<div id="attachment_150038" style="width: 657px" class="wp-caption aligncenter"><img class="size-full wp-image-150038" src="http://www.moneysense.ca/wp-content/uploads/2016/03/Screen-Shot-2016-03-16-at-12.55.12-PM.png" alt="(Century 21/Paul Indrigo)" width="647" height="433" srcset="http://www.moneysense.ca/wp-content/uploads/2016/03/Screen-Shot-2016-03-16-at-12.55.12-PM-300x201.png 300w, http://www.moneysense.ca/wp-content/uploads/2016/03/Screen-Shot-2016-03-16-at-12.55.12-PM.png 647w" sizes="(max-width: 647px) 100vw, 647px" /><p class="wp-caption-text">(Century 21 / Paul Indrigo)</p></div>
<p>Would you pay $1 for a century-old, 25,000-square-foot mansion that needs a little TLC?</p>
<p>That&#8217;s how much Toronto&#8217;s William Harris House is being <a href="http://www.century21.ca/paul.indrigo/Property/ON/M4K3P7/Toronto/450_Pape_Ave_1" >listed for</a>, in a city where the average price for a semi-detached home is closer to $1 million.</p>
<p>The $1 price tag sounds too good to be true and that&#8217;s because it is: The taxes on the abandoned building (a former home for single mothers that the Salvation Army purchased in the 1930s) adds up to an estimated $35,207 per year.</p>
<p>Using the City of Toronto&#8217;s handy <a href="http://wx.toronto.ca/inter/fin/tax.nsf/tax?openform" >property tax calculator</a>, the more than $35,000 bill would put the actual value of the mansion at around $5 million, <a href="http://www.ctvnews.ca/canada/derelict-toronto-mansion-listed-for-sale-at-1-1.2819032" >according to CTV News</a>.</p>
<p>Despite its dilapidated condition, this way exceeds the average price of <a href="http://www.moneysense.ca/spend/real-estate/best-deals-in-real-estate-2016-full-toronto-neighbourhood-rankings/" >$808,000 for its Riverdale neighbourhood</a> (which came in at 406 out of 431 in our annual ranking of Toronto &#8216;hoods) where the property can be found.</p>
<p>But as is <a href="http://www.theglobeandmail.com/life/home-and-garden/real-estate/this-toronto-bungalow-sold-for-421800-over-asking-yes-really/article4092559/" >often the case</a> in Toronto&#8217;s booming real estate market, realtors expect the house will be sold for significantly over asking.</p>
<p>“We’re just putting it out there and seeing what potential it has,&#8221; told real estate agent Matthew Pringle to <a href="http://www.metronews.ca/news/toronto/2016/03/14/why-this-toronto-heritage-home-is-selling-for-one-dollar.html" >Metro Toronto</a>. &#8220;There’s no point putting a certain number on it because for some people it will be overpriced and for some it will be a steal.&#8221;</p>
<p>The post <a rel="nofollow" href="http://www.moneysense.ca/spend/real-estate/buy-this-toronto-mansion-for-just-1/">Buy this Toronto mansion for just $1</a> appeared first on <a rel="nofollow" href="http://www.moneysense.ca/">MoneySense</a>.</p>
