If you're looking for an example of how crazy prices are right now, check out this tiny (700sq.ft.) $344,900 semi-detached bungalow in what they're generously calling Leslieville. The listing says "Attention renovators", and they're not kidding. "But Curbed," you say, "couldn't I just buy this sad house, tear it down, and build a nice new home on the property?" Sure you could: if it was detached. Unfortunately, since it's a semi, that's not going to be an easy option (unless your neighbour wants to do the same thing). Taxes are low ($2,252, estimated), but your spirit probably will be, too.
There may be something that can be done with this place, but it'll take way more than a coat of paint and a new toilet. It'll need one of those anyway, since the current one has been duct-taped shut. Probably best not to think about what's in there.
House prices still rising in Toronto, Vancouver [CBC]
Raising Kids in a Condo [Toronto Star]