$3,180,000 - 120 South Summit Farm Road, King
Land for Sale in King
275 days on marketNeighbourhood: King City
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- MLS Number
- N12663638
- Property Type
- Land
- Status
- active
- Days on Site
- 275
- Bedrooms
- 0
- Bathrooms
- 0
- Square Feet
- 5 sqft
- Neighbourhood
- King
- Taxes (2025)
- $4,208
- Listing Brokerage
- RE/MAX HALLMARK YORK GROUP REALTY LTD.
Rare opportunity to acquire a prime acreage WITHIN the King City Village boundaries on the Official Plan! This property is located within the coveted southernmost part of King City adjacent to lands in the process of residential development. Consists of elevated and gently sloping land with idyllic views of a charming pond. Most of the pond lies on adjacent parcels to the east that are not part of the 4.684 acres. Private, unassumed road. Minutes to Hwy 400, Canada's Wonderland, Cortellucci Vaughan Hospital and amenities. Kindly do not walk the property without listing agent. Notwithstanding the requirement to state in the MLS listing whether HST is in addition to or included in the purchase price, this statement is not a representation or warranty. The applicability of HST can only be determined by the parties' tax professionals taking into account all of the facts of a specific sale.
Estimate your monthly payments for this property
Estimated Payment
$14,066.21/mo
5-yr fixed avg.
Rates shown are estimates based on typical Ontario 5-year fixed rates. Canadian mortgages use semi-annual compounding as required by law. CMHC insurance applies to purchases under $1.5M with less than 20% down. Estimated property tax uses an approximate 0.85% rate. Contact us for current rate options and pre-approval.
Discover King City
King City is a vibrant community in the Greater Toronto Area, offering excellent amenities, schools, and transportation options. This area is popular with families and professionals seeking a balanced lifestyle with access to urban conveniences and natural spaces.
Why Live in King City
- •Convenient location in King
- •Access to local shops and dining
- •Good public transit connections
- •Community parks and green spaces
- •Well-maintained neighbourhoods
Nearby Schools
Transit & Commuting
- •MiWay bus routes throughout the area
- •GO Transit stations within driving distance
- •Easy highway access to 401/403/QEW
- •Walking distance to local amenities
Parks & Amenities
- •Local parks and recreational facilities
- •Community centres
- •Shopping plazas nearby
- •Restaurants and cafes
Lifestyle & Community
King City offers a wonderful quality of life with a mix of residential charm and urban convenience. Residents enjoy easy access to schools, parks, and shopping, making it an ideal location for families and professionals alike.
120 South Summit Farm Road, King
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Key factors for evaluating this land parcel
Land Due Diligence Checklist
· Confirm zoning designation and all permitted uses
· Verify servicing (water, sewer, hydro) at lot line
· Order a Phase 1 Environmental Site Assessment
· Obtain an up-to-date survey (boundaries, easements)
· Review development charges and levies with the municipality
· Consult a land use planner on development feasibility
Commercial Financing Note
Land financing typically requires 35–50% down with specialized lenders. Carrying costs (taxes, interest) accumulate during any approval or development process — factor these into your feasibility.
Commercial and land transactions are significantly more complex than residential. Joe recommends assembling a team — commercial real estate lawyer, accountant, and (for land) a land use planner — before making an offer.
Joe's Thoughts
Honest perspective from 30+ years of GTA real estate experience
Zoning & Permitted Use
Before anything else, I'd confirm the current zoning designation and what's permitted on this land. Zoning dictates everything: residential subdivision, commercial development, agricultural use, or mixed. The King planning department can also tell you what, if any, Official Plan amendments are in progress that could affect the permitted uses.
Extended Time on Market — Potential Leverage
At 275 days, this land has been sitting. That's actually common for vacant land — buyers are fewer and diligence takes time. But if it's been listed much longer than comparable parcels, there may be a zoning, servicing, or environmental issue the seller hasn't disclosed. I'd want to understand why it hasn't sold.
Servicing & Infrastructure
A key question for any land purchase: is it serviced (municipal water, sewer, gas, hydro at the lot line) or unserviced? Bringing services to an unserviced parcel can cost $50,000–$500,000+ depending on proximity and King's development charges. This can make or break a project's feasibility.
Environmental & Survey
I always recommend a Phase 1 Environmental Site Assessment for land purchases — it checks for historical contamination from prior uses. If the Phase 1 flags anything, a Phase 2 (soil sampling) follows. Also budget for an up-to-date survey, which confirms boundaries, easements, and encroachments.
Development Approval Timeline
If you're buying with development in mind, factor in the approval timeline. Minor variance: 3–6 months. Site plan approval: 6–18 months. Official Plan amendment or rezoning: 1–3+ years. These timelines directly affect your carrying costs — property taxes and financing accumulate the entire time. Having an experienced planner and real estate lawyer on your team from day one matters.
Let's Walk Through It Together
Evaluating land requires a different lens than buying a home. I'll walk the site with you, help you ask the right questions of the listing agent, and connect you with the right professionals — planners, environmental consultants, commercial lawyers — to make sure you know exactly what you're buying before you commit.