A partially-built foundation in Ontario is going for $3.5 million

In the Greater Toronto Area, almost any piece of land can be worth millions.

Case in point: 6 Maryvale Cres. in Richmond Hill.

The property recently returned to the market with an asking price of $3,499,888, which is actually a bargain compared to where things started.

The partially built foundation. 

When it first hit the market in 2025, the owners were asking a lofty $5,988,000. Two weeks later, that dropped to $4,080,000. A year later, it fell again to $3,799,888, which was less than it sold for in 2021.

Now it's back with another price cut.

The view from the driveway. 

And surprisingly, there's still no actual house.

An aerial shot of the property. 

What currently occupies the lot looks less like a luxury estate and more like an abandoned construction project that lost funding halfway through before nature slowly reclaimed it.

The partially completed foundation is filled with standing water, construction debris, and enough algae growth to support its own small ecosystem.

The water inside the foundation. 

Still, the listing isn't really about the current mosquito breeding ground. It's about what could be there.

The foundation. 

As realtor Andrew Ipekian explains in a CGI-heavy promotional video, the property is being marketed as a rare opportunity to build a custom estate on one of Richmond Hill's most prestigious streets.

And to be fair, the location is difficult to argue with.

Another aerial shot of the property. 

The lot is surrounded by multimillion-dollar homes and is close to top-rated schools, golf courses, parks, upscale shopping, and transit.

The back of the property. 

The selling point is also that buyers won't have to pay to demolish an existing house before starting construction.

The water inside the partially complete foundation. 

Although they'll almost certainly have to address the waterlogged foundation.

The property.

Whether $3.5 million for a vacant lot is a bargain or wildly optimistic depends on how badly you've always wanted to build a mansion from scratch.

Of course, that assumes you're comfortable spending $3.5 million before you've even poured a new foundation.

A small pond next to the foundation. 

Then again, judging by the amount of water currently sitting on the property, whoever eventually builds here may want to take a few design cues from Venice.