Condo development in Toronto has reached an all time high and is one of the highest in the world for $ value of condominium building permits accepted by the city.

If you can finish the basement and get a studio apartment out it, so much the better (make sure that this is permitted first!).

I am more attracted to the SF with permits, found one recently close to Ali Dr just over $700k that had a permit.

The permits will take awhile to get approved, my experience 60-120 days, and be sure to be ready to build once you get that approval from the city.

I would make sure the builder has the Certificate of Occupancy (meaning the permit has been finaled) and ask them for an Owner training.

To LaSean Smith point, if you're looking at subdividing or building or anything that involves a lengthy permitting period its best if you can delay closing and make it contingent upon receiving your subdivision.

Septic permit already in place for 3 bedroom  

Using that $8K roof estimate, you're looking at approximately $20-$25K of work without addressing the rest of the issues.You might want to call the city as well to inquire about this property if there were permits pulled - to protect yourself. 

The final contract sales price was $145K with 3k seller assistance.Lessons Learned:1) Always upgrade a half bath to a second bath when space permits.

I would not permit the security deposit to be used as rent.. and your lease should show that or the security deposit form should.