If you've wondered what a $500K house looks like in Toronto these days, you might be in for a bit of a surprise. There's been lots of talk about a downturn in the market, but that doesn't erase the wild gains that home prices have made over the last decade.

And so we have this small semi nestled between the Stockyards and Rockcliffe-Smythe that sold for $525K earlier this month. It was listed at $399K and lasted on the market for all of one day before it was snatched up at $125K over asking.

Sure, it was never likely to go for the asking price, but this place needs some major work before someone's going to want to move in. There are, of course, three bedrooms, so a careful renovation could turn this into a nice living space for a small family, but it'll take quite an investment.

The Essentials

• Address: 5 Ravenal St.
• Type: Semi-detached house
• Bedrooms: 3
• Bathrooms: 2
• Lot size: 16.96 x 94 feet
• Hit the market at: $399,000
• Time on market: 1 day
• Sold for: $525,000

Why it sold for what it did

Even if the interior is rough around the edges, this house does have a few things going for it beyond the low price (relatively speaking). It has three bedrooms with two bathrooms and a finished basement. Someone can obviously imagine what this place would look like in a revamped state.

Was it worth it?

It could be a great spot for someone with hefty DIY skills who's able to renovate the place without much professional help. The value here is in the footprint of the home and the neighbourhood, which is certainly on the rise.