January 30 2026
A half-finished detached home in Scarborough is back on the market – and still priced above the $1 million mark, despite sitting incomplete for nearly two years.
The property at 6 Cotton Avenue originally sold in 2020 as a standard three-bedroom bungalow, during the height of Toronto’s pandemic housing surge. The new owners demolished the original home and began construction on a much larger four-bedroom, five-bathroom rebuild.
Somewhere along the way, the project stalled. By 2024, the unfinished home was relisted and has remained on the market ever since.
From $2M to $1.05M – But Still Not Finished
The property was initially listed for $1,999,990, before undergoing a series of price reductions. It is now listed at approximately $1,050,000.
What buyers get today is a newly constructed detached shell with roughly 2,891 square feet of interior space, being sold “as-is.” In practical terms, that means the structure is mostly complete, but interior finishes have not been installed.
There are no finished floors, no kitchen, and no completed bathrooms. Instead, the home includes drywall, roughed-in lighting, and multiple unfinished bathrooms and bedrooms.
A Blank Canvas – Or a Costly Headache
The listing markets the home as a “blank canvas,” appealing to buyers who want to select their own finishes without tearing out brand-new work.
For custom-home buyers, this can be a positive. For most end users, however, it means taking on a partially completed construction project in a market where fully finished detached homes in the area often sell for under $1 million.
What’s Actually Been Completed
Despite the unfinished interior, much of the heavy structural work is already done:
- Brick-and-stone exterior façade
- High ceilings and large window openings
- Fully framed layout
- Drywall installed
- Roughed-in bathrooms and lighting
- Central vacuum infrastructure
The home also includes a separate walk-out basement entrance, which could allow for an in-law suite or rental unit – a feature that adds potential income value in today’s rental-constrained market.
Location Helps – But Only So Much
The property is located less than ten minutes from the Scarborough Bluffs and Lake Ontario, under five minutes from the Scarborough GO Station, and close to transit, parks, and local amenities.
However, comparable fully finished homes in the neighbourhood continue to trade below the current asking price, making it difficult to justify the valuation once renovation and carrying costs are included.
What This Signals for Toronto’s Housing Market
This listing reflects a broader shift in Toronto real estate. Pandemic-era development decisions assumed continued price acceleration, fast absorption, and strong investor demand.
In today’s environment, with higher borrowing costs, weaker pre-construction demand, and rising resale inventory, unfinished or capital-intensive projects are facing significant resistance.
Properties that require additional time, cash, and risk are no longer benefiting from speculative pricing. Instead, buyers are demanding discounts that reflect true completion costs and current market conditions.
What This Signals for Toronto Housing
Partially completed homes sitting unsold for extended periods highlight the market’s ongoing price discovery phase.
Until demand meaningfully rebounds or sellers reset expectations further, listings like this may become increasingly common across the GTA – especially among homes that were started at peak market valuations.
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