Home prices are supposed to be tanking as interest rates are rising and buyers start pulling away. 

But every once in a while, homes like 821 The Queensway come up and will make you begin to question everything again. 

Listed for $9,999,999, is this very average three-bedroom, two-bathroom detached house. 

A bedroom upstairs. 

Now, there's nothing wrong with the house. 

There's a renovated main floor, which has been converted into offices. The floor also has a nice built-in fireplace and a powder room.

The upstairs residential unit. 

Upstairs is a residential suite with a small kitchen and three decently sized bedrooms. 

The backyard / parking. 

There's also a 300-square-foot patio and enough room for 12 cars to park. 

The stairs. 

But normally, a house like this would cost your average $1.3 million, maybe a bit more given the lot is 72 by 160 feet. 

The kitchen overlooking the Harvey's parking lot. 

So what on earth is it doing listed for almost $10 million?  

A bedroom. 

"We are selling a freehold development opportunity with a lot of 72.01 frontage and 160 foot deep," realtor Arta Dawkins told blogTO.  

Another bedroom. 

"The Queensway is known for quite a few high-rise developments. A new development fronting 821 The Queensway is just about to break the ground." 

And it makes sense that it's being sold as a development opportunity, since no one would actually want to live in this house. 

Built-in shelves upstairs. 

The backyard is the Costco gas station, and its neighbours are Harvey's and Starbucks parking lots. 

Still, even if you were to build a condo building, the land isn't worth $10 million. 

The price per buildable square foot is about $123 per square foot for this area. So quick math, the land is worth just over $1.4 million. 

And while it's true that this area is getting built up with condos, and the lot is zoned for both commercial and residential, which could inflate the price, it still shouldn't be $10 million. 

One of the bathrooms. 

HouseSigma, which uses AI to estimate the value of properties, estimates 821 The Queensway to be $4.8 million.

A rooftop patio. 

So either this house is sitting on oil (possibly with a gas station behind it?), or it's just absurdly overpriced. My vote is overpriced.