Buy at Yonge and Sheppard?

[kravi]

I'm attempting to move into this area, looking for a detached home. The properties seem to be going for at least 500K! for 30-50 foot lots. The ones around 500K are complete shacks. Some of them are barely live-in condition.One example is one property that is about 2 minutes walking to the federal government building and sheppard subway. Are these worth this much? Just wanted to get people's opinion. It seems like this pretty much paying for land value, as you would have to demolish and build in the next 3-5 years anyway.

 

[luxome]

unfortunately, that's reality...the new legislation will be in your favour...

 

[lead82]

Those 500K shacks are demolished and turned into $1M McMansions. In terms of single family homes in this area, there is nothing decent under $600K. You may be able to get a townhouse for $600K, but those old bungalows are insanely overpriced. This is a direct result of poor zoning laws in Toronto, in a bid to save large swaths of suburbia in the city.