From $1.5M to $28M in 3 Years? The Truth Behind Toronto’s Shocking Listing & The Multiplex Shift

An aging, boarded-up property on Dovercourt Road in the west end has hit the market for a staggering $27.5 Million. Considering this same property sold for just $1.45 Million in 2020, the price jump is nearly 20-fold in just three years.

Is this a typo? Or is there something else going on? Today, we dive deep into what this listing reveals about the shifting trends in Toronto’s housing market.

At first glance, the property looks like a tear-down. However, the developer isn't selling the house as it stands. They are selling a "Luxury 11-Unit Turnkey Multiplex Project."

According to the listing and developer Carlos Jardino, the price tag reflects:

• Future Value: A completed 11-unit rental complex (Target: Spring 2027).

• Soft Costs: Years of zoning approvals, architectural designs, and planning work already completed.

• Missing Middle: Addressing the critical need for housing between single-family homes and high-rise condos.

Essentially, they are pitching a fully packaged development deal, not just a plot of land.

This listing highlights a major shift among Toronto builders. Historically, developers would buy old lots to build massive single-family custom homes. But as interest rates rose and the luxury buyer pool dried up, that model stopped working.

Now, builders are pivoting to Multiplexes.

• City Incentives: Toronto has eliminated development charges for multiplexes to encourage density.

• Market Demand: There is a desperate need for rental units.

However, experts remain skeptical about the $27.5M asking price. Phil Gardner of Elevate Realty noted, "The numbers don’t make a ton of sense as a turnkey product to another investor." The market simply isn't bullish enough right now to support such high speculative valuations.

For a more realistic view of the multiplex market, let’s look at 5 Knight Street in Danforth Village.

• List Price: $2.65 Million

• Sold Price: ~$2.45 Million

• The Plan: Demolish the bungalow and build a 3-storey sixplex.

In this deal, the cost works out to roughly $350,000 per future door for the land. This is considered a fair, market-consistent number for urban infill projects. It stands in stark contrast to the speculative pricing seen on Dovercourt.

While Toronto struggles with the math, Edmonton is seeing a multiplex boom. With "as-of-right" zoning allowing up to 8 units without special permissions, small-scale investors are flocking there.

In Toronto, the math is harder:

• High land and construction costs.

• Disconnect between CMHC financing valuations and market prices.

• Rent rolls often don't cover the immense costs of building from scratch in the current economy.

The Dovercourt listing is an extreme example, but it signals where the market is trying to go: Density. However, for investors, it is crucial to look past the "sticker price" and analyze the actual cost-per-door and zoning realities. The era of the "easy flip" is over; now, it's about smart development.

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Email me chloe.jee@century21.ca