Two Toronto houses are listed for just $2 but there's obviously a catch

If you've ever dreamed of buying a house in Toronto for less than the price of a cup of coffee, your moment has apparently arrived.

Because not one, but two houses in Scarborough are currently listed for just $2.

That's less than the cost of a TTC fare, a decent cup of coffee or pretty much anything else you can buy in Toronto these days.

The front of 120 Earlton Rd. 

But before you start digging through your couch cushions for spare change, there's obviously a catch.

Located at 120 and 122 Earlton Rd. in Scarborough, the two adjoining properties aren't exactly being marketed to first-time homebuyers looking for an affordable place to settle down.

The inside of 120 Earlton Rd. 

Instead, the listings are specifically targeting builders, developers and investors interested in the properties' redevelopment potential.

And while the $2 asking price is certainly eye-catching, it's safe to say the sellers aren't actually expecting to part with the properties for pocket change.

A half-finished basement in 120 Earlton Rd. 

This appears to be one of those auction-style pricing strategies where the ridiculously low asking price is designed to attract attention, with buyers expected to submit offers reflecting what they actually think the properties are worth.

And considering what Toronto real estate typically costs, that's probably going to be quite a bit more than $2.

The plot size of 120 Earlton Rd. 

The two homes sit on adjoining lots near Kennedy Rd. and Highway 401, with a combined lot area of approximately 26,780 square feet, or just over half an acre.

The plot size of 122 Earlton Rd. 

That's a pretty substantial piece of land in a city where space is increasingly hard to come by.

The backyard at 120 Earlton Rd. 

And it's likely the land, rather than the houses themselves, that's the real attraction here.

According to the listing, prospective buyers are encouraged to explore the possibility of land assembly, severance or multi-unit redevelopment.

The front of 122 Earlton Rd. 

In other words, someone could potentially purchase both properties and transform the site into something considerably more ambitious than two detached houses.

Of course, any redevelopment would be subject to the necessary municipal approvals, zoning requirements and other regulations.

The front entrance of 120 Earlton Rd. 

So it's not quite as simple as buying the properties and immediately building whatever you want.

A bathroom in 120 Earlton Rd. 

The listings also note that the properties can be purchased individually or together, giving prospective buyers some flexibility depending on their plans.

But what makes the $2 asking price particularly amusing is just how far removed it is from the reality of Toronto's housing market.

The main-floor kitchen at 120 Earlton Rd. 

Detached houses in the surrounding area typically sell for over $1 million.

The backyard of 122 Earlton Rd. 

And even vacant residential lots in Scarborough can command hundreds of thousands of dollars, while larger development sites can carry multimillion-dollar price tags.

The roughed-in kitchen in the basement of 120 Earlton Rd. 

So the idea of picking up two adjoining properties for less than the price of a coffee is, unfortunately, a little too good to be true.

Still, a $2 listing certainly gets people talking.

Another bathroom in 120 Earlton Rd. 

And whether the properties ultimately attract a developer with big plans or an investor hoping to capitalize on the substantial lot size remains to be seen.

But one thing seems pretty certain.

The back porch of 122 Earlton Rd. 

Whoever ends up buying 120 and 122 Earlton Rd. will almost definitely need more than a toonie.