Toronto’s real estate market never fails to amaze. A bungalow in East York has hit the market for just under $3 million and even the description makes it clear that it isn’t exactly what you’d call luxury living.

The home is described as a “renovated bungalow in slightly above average condition and is perfectly liveable.” Not the most enticing way to describe a house with that price tag, but the size of the lot is what gives this property its value.

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The description says that it’s well suited for a developer or end-user with plans to build two semis in a reputable and convenient neighbourhood. Approval has already been secured to build two custom semi-detached homes on the property.

The listing even includes renderings of the potential homes you can build on the land.

The house is located within walking distance of the new Eglinton Crosstown LRT at Laird Drive. According to the listing, condos in the neighbourhood cost a minimum of $1.5 million, and recently-built townhouses without a backyard can sell for upwards of $2.1 million.

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There are all kinds of amenities nearby, including schools, “shopping centers, fitness and music classes, coffee shops, hair salons, medical offices, amenities, and parks,” the description says.

Asking $2.79 million for a small bungalow and some land may seem unrealistic to some, but many Toronto homebuyers are keen to live in a great location.

A home in Seaton Village recently had over 100 showings within three days of it being on the market and part of what made the home so desirable is the neighbourhood it’s in.

One thing is for sure — the real estate scene in Toronto is nowhere near what it used to be 10 years ago.