TORONTO -- A rundown, semi-detached home in Toronto's fired up real estate market is selling for $850,000.
The home, located at 538 Quebec Avenue in The Junction, has three bedrooms and one bathroom.
According to the home's description, the property is a "blank canvas" for renovators and builders and is located on a quiet street in a "hip and lively" neighbourhood.
It is clear from the home's photos that anyone planning on moving in would have to do a lot of work.
According to the listing, architectural drawings have already been made up for anyone thinking of purchasing the home, which is over 100 years old.
The listing says the home is close to public transit, a library, recreational centres and schools.
It’s not the first home in Toronto to make news this summer for its high price tag.
A two-bedroom, one bathroom home located on Euclid Street in Little Italy went up for sale in July for $1 million and received lots of attention for its price.
It later sold for $800,000 over asking.
Much like the property on Quebec Avenue, it's believed the high selling price for the tiny house in Little Italy was due to the location of the home.
"There's still a huge trend towards getting a top urban location," Toronto real estate agent Desmond Brown told CTV News Toronto last month. "So, just ignore the fact that a bungalow is there on the property and concentrate on the fact that this is land value."
"It's close to restaurants, transit, the downtown core. It's a location that everybody in the city looks for."
Home prices across Greater Toronto Area surge
The Toronto Regional Real Estate Board says home sales in the Greater Toronto Area posted a record for August as they rose 40.3 per cent compared with a year ago and prices shot higher.
Home sales have been surging this summer after they came to a near halt in the spring due to the COVID-19 pandemic.
The real estate board reported 10,775 home sales through its MLS system for August, up from 7,682 in the same month a year ago.
The increase came as sales of detached homes rose 50.6 per cent and semi-detached houses climbed 66.8 per cent.
Townhouse sales gained 45.8 per cent and condo apartment sales added 10.9 per cent.
The average price of a home sold in the region was $951,404, up from $792,134 a year ago.
