524 Salem Avenue, Toronto, ON
Dovercourt-Wallace Emerson-Junction, Toronto · MLS® W13048074
About this home
Welcome to 524 Salem Ave is a rare opportunity to own a charming, fully detached 2+1 bedroom, 2 bathroom bungalow in a prime Toronto location! Tucked away in the heart of the highly sought-after Davenport community, this hidden gem is just steps from Wychwood, Corso Italia, Regal Heights, and Dovercourt Village. Experience the perfect blend of character and convenience, surrounded by vibrant shops, trendy cafes, diverse restaurants, and excellent transit options. This meticulously maintained home showcases an updated eat-in kitchen with stainless steel appliances, soaring main-floor ceilings, a spacious two-car garage, and a separate entrance leading to a fully finished basement. With an impressive 89 Walk Score, this property also offers exciting potential for a future laneway suite.
Key facts
- Property type
- Detached, Bungalow
- MLS®
- W13048074
- Bedrooms
- 3 (2 + 1)
- Bathrooms
- 2
- Size
- 700-1100
- Lot
- 17.17 × 127.31 ft
- Cross streets
- Davenport Rd & Ossington Ave
- Parking
- 2 garage (detached)
- Driveway
- Lane
- Basement
- Finished, Walk-Up
- Heating
- Forced Air
- A/C
- Central Air
- Exterior
- Brick
- Foundation
- Concrete
- Roof
- Asphalt Shingle
- Sewer
- Sewer
- Property tax
- $5,052 / 2025
- Days on market
- 87
- Listing brokerage
- RE/MAX WEST REALTY INC.
Rooms
window · parquet
window · closet · hardwood floor
window · hardwood floor
Listed at $1,039,000, and my independent estimate is about 18% above what comparable homes suggest.
In Dovercourt-Wallace Emerson-Junction lately, sellers get about 101% of asking; homes sell in ~20 days.
Total price vs nearby homes. Fair value about $880K, median of 41 comparables.
- Walk-up basement. Extra light, usable space, and income potential, so the estimate is a conservative floor for it.
How this estimate is builtthe short version
I take the 41 most comparable recent sales nearby and adjust each one to this home for the real differences (size, beds, baths, garage, and standout features), then use the median, which is steadier than leaning on any single sale.
It’s grounded in recent closing prices, not asking prices. Lot, condition, and finishes are my in-person call, and the city (MPAC) assessment points to about $1.08M, higher than the comparables and worth a second look.
What the listing highlights4 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
- Tall ceilings: they transform how a home feels, worth confirming the actual heights room to room. Worth verifying
- Garden / laneway suite potential: extra-unit upside, but confirm zoning and feasibility with the city. Worth verifying
Schools & getting aroundcatchment and transit
The assigned public school is Regal Road Junior Public School. 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
The listing states size as a wide range, so the size adjustment is approximate and this estimate is a rough read. I can confirm exact square footage to tighten it.
There were not many closely comparable homes right in Dovercourt-Wallace Emerson-Junction, so I widened the search to the surrounding area.
Based on 41 comparable homes that recently sold nearby.
The closest active listings by size, beds, and price, so you can see what this home is up against.
The 5 closest of 6 active listings nearby.
See all comparable homesThis home lists 34% above the area average of $862/sqft.
86 days longer than the Toronto average (1 days).
View comparable listingsPrice per square foot vs the area average.
Neighbourhood & location
Dovercourt-Wallace Emerson-Junction, 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.
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 3.99% via Ratehub.ca (as of July 24, 2026); conventional rates run a little higher.
Mortgage amount $831,200 · 4.14% over 25 years
Total monthly cost
- Mortgage payment (monthly equivalent)
- $4,436
- Property tax
- $421
- Condo / maintenance fees
- $0
- Heating
- $0
- Estimated monthly cost
- $4,857
Add your own property tax, condo fees, and heating on the left for a sharper total.
One-time closing costs
- Ontario land transfer tax
- $17,255
- Toronto municipal land transfer tax
- $17,255
- Estimated closing costs
- $34,510
Plus your down payment of $207,800. 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
- $266,136
- Principal paid down
- $105,854
- Interest paid
- $160,282
- Balance remaining
- $725,346
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 numbersEstimates only. Rent is modelled on above-grade size and local norms, so a finished basement or second suite (a separate entrance often means one) can push real rent well above this. Taxes, fees, and vacancy vary by property, and cap rate is before financing. A starting point, not a final number, let us run the real ones with you.
Helpful resources
All information deemed reliable but not guaranteed. For personal, non-commercial use only. Listing courtesy of RE/MAX WEST REALTY INC.. MLS®/PropTx.