This Toronto house is only $650,000 but there's a catch

In a city where the average home costs as much as a European castle, seeing a Toronto house listed for under $650,000 can easily be mistaken for an error.

And while 106 Donlands Ave. is no castle, it is, in fact, a real house.

Well, most of a house.

The main floor. 

The catch is that two of the floors currently have no floors, walls, or ceilings.

Located near Donlands Station, the east-end property has hit the market as what might be Toronto's most literal interpretation of a "blank canvas."

The basement. 

Most listings use that phrase when they mean the kitchen is ugly and the bathroom hasn't been updated since the Leafs last won the Stanley Cup.

This one means it literally.

Everything above the basement has been stripped back to the studs, leaving little more than the shell of a house and a whole lot of possibilities.

The bathroom. 

Not that the basement is exactly move-in ready either. Parts of the ceiling are missing, and even the shower appears to have lost a good chunk of one wall.

So when the listing says the property "needs work," it really means it.

The three-bedroom home is being marketed toward builders, renovators, investors, and anyone else who enjoys looking at a construction site and thinking, "I can fix her."

The basement kitchen. 

According to the listing, the property could become a stylish single-family residence, an income-generating duplex, or potentially even a triplex conversion, subject to the usual approvals.

In other words, you're not really buying a house.

You're buying a project.

A view into the rafters. 

A very large project.

The upside is that opportunities like this are becoming increasingly rare in Toronto, especially in neighbourhoods with direct subway access.

The home's location provides easy access to transit, along with the shops, restaurants, and amenities that have made the city's east end increasingly desirable.

And compared to the average semi-detached home in the area, which sells for roughly $1.2 million, the sub-$650,000 asking price almost feels reasonable.

The entrance to the basement. 

At least until you remember, you'll need to build a significant portion of the house yourself. With construction costs now commonly ranging from $350 to well over $550 per square foot for major renovations, that bargain price can start looking a lot less bargain-y in a hurry.

Still, for the right buyer with a vision, a reliable contractor, and a renovation budget that may ultimately exceed the purchase price itself, 106 Donlands Ave. could be an opportunity to create exactly the home they want.

For everyone else, it's a useful reminder that in Toronto real estate, even a house without walls can still cost more than half a million dollars.

The backyard. 

The property is currently listed for $649,900.