This inflation of TO house prices can not be largely attributed to speculators and investors: small and medium-sized developers / builders are also involved on a significant scale in many neighbourhoods.   They buy a property, run down or reasonably maintained, in a popular neighbourhood, demolish it or gut it, tart it up into a smart, desirable home and put it on the market for at least double the price.    There's lots of this going on around our city.