$2,790,000 - 29 Shannon Street, Downtown Toronto
Detached for Sale in Downtown Toronto
- MLS Number
- C13145520
- Property Type
- Detached
- Status
- active
- Days on Site
- 21
- Bedrooms
- 7
- Bathrooms
- 2
- Square Feet
- 3,500 - 3,999 sqft
- Neighbourhood
- Downtown Toronto / Waterfront
- Listing Brokerage
- REVEL REALTY INC.
Opportunities like 29 Shannon Street are a once in a generation find, quite literally. Owned by the same family since 1967, this rare legal duplex on a 40 x 118 ft lot in the heart of Trinity Bellwoods is move-in ready as configured, fully livable, and could also be income generating. Purpose built for multigenerational living, the upper unit spans the second and third floors with six bedrooms, generous living space and kitchen, and the bathroom has a classic clawfoot tub and shower. The main floor operates as a fully self-contained suite with a full kitchen, pantry, large living and dining rooms, two bedrooms, and a beautifully renovated bathroom with walk-in shower. Both basements are large and offer significant square footage with value-add potential and private storage for each unit. Walk outside to a generous yard, patio, detached shed with garden suite potential, and private drive with parking for approximately seven vehicles. Five minutes to Trinity Bellwoods Park, steps to Ossington, Queen West, top-rated schools, and TTC.Committee of Adjustments approved plans are already in place and they are extraordinary. The third floor transforms into a private primary retreat with a full ensuite, dedicated living area, and a large balcony with 180 degree Toronto skyline views. The main floor opens dramatically with a 20 foot double vaulted living space, a French country inspired kitchen, a fireplace as the centrepiece, and rear sight lines that pull natural light deep into the home. The heritage facade stays. Everything behind it transforms. The approved lower level introduces a 9 foot walkout suite with direct backyard access, purpose built as an in-law suite or nanny quarters. No approvals to chase. No uncertainty. The vision is already permitted. All that remains is the build.
Estimate your monthly payments for this property
Estimated Payment
$12,341.11/mo
5-yr fixed avg.
Rates shown are estimates based on typical Ontario 5-year fixed rates. Canadian mortgages use semi-annual compounding as required by law. CMHC insurance applies to purchases under $1.5M with less than 20% down. Estimated property tax uses an approximate 0.85% rate. Contact us for current rate options and pre-approval.
Discover Downtown Toronto / Waterfront
Downtown Toronto / Waterfront is a vibrant community in the Greater Toronto Area, offering excellent amenities, schools, and transportation options. This area is popular with families and professionals seeking a balanced lifestyle with access to urban conveniences and natural spaces.
Why Live in Downtown Toronto / Waterfront
- •Convenient location in Downtown Toronto / Waterfront
- •Access to local shops and dining
- •Good public transit connections
- •Community parks and green spaces
- •Well-maintained neighbourhoods
Nearby Schools
Transit & Commuting
- •MiWay bus routes throughout the area
- •GO Transit stations within driving distance
- •Easy highway access to 401/403/QEW
- •Walking distance to local amenities
Parks & Amenities
- •Local parks and recreational facilities
- •Community centres
- •Shopping plazas nearby
- •Restaurants and cafes
Lifestyle & Community
Downtown Toronto / Waterfront offers a wonderful quality of life with a mix of residential charm and urban convenience. Residents enjoy easy access to schools, parks, and shopping, making it an ideal location for families and professionals alike.
29 Shannon Street, Downtown Toronto / Waterfront
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Monthly Cash Flow Breakdown
Note: These are estimates only. Actual figures may vary based on market conditions, property condition, and other factors. Consult with a financial advisor for personalized advice.
Joe's Thoughts
Honest perspective from 30+ years of GTA real estate experience
Competitive Pricing
At $797/sqft, this is priced below the area average. This could represent genuine value, but let's investigate why. In my experience, underpriced homes often have deferred maintenance, unfavourable layouts, or motivated sellers. I'll help you determine which it is.
Market Position
At 21 days on site, this property has had reasonable exposure. It hasn't sold immediately (which often indicates overpricing), but isn't languishing either. There's likely room for a 3-5% negotiation from asking price.
Detached Home Advantages
Detached homes in Downtown Toronto are increasingly scarce and valuable. You'll have no shared walls, full control over renovations, and typically stronger appreciation. Consider the lot size and potential for future additions or basement apartment income. Detached homes also offer the most flexibility for growing families.
Larger Home Realities
At 3,500 sqft, this is a substantial home. Budget approximately $400-600/month more for utilities compared to an average-sized home. Maintenance costs scale with size too - roof, HVAC, and cleaning all cost more. That said, space is a luxury that's hard to add later, and larger homes often have better resale in family-oriented neighbourhoods.
Excellent Flexibility
With 7 bedrooms, you have genuine flexibility. Beyond the master and kids' rooms, you can have a dedicated home office, guest room, hobby space, or even rental income potential. In today's work-from-home era, extra bedrooms add significant value. Properties with 5+ bedrooms are relatively rare in Downtown Toronto.
Investment Perspective
Looking at this as an investment: Downtown Toronto properties have averaged 5-7% annual appreciation over the past decade. Your estimated monthly carrying costs would be around $11,625 (mortgage, taxes, insurance). Consider whether you're comfortable with this as both a home and a financial commitment.