Tiny sliver of Toronto land listed for $50k might be the smallest sold in the last 20 years
Those priced out of Toronto's hot real estate market may have a chance to buy some property after all — but you won't actually be able to live on it.
There are some cheap listings in the city but usually they are parking spots that sell for over $100,000. It is pretty difficult to find anything for sale in Toronto for under $100,000 — a piece of land with an unpaved driveway and shed costs $3 million.
But in what might be the smallest piece of land on the Toronto market, a property less than one foot wide, is listed for sale for just under $50,000.
The sliver of land at 1060 Danforth Avenue is close to shops and Donlands TTC station. It is sandwiched between a church and a pharmacy. The taxes are less than $70 a year.
While photos show a fenced-in patch of grass, most of that land belongs to the neighbouring church, Anthony De Cesare of Royal Le Page Maximum Realty tells blogTO.
The property for sale measures at 0.72 feet by 105 feet. There isn't much you could do with the land — the current owner bought it as a way to get into the real estate market and grew sunflowers on it at one point.
De Cesare thinks a developer may buy it in the future to add to either the pharmacy property or church and then, of course, because this is Toronto, turn it into condos.
"If the developer ever came there, he would have to buy that little sliver, I mean, they're not going to pay a million for it, but it's got some worth to it."
De Cesare says the civic address, 1060 Danforth has a nice ring for a condo development.
He has received many calls about the property since it went on the market about a week ago.
"They are asking me what they can use it for."
One person wanted to buy it and post some type of billboard on it but the land is zoned residential. It could be a chance to have an address in the city.
"You could put a mailbox there," De Cesare says. "You have a civic address here."
Another idea would be storing bicycles. So far the offers for the land are well below $50,000.
The reason that such a small piece of land got on the market at all is a bit convoluted. It was basically a bit of land transferred through a will, according to the Globe and Mail. In 1977 it was sold to a friend for $2 but the owner fell into property tax arrears. It was auctioned off by the city in 2013 for $5,065 to the current owner.
De Cesare couldn't find any properties smaller for sale in the last 20 years.
"The smallest pieces I could find are like people have sold plots of land where there's a driveway and a little garage…" he says. "I haven't found anything that was less than a foot wide that was sold in Toronto in the last 20 years. I checked."
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