Empty lot in Toronto now selling for more than when it had a house on it

A small mess of a vacant lot has hit the Toronto real estate market for nearly a million dollars — somehow priced for more than it sold at just over a year ago when the lot actually had a house on it.

The 30-foot-by-110-foot property at 15 Derwyn Rd. — near O'Connor Drive and Coxwell Avenue in East York — is being promoted as an "opportunity for builders/contractors to build your own custom home," and is going for a whopping $979,000 in "as is" condition. 

What used to be a three-bedroom home is now a pile of rubble that is selling for tens of thousands more less than two years later. 

Said condition includes the remnants of the bungalow that once stood on the site, along with some very early work on a new structure.

The three-bedroom home complete with separate basement unit, screened-in porch and other features had sold for $950,000 in fall 2022, despite an asking price of $999,999 and an estimated value of some $1.16 million, per listing website.

The home at 15 Derwyn Road sold in late 2022 for $29,000 less than the vacant lot at the same address is going for in March 2024.

Of course, the demolition of the older, compact home for something far more spacious and modern (which could garner a far higher price upon resale) is not anything new for Toronto, especially in this neighbourhood.

It's a concerning trend in a city where so many have to save for decades to afford a home to live in, which they may likely be purchasing from a wealthy investor simply turning a profit.