This sad basement unit in Toronto is selling for almost $500K

We all know Toronto real estate is beyond unaffordable these days. 

It's gotten so bad, charities are helping people who make six-figure incomes buy houses and strangers need to share bedrooms just to have somewhere to sleep.

So it shouldn't really be a surprise that a basement studio apartment is being listed for $439,000.

A home office in a closet. 

"Welcome to your urban tiny home!" reads the listing, which is a bit misleading since it's technically a townhouse, not a detached home (like a real tiny home). 

But it is tiny – well under 500 square feet.

The main entrance. 

The unit is located at 415 Jarvis Street in The Central Townhouses complex in Cabbagetown, so location-wise, it's great.

It's close to downtown, shopping, restaurants and trendy cafes, so it at least has that going for it. 

The outdoor patio. 

It also has private outdoor space, although "space" is being generous as there's barely enough room for a bistro table. 

A view of the outdoor space from above. 

So apart from location and the small amount of outdoor space, there's not much that really makes this place worth almost half a million.

The main living, dining and sleeping area. 

It has a lime green floor (why?), low ceilings, a dated kitchen, and a bathroom that has seen better days. 

The bathroom. 

Another unit with the same footprint in the townhouse complex is also listed for sale for just over $500K.

That unit has a newly-updated kitchen and bathroom and also managed to squeeze an actual bedroom into what probably would be a closet.

It also has a parking spot, which are worth on average $30,000 a year but have been listed for almost $200k in recent years.

The kitchen. 

So the nearly $500k price tag on 142- 415 Jarvis St. seems very mismatched for what you're getting, especially considering it likely needs some hefty renos in the bathroom and kitchen and doesn't even have a parking pad you could rent out. 

Also what happened to condo prices going down?  That was supposed to be happening right? Right?