Toronto's smallest house is not exactly a bargain

A tiny house with 300 square feet is on the market in Toronto. But don't expect to get a bargain price on this pint-sized house, which is priced at C$173,000 ($172,000). "The Little House" was built in 1912 by Arthur Weeden in order to put to use an unusually small parcel of land.

The house was purchased in May 2007 for C$139,000 by owners who renovated it and added new appliances. Although it may have some charm and notoriety to go along with the purchase price, the house seems barely livable for even one person.

The bedroom is nothing more than a hallway with a Murphy bed. A minature bathroom boasts that it is a "full four piece" bathroom. The tiny kitchen comes cramped and with a couple of cabinets, small appliances, and a stackable washer and dryer. A table for two is built into the kitchen.

The living room appears to have enough space for a chair and a small television, and the leftover space behind the chair is dubbed "the foyer." Storage space appears non-existent. But the new owners might be able to cut off the roof and add a second story, according the house's website.

A real estate agent claims this house is bargain compared to a typical 700 or 800 square foot one-bedroom condominium that would sell for about C$200,000. That's not a bargain using my math! The 700 square foot condo would be C$285 per square foot, while the little house is C$576 per square foot.

Oh... the real estate agent says the house feels like so much more than 300 square feet. Right.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.
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