While housing auctions might be commonplace in countries like Australia, it's a bit rarer to see one in Canada. 

But honestly, they're a genius idea – at least from the perspective of the buyers. 

That's because they offer a level of pricing transparency that Canadian homebuyers don't typically have access to when purchasing a home. 

The main entrance to the building. 

Typically, when people place a bid on a house in Toronto, they may have no idea how many other people are bidding, if they bid lower or higher than your offer, if they had conditions on their bid, etc. 

A bedroom in one of the units. 

But with an open auction, like the one for 472 Crawford St., the bidding process is transparent, and you know exactly how many people are bidding and for what amount. 

A living room with a fireplace. 

Does it make homebuying feel kind of like a spectator sport? Sure. But the Toronto real estate market has been bonkers for a while, so you might as well get some entertainment out of it!

The empty main floor unit. 

472 Crawford St. did try to sell the traditional way first. 

A bathroom. 

In September, the four-bedroom, three-bathroom home was listed for $1,200,000. 

Another bathroom. 

Then, in October, the fourplex price dropped to $899,000.

A kitchen in one of the units. 

But as of a few days ago, 472 Crawford St. is back on the market with a $1 price tag and is accepting bids. 

The empty living room of the main floor unit. 

The fourplex seems to have all the units except the main floor one-bedroom unit tenanted, but from the listing, it seems like this property will be sold as vacant. 

The basement unit. 

"Calling all investors, handymen, renovators, and future homeowners! This is a fantastic opportunity to renovate this home into whatever you want," reads the listing. 

A very dated kitchen in the main floor unit. 

And if you wanted to transform this into a single family home it will need some hefty renovations. 

An upper floor unit bedroom. 

In fact, it will likely need more than a new coat of paint to make the semi-detached house look a little less like rundown student housing. 

An empty bedroom. 

But what the house doesn't have going for it in terms of interiors, it does have going for it in terms of location. 

The lower unit kitchen. 

472 Crawford St. is in a prime location, close to transit, nightlife, amenities, and the University of Toronto, so it's easy to rent out.

The basement living room. 

Also, houses don't tend to lose their value in this area. In fact, semi-detached houses typically sell for an average of $1.7 million and in the past 12 months have seen a six per cent increase in property value. 

A shared backyard. 

So, if you wanna get a deal on a fixer-upper in Little Italy, now is definitely your chance. 

The back of the house. 

The auction will take place on opennoffers.ca, and as of publication, there are zero offers on 427 Crawford St. But, that could change soon.