1,228/sqft. Size is part of the price story, not just the sticker.
The 4 closest active listings nearby.
See all comparable homesSold price trend
Median sold price for detached homes in Toronto: $1.20M in September 2026, down 1% from a year ago, on 7,360 closings in 12 months.
Line: median sold price, each month averaged with its neighbours and weighted by closings. Bars: closings that month. Toronto as a whole: the neighbourhood alone has too few closings for a line of its own.
Month by month
| Month | Median sold | Closings |
|---|---|---|
| October 2025 | $1.25M | 739 |
| November 2025 | $1.21M | 596 |
| December 2025 | $1.14M | 384 |
| January 2026 | $1.20M | 285 |
| February 2026 | $1.23M | 453 |
| March 2026 | $1.34M | 580 |
| April 2026 | $1.31M | 776 |
| May 2026 | $1.30M | 861 |
| June 2026 | $1.25M | 772 |
| July 2026 | $1.17M | 684 |
| August 2026 | $1.19M | 552 |
| September 2026 | $1.20M | 678 |
Neighbourhood & location
Forest Hill South, Toronto, ON
Enter a workplace or destination and we’ll show the door-to-door time by car, transit and bike.
How asking prices compare in the closest areas to this home. Longer bars mean a pricier market.
Typical asking price of active listings of the same type, per area (outliers removed). Toronto.
Get the full neighbourhood report (schools, parks, transit & safety) →
The public and Catholic schools this address is zoned for, with EQAO results (the share of students meeting Ontario's provincial standard).
School attendance boundaries and EQAO results are Ontario government data and can change. Confirm the current catchment with the school board before relying on it.
Also nearby: 12 more schools within 2.5 km
Not the assigned catchment: schools a family here could reach, with EQAO results where published.
Affordability & Mortgage
Income needed assumes a ~32% GDS ratio; weekly is mortgage principal & interest only. Price ÷ income is the home price over the income needed. Fixed reference assumptions so listings compare on equal footing, not a lending decision.
Calculate and customize your mortgage and other expenses
Adjust the down payment, rate, and amortization, and add property tax, condo fees, and heating to see your true monthly cost.
Your numbers
Homes over $1.5M can't be insured, so 20% down or more is required.
Conventional (20%+ down). Best insured 5-year fixed 4.34% via Ratehub.ca (as of October 19, 2026); conventional rates run a little higher.
Mortgage amount $3,192,000 · 4.49% over 25 years
Total monthly cost
- Mortgage payment (monthly equivalent)
- $17,649
- Property tax
- $1,719
- Condo / maintenance fees
- $0
- Heating
- $0
- Estimated monthly cost
- $19,368
Add your own property tax, condo fees, and heating on the left for a sharper total.
One-time closing costs
- Ontario land transfer tax
- $86,225
- Toronto municipal land transfer tax
- $96,125
- Estimated closing costs
- $182,350
Plus your down payment of $798,000. Legal fees, title insurance, and adjustments are extra and vary by deal.
Mortgage stress test
Lenders qualify you at the greater of your rate plus 2% or 5.25%. You do not pay this rate. It just shows you could still handle payments if rates rose, so aim to stay comfortable at this higher number.
Over the full 25 years
At the end of your 5-year term
- Total paid over the term
- $1,058,947
- Principal paid down
- $390,003
- Interest paid
- $668,943
- Balance remaining
- $2,801,997
Talk to Team Asgarian about your options
Rates and programs change often. We will connect you with a trusted mortgage professional and build a plan that fits your budget and goals.
Estimates only, not a mortgage quote or pre-approval. Figures use Canadian semi-annual compounding, current minimum down-payment rules, CMHC premium tiers, and Ontario (plus Toronto, when selected) land transfer tax. Actual rates, taxes, insurance, and closing costs vary by lender and property. Confirm every number with your mortgage professional.
Investor snapshot
About the suite: in Forest Hill South basements rarely rent out (4 of 71 recent detached leases were basement units), so the figure above does not count it as income. Buyers here use a suite as family or nanny space.
Thinking of this home as an investment? We will pull real comparable rents and run the full numbers with you.
Talk about the numbersThe last 23 whole-home leases in Forest Hill South signed at a median of $10,516 a month; adjusted to this home for size, beds and baths, and for where rents stood the month each signed, that is $11,199. The gross yield above is on the asking price, before taxes and upkeep; the cap rate is after them. A finished basement or second suite can push real rent above it. Taxes, fees, and vacancy vary by property, and cap rate is before financing.
Helpful resources
All information deemed reliable but not guaranteed. For personal, non-commercial use only. Listing courtesy of RE/MAX HALLMARK REALTY LTD.. MLS®/PropTx.