If you've been considering getting tied into a lengthy mortgage on an exorbitantly expensive Toronto condo (though prices are finally falling, and fast), you may want to consider taking your chunk of change elsewhere to greener pastures, where the same amount can buy you a far larger waterfront home on an entire private island.

The home is far larger than a Toronto condo at essentially the same price. Photo from the Sotheby's International Realty Canada listing.

This is the case with one new listing that just popped up near Mallorytown, Ontario — about three hours' driving from downtown — which includes a 2,150-square-foot house on a giant lot right on the St. Lawrence River.

Have the watrfront home — and the island it's on — all to yourself. Photo from the Sotheby's International Realty Canada listing.

The four-bedroom, three-bathroom home is for sale for a mere $795,000, which is just a bit more than the average condo in the GTA.

The home has beautiful hardwood floors and a cottagey vibe fitting its surroundings. Photo from the Sotheby's International Realty Canada listing.

Not only do you get a private beach, mountain views and tons of frontage on this property, but also multiple docks and buildings, and a fully-enclosed lower-level walkout suite for family, friends or renters.

With four bedrooms and three bathrooms, you can bring the whole family or rent out the lower-level suite. Photo from the Sotheby's International Realty Canada listing.

Living space abounds between the two floors — at only $369 per square foot, which will be shockingly low for Torontonians — and there is also outdoor deck space on both levels, along with the acres of nature at your door.

Easily walk right into the river from your own private beach. Photo from the Sotheby's International Realty Canada listing.

The listing really sells the experience, asking would-be buyers to imagine "waking up to the sound of loons as a gentle summer fog lifts off the water. The faint smell of campfire from last night at the beach mixed with a fresh pot of coffee brewing in the kitchen."

While the home has a cottagey feel, it still has all of the modern fixings, especially in the beautiful kitchen. Photo from the Sotheby's International Realty Canada listing.

"Your day starts off with a walk down to the dock to watch as your children and dog are begging to play in your private shallow entrance beach," it continues.

"You look back up to the cottage, your partner is getting a chance to sleep in for a change, and you think how fortunate you are to have this experience."

Living space abounds on both levels of the home, one of which is completely separate for gusets or renters. Photo from the Sotheby's International Realty Canada listing.

While the location isn't city living, it is desirable in its own way: 1.5 hours away from Ottawa and Syracuse, NY, about three hours from both Montreal and Toronto, and less than 15 minutes from the Thousand Islands International Bridge to the U.S.

Plus, the nature and price are too much to overlook.