When it comes to cities like Toronto, is it wise to buy land? It can be a very effective formula if you can buy it with cash flow. Basically, you are using the land to generate sufficient residual income, such as parking, and using that income to offset your mortgage interest and payments.
Make sure there will be local development within 5-10 years, such as high rises, so be patient, think long term, and make sure you can cover your payments with the cash flow from that land. Think long and thing opportunities!