It's not unsual for a small bungalow that hasn't been updated since the 60's to go for millions in Toronto but Pickering?

This four-bedroom, two-bathroom bungalow is currently listed for $4,200,000.  

The living room. 

This home is being sold "as is where is", according to the listing.  

The primary bedroom. 

However, the realtor makes note of things like a "newer" furnace and a gas fireplace in the basement. 

Another bedroom. 

But when you take one look at this place you know it's going to be a gut job at the very least if not a full tear down. 

The interiors are very dated with laminate wood panelling, fibreglass drop-ceilings in the basement and more wallpaper than I've seen in a while. 

One of two kitchens. 

According to Zolo, last month the average price for a 4-bedroom home was around $1.3 million. 

A wet bar in the basement. 

So why is this place worth more than $4 million?

The stream that runs on the property. 

Well it's sitting on more than two acres of land with a forest and stream with 165-foot frontage.

The massive backyard. 

Average prices per square-foot of buildable land in Pickering are about $52 per-foot right now, according to a report from residential market research and advisory firm Bullpen Research & Consulting Inc. and land-use planning and project management firm Batory Management. 

An auxilary building at the back of the property. 

So if you do the math this chunk of land could actually be worth over $5.5 million... which means this is actually a bargain!