Tiny $500K one-bedroom house in Toronto is like a condo without the fees

While housing prices may have fallen in the GTA, finding a detached house in Toronto for less than $1 million is still no easy feat. And finding one for roughly the price of an average condo? Well, there's usually a catch.

At 29 Meadow Ave., that catch is that the house is about the size of a small condo.

The one-bedroom bungalow in Scarborough is currently listed for $545,000, which, by Toronto real estate standards, is a bargain. By neighbourhood standards, it's practically a steal.

The main floor. 

But while it's not the smallest house in the GTA, it is undeniably teeny tiny.

The house is just one storey tall, with a single bedroom and less than 700 square feet of living space.

It's the kind of place that makes your average downtown condo look positively spacious.

Inside, the layout is pretty straightforward. There's a living area, kitchen, bedroom and bathroom, all conveniently located on one floor.

And let's just say the interiors aren't exactly screaming luxury.

The kitchen. 

There are old pine hardwood floors, a kitchen with what looks like approximately three cupboards, and seemingly not a single closet in the entire house.

So, while the house is livable, there's definitely room for improvement.

The listing even encourages buyers to "bring your vision," which is often real estate speak for "you're probably going to want to renovate."

The basement. 

However, unlike many tiny Toronto homes, this one does have a finished basement, providing some much-needed additional living space.

There's also a rear entrance, which the listing suggests could offer potential for a separate living arrangement, subject to the necessary approvals.

The bedroom. 

So, while the house itself might be small, there are at least a few possibilities for making the most of the space.

Outside, the property sits on a narrow 17-by-110-foot lot.

That's not exactly sprawling estate territory, but it does mean you get something that many Toronto condo dwellers can only dream of: your very own backyard.

There's also the possibility of expanding the house backwards or upwards, assuming your renovation budget (and the city) allows it.

The backyard. 

As for the backyard itself, it's currently leaning a little more towards feral than landscaped oasis.

But with mature trees, plenty of greenery and a little imagination, it could become a pretty lovely outdoor retreat.

And then there's the location.

The house is situated in a well-established Scarborough neighbourhood, with easy access to Kingston Road, TTC transit, parks, restaurants and the Beaches.

The living room. 

It's also surrounded by homes that sell for significantly more money.

In fact, detached homes in this part of Scarborough sell for an average of around $1.2 million, with some properties fetching upwards of $3.2 million.

Of course, many of those homes are considerably larger and more updated than this little bungalow, so it's not exactly an apples-to-apples comparison.

Still, it puts the asking price into perspective.

At $545,000, 29 Meadow Ave. offers a relatively affordable way to get your foot in the door of Toronto's detached housing market, particularly if you're willing to sacrifice a little (okay, a lot of) space.

And while you're not getting much house for your money, you are getting your own four walls, a basement, a backyard and a piece of land in a city where all of those things come at a premium.

Basically the whole house. 

Whether that's worth $545,000 is another question entirely.

But hey, at least you won't have to spend much time cleaning.