It's been a while since we've seen a house where the listing price makes us do a double take.

That's not to say Toronto homes haven't been overvalued, but in the past few months we've seen a massive drop in home sales and prices. 

But before we get all excited about a market correction a house like 54 Gwendolen Ave. comes along and all of a sudden we're second guessing ourselves. 

The side of the house. 

This tiny two-bedroom, two-bathroom bungalow is listed for $1,699,000, which feels wrong.

The kitchen. 

Before we go jumping to conclusions, let's take a step back and see why this house might be priced that way. 

Obviously the big thing is location. West Lansing is a pretty snazzy neighbourhood where, on average, houses sell for over $2 million. 

The main floor is open concept. 

There's even a house in this neighbourhood listed at $16 million.

So location wise, it's premium. 

Compared to the neighbours 54 Gwendolen Ave. looks tiny. 

Further, the land this tiny house is sitting on is sizeable. It's sitting on a rare 41.88 by 130 foot corner lot. 

Big windows let in lots of natural light. 

And while this house is cute with its vaulted wood ceilings, big windows and cozy fireplace, there's no universe where this home will stay as is. 

The fireplace. 

As the listing advertises 54 Gwendolen Ave. has "limitless potential". In other words, you can build a big multi-million dollar home to fit right in with your neighbours. 

The backyard. 

But does that make it worth almost $2 million? Maybe if you plan on building your dream forever home and aren't worried about seeing an immediate return on investment. 

The half-circle windows add architectural interest to the space. 

However, if you plan on flipping the property and want a relatively immediate return on investment it might not be worth it. 

According to Albo Homes, the cost of building a new luxury home in Toronto can run anywhere between $950K and over $2 million. 

The back of the house.

It's also worth noting that comparable properties, in terms of size, with newer, larger homes on them haven't sold for much more than $3 million.

All that is to say, not sure the math is mathing on this one.