Only very rarely do we come across a fairly large detached house priced at under $750,000 in Toronto. AND the legal opportunity to add a brand new – and relatively large – additional detached laneway house on the very same lot, for less than $450,000.
Today, we see that unique opportunity right here on Caledonia Road just north of St. Clair. Add the two together, the $749,900 current house purchase, and a brand new laneway house build that will cost under $450,000, and you have two houses for less than $1.2 million – or $600,000 each house.
Even if the existing home is in poor condition (it’s certainly not great), you could tear it down and build a new one plus the laneway house. So now you are getting a lot optimized to accommodate two new houses, for less than $750,000.
Now, the laneway house at this location on Caledonia Road could likely be as large as 1,650 square feet over two floors (more with basement, but this will add to cost), and extremely attractive.
The photo of the laneway house under construction above is an east side laneway house from MGB Construction.