874 Sparrow Road, Newmarket, ON
Gorham-College Manor, Newmarket · MLS® N13552240
About this home
In short
- Attention Investors & Savvy Homebuyers.
- 2,800 sq ft of total finished living space.
- This exceptionally well-maintained home features an ideal layout with excellent, stable tenants already in place generating gross rental income of $4,500/month...
- The bright and spacious principal residence features an updated kitchen (2016), neutral decor, and vinyl windows.
- The lower level boasts a fantastic basement apartment with a separate kitchen (2016).
Attention Investors & Savvy Homebuyers! Incredible turnkey income property showcasing approx. 2,800 sq ft of total finished living space. This exceptionally well-maintained home features an ideal layout with excellent, stable tenants already in place generating gross rental income of $4,500/month (Upstairs: $2,600, Lower: $1,900). The bright and spacious principal residence features an updated kitchen (2016), neutral decor, and vinyl windows. The lower level boasts a fantastic basement apartment with a separate kitchen (2016). Enjoy peace of mind with extensive big-ticket upgrades: Brand New Deck, A/C (2022), Furnace (2019), and Shingles replaced 8 years ago. A rare, high-yield asset in a prime location. Nothing to do but collect rent!
Key facts
- Property type
- Detached, Backsplit 5
- MLS®
- N13552240
- Bedrooms
- 4+1 (5 total)
- Bathrooms
- 2
- Size
- 1500-2000 sq ft
- Lot
- 50 × 110 ft
- Cross streets
- Gorham/Alexander
- Parking
- 2 garage · 6 parking (attached)
- Driveway
- Private
- Basement
- Finished
- Kitchens
- 2 (1 + 1)
- Heating
- Forced Air
- A/C
- Central Air
- Exterior
- Aluminum Siding, Brick
- Foundation
- Concrete
- Roof
- Asphalt Shingle
- Sewer
- Sewer
- Property tax
- $5,466 / 2025
- Days on market
- 72
- Listing brokerage
- HOMELIFE LANDMARK REALTY INC.
Rooms
ceramic floor · backsplash · overlooks family
laminate · large window · combined w/living
Laminate
laminate · closet
laminate · closet
laminate · closet
Laminate
hardwood floor · fireplace · w/o to deck
laminate · closet
Linoleum
Listed at $1,049,900. Going by how homes in Gorham-College Manor and the wider GTA have actually closed against their asking prices (about 99%, 22 local closings in 90 days), the likely sale price is near $1.04M, if it sells. A realistic range is $972K to $1.17M.
Independent value check: $972K. Without looking at the asking price, our model values the home itself about 7% below the ask (homes like it typically land between $911K and $1.02M).
Why $972K. The typical detached home sold in Gorham-College Manor over the past year went for about $1.04M (72 sales). What sets this one apart:
- ▲ Raises itThe listing presents it as a home to renovate or rebuild.
Longer on the market than typical. 72 days on the market against about 26 for homes like it here, and asking 8% above where comparable closings put it.
Total price vs nearby homes. Likely closing about $1.04M, from 22 recent closings in this pocket.
The market behind the math:
About 2.3 months of inventory: 17 detached homes for sale in the area against 22 closings in the last 90 days. Under two months favours sellers, over four favours buyers.
Price per square foot: this home lists at $600/sqft against an area asking average of $590/sqft.
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 22 most comparable recent sales on their own, adjusted for size, beds, baths and lot, point to about $926K. Condition and finishes remain an in-person call.
Schools & getting aroundcatchment and transit
The assigned public school is Huron Heights SS. EQAO is only one input, and families here also look at French Immersion, boundary, and private options, the full breakdown is below.
Read this with carewhy it’s an estimate, not an appraisal
Priced above comparable homes overall, but the price per square foot ($600/sqft) is in line with the area, so you are paying for extra space rather than a premium.
There were not many closely comparable homes right in Gorham-College Manor, so I widened the search to the surrounding area.
Based on 22 comparable homes that sold in Gorham-College Manor over the past two years, from 135 closings there.
For sale
For sale
For sale
For sale
For sale
For sale
For sale
For saleNothing closely matching this home is listed nearby right now, so these are the nearest detached listings on the market. Homes like this one have recently closed around $972K, which is where my estimate comes from.
Per square foot, these ask about $636/sqft; this home lists at $600/sqft. Size is part of the price story, not just the sticker.
The 5 closest of 8 active listings nearby.
See all comparable homesNeighbourhood & location
Gorham-College Manor, Newmarket, 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). Newmarket.
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: 10 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
Conventional (20%+ down). Best insured 5-year fixed 4.24% via Ratehub.ca (as of September 21, 2026); conventional rates run a little higher.
Mortgage amount $839,920 · 4.39% over 25 years
Total monthly cost
- Mortgage payment (monthly equivalent)
- $4,598
- Property tax
- $456
- Condo / maintenance fees
- $0
- Heating
- $0
- Estimated monthly cost
- $5,053
Add your own property tax, condo fees, and heating on the left for a sharper total.
One-time closing costs
- Ontario land transfer tax
- $17,473
- Estimated closing costs
- $17,473
Plus your down payment of $209,980. 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
- $275,850
- Principal paid down
- $103,850
- Interest paid
- $172,000
- Balance remaining
- $736,070
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
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 16 whole-home leases in Gorham-College Manor signed at a median of $3,362 a month; adjusted to this home for size, beds and baths, and for where rents stood the month each signed, that is $3,178. 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 HOMELIFE LANDMARK REALTY INC.. MLS®/PropTx.