We’ve heard of parking spots at condos costing $100,000, but this tiny garage in Toronto’s east end is something else entirely.
The Greenwood Avenue garage isn’t much to look at from the street, but that hasn’t stopped the seller’s agent from listing it for a hefty $599,000.
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That might seem especially steep given the average selling price of a Greater Toronto Area home — you know, one that you can actually live in — was $792,611 last month, with condos in particular coming in at $574,632, according to the Toronto Real Estate Board.
But this little garage has hidden potential — approximately 2,000 square feet of it.
The hut-like structure sits on a deep-and-narrow 20-by-100 foot lot.
That depth provides some serious building potential for a buyer who wants a custom home.
The listing suggests as much, dubbing the property a “rare opportunity for someone looking to build in desirable” Danforth Village.
It goes further, providing some other insights into why a place you can’t even currently call home has such a seemingly high price tag.
It’s a stone’s throw from the TTC subway’s Greenwood Station and convenient shopping along the Danforth. No surprise, the property also comes with parking.
According to one local estimate, building a new 1,500-square-foot home in Toronto costs between $225,000 to $375,000.
That range, plus the cost of the land, comes to a grand total of $824,000–$974,000, well short of the average selling price of a detached house in Toronto, which was $1,246,392 in August.
And it’s probably safe to assume the teardown will cost less than the typical $20,000 price of razing a full house.
It looks like the Greenwood garage is just another demonstration of the high value of land in one of Canada’s most expensive housing markets.