Toronto home on market for first time in decades is half the price of neighbours

In a Toronto neighbourhood where houses on average sell for $1.4 million and more, finding a home for almost half that price feels too good to be true. 

54 Morberly Ave. is a three-bedroom, two-bathroom semi-detached house just steps from the Danforth, and it's listed for only $799,000. 

One reason the home might be listed for so low is that they want to incite a bidding war. 

An aerial shot of the house and property. 

Which, in most neighbourhoods, is not a thing that's happening right now. But the Danforth is one of the few neighbourhoods that is still seeing overbidding. 

The living room with a fireplace. 

The other reason this house might be listed well below the neighbourhood average is because this is the first time the home has been listed in decades, according to the listing, and likely needs a lot of work. 

The dining room. 

Don't get us wrong, the house does have some things going for it, like a good layout and lots of natural light. 

The kitchen. 

The kitchen is actually a great size for an older home, and the neighbourhood is hard to beat.

A bedroom. 

There are tons of restaurants, coffee shops, markets and pretty much any amenity you can think of. 

East Lynn Park. 

You're also really close to East Lynn Park. 

The upstairs bathroom. 

However, the house needs a complete gut and a substantial amount of updating. 

A utility room. 

We're talking new electrical, plumbing, floors, walls, windows, roof, and more. 

The main floor bathroom and laundry. 

The bathrooms and kitchen definitely need to be renovated. Although the fridge seems new.

A bedroom.

The bedrooms have a weird drop ceiling, laminate flooring, and questionable electrical outlets. 

Another bedroom. 

In one of the bedrooms, it looks like a plug wire is coming from the vent, and while I'm not a home inspector, my guess is that's not up to code. 

The basement. 

The basement is unfinished, so there's potential for more living space there if you finished it.

The upstairs hallway is tiled for unknown reasons. 

Either way, you're looking at around $250 to $350 per square foot in renovation costs, if not more, thanks to the trade war that's happening. 

The backyard. 

But if you like a good project and the cost doesn't deter you, you can make a substantial profit on a house like this. 

A bedroom with mismatched walls. 

In fact, just a few months ago, a similar house sold for $1.4 million and 26 per cent above asking. 

The back of the house. 

Also, it's worth noting that property values in this area have gone up almost 10 per cent in the last year.