Derelict Toronto building for sale at $1 but there's a catch

A run-down property in Toronto is drawing interest for its unusual listing price, but before you get too excited, there's a significant catch.

Located at 1211 Woodbine Ave., this listing was recently put on the market for just $1. Although its price tag is enticing, it's important to note that this dilapidated building probably isn't going to sell for such a low amount.

Listing agents might use this strategy in cases where there is uncertainty about a property's market value, which essentially shifts the responsibility onto potential buyers to determine the appropriate price for a listing.

This method ensures that the property will be seen by prospective buyers with varying budgets.

According to its listing, the "high-yielding" property is ideal for a range of development opportunities. Situated just a 10-minute walk north of Woodbine subway station, the site has approval from the City's Committee of Adjustment for a four-storey, eight-unit mixed-use building.

The listing agent also says that the property offers the possibility of assembly with adjacent lots to create an opportunity for large-scale development projects.

Factoring in the costs of demolition and other expenses, getting the keys to this site will undoubtedly require more than just a dollar, although its prime location and street visibility make it an appealing opportunity for the right investors or developers.