Patch of dirt hits Toronto market for almost $1 million

A vacant lot, located at 172 South Kingsway in Toronto, is selling for nearly $1 million. (Realtor.ca)

TORONTO -

A piece of land in Toronto with nothing on it but grass and dirt has hit the market for nearly $1 million. 

The property, is located at 172 South Kingsway just west of High Park, is being sold for $985,000. 

According to the listing, the piece of land is "an opportunity not to be missed."

The 50 by 95 foot lot backs onto a ravine, offering privacy to a buyer who decides to build a home there. It is also located next to the South Kingsway Parkette.

"Ideal opportunity to land bank, build your dream home or investment property," the listing says. 

Property taxes for the home will cost the buyer $3,922 annually. 

According to the real estate agent, the land is in a desirable location and catchment for highly ranked schools. 

It is also just a short walk to Bloor West and the waterfront. 

According to the Toronto Real Estate Board, the average selling price for a home is nearly $1.1 million. 

While this land is under the average selling price of a home, the buyer will obviously need to invest quite a bit more to construct their own home from scratch.