A large patch of dirt in Ontario will cost you over $3 million

Ontario real estate is baffling at the best of times and completely unhinged at the worst. But every now and then a listing comes along that makes even the most seasoned house-hunter pause and ask: "Wait… for what exactly?"

Just north of Toronto in Richmond Hill, a condemned three-bedroom bungalow sitting on a massive 387-by-107-foot lot has just hit the market for $3,490,000.

And while the land itself is undeniably large, the price tag is doing some truly Olympic-level mental gymnastics, because back in 2019, this very same property sold for $1 million — after sitting on the market for years.

The bungalow still on the property. 

Before that sale, the house had been listed nine separate times, dating back to 2014, when it first hit the market with a hopeful price of $1,999,800. Eventually, the price came down, expectations came down, and someone finally picked it up for roughly half that amount.

At the time, the listing described the property as a "renovator's delight" and noted it was being sold in "as-is, where-is condition."

Fast-forward to 2026, and the property is back on the market. Except here's the thing: nothing about the property appears to have changed.

No glow-up.
No luxury rebuild.
No Pinterest-worthy transformation.

Just… the same condemned bungalow sitting on a very large piece of land.

A shed and bungalow on the property. 

If anything, the house is probably in worse condition than it was when it last sold six years ago.

And yet somehow, according to Ontario real estate math, the value has more than tripled.

Property values in the area have risen about 64 per cent since 2019, which, if this listing were following normal market logic, would put the value somewhere around $1.6 million.

Instead, the current asking price is more than double that.

The property is 387 feet long. 

Still, the new listing frames the property as a "landmark opportunity in South Richvale," pointing to the enormous frontage and the potential to build something far grander in its place.

And to be fair, the lot itself is undeniably impressive. With 387 feet of frontage, it's the kind of land size developers and custom builders dream about — especially in a neighbourhood surrounded by multi-million-dollar estates.

The green space. 

The property also backs onto green space, offering the kind of privacy that's increasingly rare in the GTA.

Previous planning concepts even imagined a seven-bedroom mega-mansion complete with multiple ensuites, a home theatre and a swimming pool.

So yes, the potential here is huge.

But at the moment, what you're actually buying for $3.49 million is essentially a very expensive demolition project and a patch of dirt.

The listing itself keeps expectations refreshingly blunt, noting that the existing bungalow remains on the property and that buyers must conduct their own due diligence.

The neighbourhood. 

Of course, in a market where teardown lots regularly sell for millions, the price may not be as outrageous as it first sounds.

However, even the most expensive home sale in the area over the past year topped out at around $3.2 million.

Which means this listing is currently asking buyers to pay more for a condemned house and a patch of dirt than the neighbourhood's priciest finished home.

The property is on a slope. 

So while the lot may be impressive, it wouldn't be surprising if this listing ends up doing what it's done before: sitting on the market for a while until the asking price comes back down to earth.