A hole in the ground in Toronto will cost you over $2 million

Just when you thought Toronto real estate might be becoming a little less crazy, brace yourself — because a literal hole in the ground just hit the market with a multi-million-dollar price tag.

Well… technically, 291 Indian Rd. is a vacant lot being marketed as a "once-in-a-lifetime opportunity" to build your dream home.

But in reality, it's a gaping excavation with the crumbling remains of a former foundation, or in other words, the ghost of a house that used to be.

An aerial shot of the property. 

The 50-by-70-foot property first hit the market for $2,248,000 before dropping to $2,098,000, where it’s now been sitting for nearly two months.

So far, it seems buyers aren't fully sold on the idea that dirt is the new luxury — but the location is enticing.

The property is steps from Roncesvalles, with its indie shops, bakeries, and restaurants. Plus, there's easy access to transit, and the neighbourhood has the kind of leafy, family-friendly streets that look like something out of a movie.

Views toward High Park. 

The house is also super close to High Park — arguably the city's best backyard — with trails, gardens, and enough green space to momentarily distract from how much you just spent on… land.

In this pocket, homes can sell anywhere from about $999,000 to $3.45 million, which helps explain why someone might be willing to pay a premium just to secure the lot.

The neighbourhood. 

There's also the school factor. The property falls within the catchment for Howard Junior Public School and Fern Avenue Junior and Senior Public School — both strong draws for families looking to settle in the west end.

Still, it's hard to ignore the optics.

The old foundation. 

At a time when buyers are increasingly cautious, and many homes are selling below asking, it's a bold move to list a hole in the ground for over $2 million.

But if you've ever wanted total control and a blank slate with no awkward layouts, no questionable renos, and no compromises, this is about as blank as it gets.

An aerial view of the property and neighbouring houses. 

Just make sure you've got a couple million dollars ready… before you even think about re-pouring the foundation.