MLS® listing
588 Ossington Avenue: townhouse for sale
$1,699,000
From the listing brokerage
Welcome to 588 Ossington Avenue, a rare opportunity to own a dynamic, income-generating property in the heart of Palmerston-Little Italy-one of Toronto's most vibrant and consistently high-demand rental locations. The property is currently configured as four self-contained units, offering multiple income streams and strong flexibility for investors or end-users looking to offset carrying costs. The main floor features a spacious 1+den, 1-bath suite with additional recreational space on the lower level and direct access to a large backyard. The basement includes a separate self-contained bachelor Suite. The second level offers a bright 1+den suite with a private balcony, while the third floor hosts a well-sized 1-bedroom unit. The third-floor tenant is currently on a month-to-month basis, with the remaining units vacant-providing immediate flexibility for leasing or end-user occupancy. Based on current market conditions and rental assumptions, the property presents the potential for an attractive return profile, with cap rate performance that may approach or exceed the 5% range; buyers are advised to conduct their own due diligence. This home offers a turnkey opportunity with limited immediate capital requirements. Features include three separate hydro meters, individual climate control, updated windows, and modern interior finishes throughout. A standout feature is the two-car garage with rear laneway access, significantly enhancing both functionality and tenant appeal. Positioned just steps to Ossington's renowned restaurants, cafes, parks, and transit, this location supports exceptional walkability, strong rental demand, and long-term growth potential.An outstanding opportunity to secure a well-located downtown asset with income-generating potential.
Facts on the listing
| Square feet | 2000-2500 |
|---|---|
| Style | 2 1/2 Storey |
| Basement | Finished, Separate Entrance |
| Lot width | 19.06 |
| Lot depth | 127 |
| Lot measured in | Feet |
| Faces | West |
| Parking spaces | 2 |
| Garage | Detached |
| Heating | Forced Air |
| Cooling | Central Air |
| Kitchens | 4 |
| Property tax | $9,637 |
| Tax year | 2025 |
| Parking | None |
| Interior features | None |
Listing courtesy of RE/MAX REALTRON REALTY INC.. MLS® C13162902.
About this townhouse
588 Ossington Avenue is a 5 bedroom townhouse in TRREB's Palmerston-Little Italy community in Toronto, listed for sale at $1,699,000. The listing shows 4 bathrooms and 2000-2500 square feet. The style is given as 2 1/2 storey. The lot is listed as 19.06 by 127 feet. The listing gives the basement as finished, separate entrance. It comes with 2 parking spaces and a detached garage according to the listing. The nearest main intersection given is Ossington Ave & Harbord.
These details come from the listing brokerage through TRREB's MLS® System. Room sizes, the lot, the taxes and what is included in the sale should all be confirmed before an offer is firm.
What it costs to buy 588 Ossington Avenue
At the asking price of $1,699,000, a buyer pays two land transfer taxes on closing: the Ontario tax and the City of Toronto's municipal tax. Both apply to every home inside the City.
| Asking price | $1,699,000 |
|---|---|
| Ontario land transfer tax | $30,455 |
| Toronto municipal land transfer tax | $30,455 |
| Both taxes | $60,910 |
| First-time buyer relief, if you qualify | up to $8,475 |
| Minimum down payment | $339,800 |
The down payment figure is the federal minimum: 20 percent, because a home at $1.5 million or more cannot carry mortgage default insurance. A lender can ask for more. These figures use the asking price, so they change if you pay more or less. Legal fees, title insurance and adjustments are extra: ask your lawyer for a written quote. This is general information, not legal or tax advice. Confirm the figures with a lawyer or accountant. You can change the price in our land transfer tax calculator and our mortgage calculator.
What it costs to own each month
| Property tax (2025) | $9,637 a year, about $803 a month |
|---|
That is before a mortgage payment, home insurance and utilities. The listing shows no monthly maintenance fee, so upkeep of the building and the lot is the owner's own cost.
How the asking price compares
TRREB recorded 45 freehold townhouse sales in the City of Toronto in August 2026, at a median price of $962,000 and an average of $1,026,018. This home is listed at $1,699,000, which is $737,000 above that median.
The median covers every neighbourhood, size and condition in the City of Toronto, so it is a reference point and not a valuation of this home. Location, size, lot, parking and condition all move the price. Our Toronto house prices page has the figures for every home type.
What to check before you make an offer
- Book a home inspection. An inspector looks at the roof, foundation, wiring, plumbing and heating. The listing gives the heating as forced air.
- Have a lawyer search the title. A title search shows mortgages, liens and easements registered against the property. Ask whether a survey exists and whether it matches the lot on the listing, 19.06 by 127 feet.
- Ask about permits. Ask which renovations had building permits and whether those permits were closed. The listing shows 4 kitchens. If there is a second unit, ask whether it meets the municipality's rules for one.
- Confirm what is included. Appliances, light fixtures and window coverings are included only if the agreement says so. Ask whether the water heater or furnace is rented.
- Get your financing in writing. A lender looks at the property tax and heating costs as well as the price.
- See it in person. The listing has a virtual tour, but photos do not show noise, light at different hours or the state of the street and the homes beside it.
Our first-time home buyer guide and our page for buyers walk through each step. This is general information, not legal advice. Confirm the details with a lawyer.
Toronto neighbourhoods and prices
Our neighbourhood guides set out TRREB prices by home type, transit and the housing in each area we cover.
Toronto neighbourhood guides · Toronto house prices · All Toronto homes for sale
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Questions about 588 Ossington Avenue
How much is land transfer tax on 588 Ossington Avenue?
At the asking price of $1,699,000 the Ontario tax is $30,455 and the Toronto tax is $30,455, $60,910 in total. A first-time buyer who qualifies can get up to $8,475 back. Confirm the final figures with your lawyer.
What is the minimum down payment for 588 Ossington Avenue?
$339,800 at the asking price of $1,699,000, under the federal minimum down payment rules. A lender may require more.
How much is the property tax on 588 Ossington Avenue?
The listing shows $9,637 a year for 2025, about $803 a month.
Is 588 Ossington Avenue priced above or below the median?
It is listed at $1,699,000. The August 2026 median for freehold townhouse sales in the City of Toronto was $962,000 across 45 sales, so the asking price is $737,000 higher. The median covers all sizes and neighbourhoods.
How do I book a showing for 588 Ossington Avenue?
Use the form on this page or call us. Quote MLS® C13162902. We will confirm the listing is still available and arrange a time with the listing brokerage.
Is 588 Ossington Avenue still for sale?
This page is refreshed from TRREB's MLS® System through the day. If the listing sells or is withdrawn the page says so. Contact us to confirm before you make plans.
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