I’ve seen some examples recently of homes that have re-sold within a year of each other. In two cases the homes were considered to be be lot or land value only as the homes are in original condition and would be better suited to be torn down and have new custom built homes on the land.
In Mineola East there was a 3 bedroom bungalow that sold in 2015 for just under $1,200,000 and then resold 11 months later in September of 2016 for over $1,500,000. This is a 31% increase in a 11 month period. This home was on a large lot and will eventually be replaced with a custom luxury home.
In Clarkson Mississauga there was 3 bedroom home that sold in April of 2016 above the asking price for $640,000. The home was rented for most of year and was neglected by the tenants and was in worse condition when it was recently re-sold again about 11 months for $815,000 This is a 27% increase in less than a year.
Even when you take out the cost of Land Transfer tax, and realty fees there is still a significant return on both of these investments.
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