This Toronto house is under $500K in an area where houses sell for $2 million

In Toronto, when you see a house listed for well below the neighbourhood average, or even just the city average, it's only natural to be suspicious.

So when 426 Woodfield Rd., a semi-detached house in Danforth East, popped up with an asking price of just $499,900, I was hella suspicious.

After all, this is a neighbourhood where semi-detached homes can sell for upwards of $1.95 million.

The living room. 

So, what's the catch? For starters, the house sits on a lot that's just 12.5 feet wide.

A basement recreation room. 

That's barely wider than a standard parking space, so if you've ever dreamed of living somewhere you can practically shake hands with your neighbour through the window, this might be the place for you.

The closed-in front porch. 

The listing makes it clear that the property is being sold "as-is, where-is," which means you're buying whatever fixes may be required.

The bedroom. 

The one-bedroom, one-bathroom home offers square footage closer to what you'd find in a condo, but with some added comforts of having your own plot of land to work with.

The kitchen. 

Though, if you're not looking to renovate, you would be moving into a home with some signs of a bygone era, like faux wood panelling, linoleum floors, and old-fashioned ceiling tiles that seem to have been in place for decades.

The bathroom. 

So, anyone hoping to move in and immediately start enjoying homeownership might want to adjust their expectations.

The kitchen and entrance to the basement. 

That being said, there's definitely potential here for someone willing to put in the work.

Unlike a condo, the property comes with its own fully fenced backyard, a basement and the freedom that comes with owning a freehold home.

The backyard. 

And while the backyard isn't exactly sprawling, it does go back roughly 100 feet, and having any private outdoor space in Toronto at this price point is a pretty nice bonus.

The listing also points out that the next-door neighbour has transformed their property into a duplex, suggesting there could be potential for a similar renovation here, subject to the necessary approvals.

The front porch looking into the living room. 

Although, given how tiny this house already is, you'd probably need to add some serious square footage before attempting to squeeze more people into it.

But for investors or ambitious renovators, that could make the property particularly interesting.

There's also the location, which is the real selling point.

The basement laundry room. 

The house is conveniently situated near Leslieville, the Danforth and the Beaches, meaning you're never too far from good restaurants, independent shops, cafes and some of Toronto's best neighbourhood amenities.

Greenwood Park, Monarch Park and Woodbine Beach are also within reach, so there's plenty to do when you're not spending every waking moment renovating your house.

And with TTC access nearby, getting around the city shouldn't be too much of a headache either.

The kitchen leads directly into the bedroom. 

It's also worth noting that the house was previously listed for $649,900 before re-listing with a $150,000 discount. That's a pretty substantial reduction, especially for a property that was already priced well below many of its neighbours.

The basement. 

Of course, the lower asking price doesn't necessarily mean you're getting a bargain. Depending on the extent of the renovations needed, buyers could easily end up spending a small fortune bringing the house up to modern standards.

The living room. 

And with a lot that's only 12.5 feet wide, there are some pretty obvious limitations to what you can do with the space. Still, for someone who's been priced out of Toronto's housing market and isn't afraid of a major renovation project, 426 Woodfield Rd. could be an interesting opportunity.

The back of the house and garden. 

Just remember, the $499,900 asking price is probably only the beginning of what you'll end up spending.