42 Smithfield Drive, Toronto, ON
Stonegate-Queensway, Toronto · MLS® W14082660
About this home
In short
- Welcome to 42 Smithfield Drive a completely transformed residence offering exceptional value in the heart of the city.
- The main level features soaring 10+ ft ceilings, creating a bright, open atmosphere across its 2-bedroom layout with a beautifully renovated full bath and convenient...
- Step through the brand-new sliding doors onto a spacious deck that overlooks an oversized backyard offering the perfect canvas for a future garden suite to expand...
- This home has been meticulously renovated from the ground up: brand-new framing, insulation, drywall, paint, waterproofing, plumbing, electrical, HVAC, ductwork...
- A rare opportunity for homeowners, investors, and builders alike
Welcome to 42 Smithfield Drive a completely transformed residence offering exceptional value in the heart of the city. The main level features soaring 10+ ft ceilings, creating a bright, open atmosphere across its 2-bedroom layout with a beautifully renovated full bath and convenient in-suite laundry.Step through the brand-new sliding doors onto a spacious deck that overlooks an oversized backyard offering the perfect canvas for a future garden suite to expand your living space or generate additional income.Downstairs, a separate 1-bedroom basement apartment includes its own bathroom and full laundry, ideal for rental income, in-laws, or extended family.This home has been meticulously renovated from the ground up: brand-new framing, insulation, drywall, paint, waterproofing, plumbing, electrical, HVAC, ductwork, bathrooms, and flooring absolutely everything has been updated.Perfectly located near top-ranked schools, major highways, and just minutes from downtown Toronto. A rare opportunity for homeowners, investors, and builders alike
Key facts
- Property type
- Detached, Bungalow
- MLS®
- W14082660
- Bedrooms
- 2+1 (3 total)
- Bathrooms
- 2
- Size
- 700-1100 sq ft
- Lot
- 34.05 × 180.43 ft
- Cross streets
- The Queensway/ Park Lawn Rd
- Parking
- 5 parking
- Driveway
- Available
- Basement
- Separate Entrance
- Kitchens
- 2 (1 + 1)
- Heating
- Forced Air
- A/C
- Central Air
- Exterior
- Brick
- Foundation
- Concrete Block
- Roof
- Asphalt Shingle
- Sewer
- Sewer
- Property tax
- $5,369 / 2025
- Days on market
- 4
- Listing brokerage
- ANALYST REALTY INC.
Listed at $999,888. Going by how homes in Stonegate-Queensway and the wider GTA have actually closed against their asking prices (about 99%, 36 local closings in 90 days), the likely sale price is near $986K, if it sells. A realistic range is $924K to $1.11M.
Independent value check: $1.10M. Without looking at the asking price, our model values the home itself about 10% above the ask (homes like it typically land between $1.03M and $1.15M).
Why $1.10M. The typical detached home sold in Stonegate-Queensway over the past year went for about $1.53M (143 sales). What sets this one apart:
- ▼ Lowers it stronglyIts tax bill, which follows the city's own assessment, is $5,369 a year; the typical home sold here pays about $7,000.
- ▼ Lowers it stronglyIt is 700 to 1,100 sq ft; the typical home sold here is 1,100 to 1,500.
- ▲ Raises itThe listing describes it as fully renovated or newly built.
- ▼ Lowers it slightly2+1 bedrooms and 2 baths, against 3+1 and 2 typically.
Total price vs nearby homes. Likely closing about $986K, from 36 recent closings in this pocket.
The market behind the math:
About 1.1 months of inventory: 13 detached homes for sale in the area against 36 closings in the last 90 days. Under two months favours sellers, over four favours buyers.
Price per square foot: this home lists at $1,111/sqft against an area asking average of $1,231/sqft.
- Separate-entrance basement apartment features. A finished 1 bed basement apartment with a separate entrance and a second kitchen. A self-contained space for extended family, guests or potential income. Basements do rent in Stonegate-Queensway: 30 of the 206 detached leases here lately were basement units, around $1,875 a month. That makes the suite real income. 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 36 most comparable recent sales on their own, adjusted for size, beds, baths and lot, point to about $1.21M. Condition and finishes remain an in-person call.
What the listing highlights4 points to weigh
Claims from the listing, worth confirming in person. I can book you a private showing.
- Renovated / rebuilt: recent work can mean fewer upfront costs, worth confirming the scope, quality, and that permits were pulled. 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
- Development potential: upside only if zoning permits, verify with the city before relying on it. Worth verifying
Schools & getting aroundcatchment and transit
Its public catchment (Etobicoke Collegiate Institute) tests around the provincial average, a steady, family-friendly draw. The full EQAO 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.
Based on 36 comparable homes that sold in Stonegate-Queensway over the past two years, from 301 closings there.
Nothing 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 $1.10M, which is where my estimate comes from.
Per square foot, these ask about $1,528/sqft; this home lists at $1,111/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 Stonegate-Queensway: $1.69M in September 2026, up 22% from a year ago, on 153 closings in 12 months.
Line: median sold price, each month averaged with its neighbours and weighted by closings. Bars: closings that month.
Month by month
| Month | Median sold | Closings |
|---|---|---|
| October 2025 | $1.55M | 12 |
| November 2025 | $1.27M | 8 |
| December 2025 | $1.23M | 5 |
| January 2026 | $1.49M | 8 |
| February 2026 | $1.10M | 11 |
| March 2026 | $1.63M | 12 |
| April 2026 | $1.66M | 19 |
| May 2026 | $1.54M | 19 |
| June 2026 | $1.46M | 23 |
| July 2026 | $1.27M | 8 |
| August 2026 | $2.45M | 5 |
| September 2026 | $1.69M | 23 |
Neighbourhood & location
Stonegate-Queensway, 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
Conventional (20%+ down). Best insured 5-year fixed 4.34% via Ratehub.ca (as of October 20, 2026); conventional rates run a little higher.
Mortgage amount $799,910 · 4.49% over 25 years
Total monthly cost
- Mortgage payment (monthly equivalent)
- $4,423
- Property tax
- $447
- Condo / maintenance fees
- $0
- Heating
- $0
- Estimated monthly cost
- $4,870
Add your own property tax, condo fees, and heating on the left for a sharper total.
One-time closing costs
- Ontario land transfer tax
- $16,473
- Toronto municipal land transfer tax
- $16,473
- Estimated closing costs
- $32,946
Plus your down payment of $199,978. 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
- $265,371
- Principal paid down
- $97,734
- Interest paid
- $167,636
- Balance remaining
- $702,176
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
The suite is real income here: basements rent in Stonegate-Queensway (30 of 206 recent detached leases were basement units, around $1,875 a month). The figure above is the whole house on one lease; rented as two units, the suite alone brings about $1,875 a month on top of the upper floors. Permitted use is worth confirming with the city.
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 70 whole-home leases in Stonegate-Queensway signed at a median of $4,102 a month; adjusted to this home for size, beds and baths, and for where rents stood the month each signed, that is $3,754. 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 ANALYST REALTY INC.. MLS®/PropTx.