Small home, big price tag. 8-foot wide Toronto house listed for almost $2M

The Toronto housing market has shown signs of improvement in recent weeks, but one seller is trying to capitalize on a tiny space with hopes of netting some big dollars.

The 8-foot wide, three-storey house in Toronto’s Little Portugal neighbourhood is on the market for $1.9 million.

Realtor Keven Trudel tells CityNews this house can’t be judged by its minuscule size on the exterior.

“Don’t rely too much on the narrow size of the house when you’re outside,” Trudel said. “I do believe that when you’re inside, you’ll see the fantastic work that makes the house so comfortable.”

Trudel says the seller, who spends a lot of time in Florida, isn’t willing to budge on the asking price.

A new TD Bank report suggests the average price of a home in Canada could fall between 20 and 25 per cent from its peak seen earlier this year to the first quarter of 2023.

The report released Monday shows a decrease in prices materialized in the summer as mortgage and interest rates rose. Many are expecting the drop to continue well into fall and even winter.

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The latest data from the Canadian Real Estate Association (CREA) showed prices hit $629,971 in July, down 5 per cent from $662,924 last July. On a seasonally adjusted basis, it amounted to $650,760, a 3-per-cent drop from June.

Meanwhile, CREA forecast in June that the national average home price will increase by 10.8 per cent annually to $762,386 by the end of 2022 and hit $786,252 in 2023.

When pandemic lockdowns began in March 2020, the Toronto Regional Real Estate Board said the average home price in the area — one of Canada’s hottest — sat at $902,680.

With files from Tara Deschamps of The Canadian Press