Quaint Toronto house is a rare find for under $1 million but still needs work

Normally, when you see a Toronto house like 510 Northcliffe Blvd. that's a detached home listed for under $1 million, you'd expect a bidding war. 

But times have changed in Toronto. 

The majority of homes are selling for less than the listed price, and with the economic and political uncertainties, there's less competition overall. 

The front entrance. 

So if you're a first-time homebuyer, this might be the perfect opportunity to get on that property ladder. 

The living room with a bay window. 

510 Northcliffe Blvd. is the perfect diamond-in-the-rough-type of house that could be worth way more with a couple of upgrades and a few years. 

A back patio. 

First off, it's located in Oakwood, a neighbourhood that has seen property values rise more than seven per cent in the last 12 months.

An aerial view of the neighbourhood. 

Second, it's a detached house, which typically sells for $1.3 million in this area, and could be worth way more when the Eglinton LRT comes in. 

A brick fireplace. 

The home itself also has some positive characteristics, like original hardwood floors, a brick fireplace, a stained glass window and crown moulding. 

The upstairs bathroom. 

However, there is a reason it's listed for only $799,000.

The primary bedroom. 

Despite having some decent bones and character, it will need a significant amount of work. 

The upstairs landing with a stained glass window. 

Those original hardwood floors need refinishing or replacing. 

The kitchen. 

The kitchen and upstairs bathroom need updating. It's also worth noting that the number of wall patches visible in the photos is questionable.

A bedroom being used as a home office. 

It is possible that there's still knob and tube wiring, and maybe some of it was replaced before putting the home up for sale, but would definitely be getting a home inspection to make sure you don't have to re-do electrical. 

The basement bathroom. 

The basement bathroom has some water issues, and will likely need to be ripped out and redone.  

Another bedroom. 

But if you get your head around the big renovations you'll need to do, this three-bedroom, two-bathroom house has potential. 

The living room. 

The principal rooms on the main floor are bright and flow well into each other. 

The backyard. 

The kitchen is big enough to be an eat-in, and if you want to expand the house further, the property size, which extends back to 116 feet, is big enough to do so. 

The laundry room. 

The basement is unfinished, so there's even more potential there if you decide to finish it. 

The basement. 

There could be a gym, extra bedroom, home office or recreation space. 

The back deck. 

Either way, the realtor was right when they called 510 Northcliffe Blvd. a "rare opportunity" because if it were any other market, this house would already be sold.