Homula Realty Brokerage
The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate and may not be used for any commercial purpose or any other purpose.

120 South Summit Farm Road, King, ON L7B 1J8

Land
$3,180,000

Rare opportunity to acquire a prime acreage WITHIN the King City Village boundaries on the Official Plan! This property is located within the coveted southernmost part of King City adjacent to lands in the process of residential development. Consists of elevated and gently sloping land with idyllic views of a charming pond. Most of the pond lies on adjacent parcels to the east that are not part of the 4.684 acres. Private, unassumed road. Minutes to Hwy 400, Canada's Wonderland, Cortellucci Vaughan Hospital and amenities. Kindly do not walk the property without listing agent. Notwithstanding the requirement to state in the MLS listing whether HST is in addition to or included in the purchase price, this statement is not a representation or warranty. The applicability of HST can only be determined by the parties' tax professionals taking into account all of the facts of a specific sale.

MLS number
N12663638
Type
Land
Status
Active
Bedrooms
—
Bathrooms
—
Postal code
L7B 1J8
Photos
5
Property tax
$4,208 / year
253days · this listing
706days · this property (4 listings)

This home has been listed 4 times in the last two years. "This property" adds up the days each of those listings was actually on the market before being withdrawn, suspended or expiring — the quiet months between them are not counted.

Listing history

706 days on the market across 4 listings
This listing shows 253 days on its own. The counter restarts each time a property is relisted, so the total above is how long it has actually been for sale. Time when it was off the market is not counted.

This address has been listed 4 times.

Sale history is for registered usersSee what this address sold for and when, across all 4 listings. Free account — the board’s rules require one before sold data can be shown.Create a free account

Where this home is

Pick a school to see the boundary it is inside. Boards redraw these — confirm with the board.

Matched to a published address point for this address.

Schools

The school boundaries this address is inside, and the schools nearest it. Boards redraw boundaries and cap programs — confirm with the board before this affects a decision.

School boundaries this address is inside

Beynon Fields PS9.3 / 10
Elementary · French Immersion · 4-8
YRDSB boundary · approved February 2022
Show on the map ↑Homes for sale inside it →
King City PS7.5 / 10
Elementary · Regular Track · JK-8
YRDSB boundary · approved 2001
Show on the map ↑Homes for sale inside it →
Alexander Mackenzie HS8.4 / 10
Secondary · Arts · 9-12
YRDSB boundary
Show on the map ↑Homes for sale inside it →
King City SS7.1 / 10
Secondary · French Immersion · 9-12
YRDSB boundary · approved March 2018
Show on the map ↑Homes for sale inside it →
Dr. G.W. Williams SS8.8 / 10
Secondary · International Baccalaureate (IB) · 9-12
YRDSB boundary
Show on the map ↑Homes for sale inside it →
King City SS7.1 / 10
Secondary · Regular Track · 9-12
YRDSB boundary · approved March 2013
Show on the map ↑Homes for sale inside it →
Where these boundaries come from, and what they are worth

A school boundary is the area a board draws around a school. An address inside several of them is normal — boards publish a separate boundary per program, so regular track, French immersion and specialist programs each have their own.

York Region. Published by the York Region District School Board’s planning department, with the date the board approved each boundary shown above. A boundary approved years ago is still the current one until the board redraws it, but the older the date, the more worth confirming.

Homula cannot tell you which school a child will attend. Boards move boundaries, hold students at capacity, cap programs and grant exceptions, and none of that is in any published file. The board is the only authority: YRDSB school locator.

Sources: York Region District School Board planning department.

H-Value

our estimate of this home is for registered usersWhat comparable homes nearby actually sold for, worked into an estimate for this one — with the range it sits in and how far the method has been off in testing.Create a free accountAlready have one? Sign in.

This neighbourhood

Statistics Canada 2021 Census, for the surrounding few blocks — about 615 people.

$136,000Median household income
92.3%Own their home
46%Detached houses
57.6Median age
50%Born outside Canada
37.9%University degree

The neighbourhood, by the census

Statistics Canada 2021 Census for dissemination area 35190791 — the few blocks around this address, home to 615 people. It describes the area, not this property.

615Population
53.5Average age
2.4Household size
$160,000Average household income
$136,000Median household income
92%Own their home
8%Rent
56%Condominiums
50%Born outside Canada
38%University degree
$1,540,000Average home value
4%Low income
26%Never married
$20,000 to $24,9991%
$25,000 to $29,9992%
$30,000 to $34,9991%
$40,000 to $44,9992%
$45,000 to $49,9991%
$50,000 to $59,9992%
$60,000 to $69,9992%
$70,000 to $79,9991%
$80,000 to $89,9992%
$90,000 to $99,9994%
$100,000 and over40%
$100,000 to $124,9996%
$125,000 to $149,9995%
$150,000 to $199,9999%
$200,000 and over20%

Percentages are of the 405 responses in this category. Statistics Canada rounds counts and withholds small ones to keep individuals unidentifiable, so categories with too few people to publish are absent rather than shown as zero.

Source: Statistics Canada, 2021 Census of Population. Contains information licensed under the Open Government Licence – Canada.

Work out the numbers

Everything below is calculated in your browser from figures you can change. Nothing is sent anywhere.

$636,000 · minimum here is $636,000
$14,080.35per month
Borrowed before insurance$2,544,000
Total borrowed$2,544,000
Interest over 25 years at 4.5%$1,680,106

If you rented it out

Monthly rent starts from a rule of thumb — two per cent of the asking price a year — because no comparable lease was found nearby. Change it to anything you like.

-$9,131.02per month out of pocket
Rent$5,300.00
Everything it costs to hold$14,431.02
How this is calculated, and what it leaves out

Canadian fixed-rate mortgages compound semi-annually, not monthly, so the monthly rate here is (1 + rate/2)1/6 − 1. Most calculators use rate ÷ 12, which is the American convention and overstates the payment by tens of dollars a month.

Below 20% down, default insurance is mandatory and is added to the loan rather than paid at closing: 2.80% at 85% loan-to-value, 3.10% at 90%, 4.00% at 95%. It is unavailable at or above $1.5M, which is why 20% is a hard floor there.

Not included: vacancy, property management, capital repairs, income tax, and the fact that a lender qualifies you at a stress-test rate rather than the one you are quoted. This is arithmetic on the numbers above, not a mortgage approval or an opinion of what you can afford.

Listed by RE/MAX HALLMARK YORK GROUP REALTY LTD.. Listing data provided by the Toronto Regional Real Estate Board.