Tiny Toronto home sells for $165,000

It's 230-square-feet and has no running water, but this tiny Toronto home just sold for $165,000 in yet another sign home prices in Canada's largest real estate market continue to defy logic.

Described as "cute and cozy" by listing agent Paul Vallis of Real Estate Homeward, the detached home boasts one bedroom, air conditioning and is located at 30 Hanson Street in Toronto's desirable east-end neighbourhood of Greenwood and Coxwell.

The converted garage was on the market for three weeks before selling and was originally listed at $229,000 and later reduced to $195,000 before selling at $165,000, which is nearly 28 per cent below the original price.

The property will function as an investment for the buyer, Vallis told Yahoo Canada Finance, as opposed to a primary residence. And while plans have yet to be divulged, the property will see some 'minor' changes in the short term.

Vallis said he wasn't surprised the home sold as he's seen an influx of interest for smaller properties close to Toronto's downtown core.

"I think it's a great location and it has potential. There is a movement towards smaller houses in the city and I have a lot of interested buyers from builders, to architects to people living out of town and who want a place to stay in the city," he says.

The property was primarily used as a "little get away place" by the former owner, who lived close by, which makes the lack of functional plumbing a bit easier to bear. "It was where he would go to watch movies, read or do some gardening," Vallis said.

Only in Toronto -- and maybe Vancouver -- would a home the size of a tool shed sell for well over six figures.

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