Storybook-like cottage in Toronto is on the market for under $700,000

Be honest — have you ever fantasized about owning a little storybook cottage without having to leave Toronto? T

More specifically, the kind with creaky charm, a flower-filled backyard, and strong main-character energy?

The type of place where you could absolutely imagine growing herbs, hosting cute dinner parties, or pretending — at least a little — that you live somewhere much more rural than Toronto?

Because that's exactly the vibe at 20 Preston St. ... at least for now.

The living room and kitchen in the two-bedroom unit. 

This rare cottage-in-the-city sits on a massive 162-foot-deep, fully fenced lot in a neighbourhood where homes sell for an average of $1.3 million and, in some cases, climb close to $4 million.

Yet this one is listed for just $699,000, which immediately raises eyebrows.

A cozy gas fireplace and built-in cabinets. 

Sure, the house has lime green trim on the outside and a whole lot of knotty pine on the inside. But it's also charming and surprisingly flexible, managing to squeeze two separate units into under 600 square feet.

A bathroom. 

That said, the property's true superpower is the land. Given the lot size, location, and surrounding price points, there's a very real chance this cozy cottage will eventually be torn down and replaced with something significantly bigger — and more modern.

Whether that prospect excites you or makes you a little sad probably depends on how emotionally attached you get to the lime green trim.

The studio unit. 

In its current form, the home is divided into two distinct living spaces: a self-contained studio and a two-bedroom apartment.

A kitchen with pine cupboards. 

That makes it ideal for homeowners looking to offset costs with rental income, investors searching for a solid long-term hold, or families considering multi-generational living.

The more modern kitchen. 

Live in one unit, rent out the other, or keep both as income properties while you figure out your next move.

The backyard. 

Step outside, and it's easy to see why the lot is such a big deal. The backyard is long, private, and quiet — the kind of outdoor space that feels increasingly impossible to find in Toronto.

More of the backyard. 

When it's not covered in several feet of snow, it's probably perfect for entertaining, relaxing, gardening, or spending an afternoon under the trees pretending you're nowhere near the city.

The living room that walks out to the backyard. 

According to the listing, the home has also seen some smart upgrades, including new windows, two independent heat pumps, and a tankless water heater, improving energy efficiency and year-round comfort.

Location-wise, it checks all the boxes. You're minutes from Lakeshore, Highview Park, and local schools, with easy access to the beach, the Scarborough GO, subway lines, and the dramatic views of the Scarborough Bluffs.

A bedroom. 

So yes — 20 Preston St. might be your chance to live out a storybook cottage fantasy for now. Or it might be the ultimate long-game play, where the real value lies in what comes next.

The kitchen.

Either way, at $699,000 in a neighbourhood surrounded by million-dollar sales, this one's a rare find — and probably won't stay on the market for long.