Castles are a truly rare thing in Canada, so when one goes on sale for less than the cost of a typical house in Toronto, attention is warranted.

The historic Castle Manor in Moncton, New Brunswick is on sale for $699,000. And that, of course, is the catch — it’s in the heart of the perennially economically challenged Maritimes.

The asking price wouldn’t even buy you an average house in Toronto, where the median price for a standalone home was $855,000 as of November, according to the city’s real estate board.

The asking price is also just four times the price of this tiny little shack in Toronto that sold for $165,000 last year.

So do four toolshed-sized shacks in Toronto equal a castle in New Brunswick? The market says yes. But then, the market might be nuts.

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  • Castle Manor, Moncton

    Manor Castle in Moncton, N.B., recently went on sale for $699,000 -- less than the average price of a house in Toronto or Vancouver.

  • Castle Manor, Moncton

  • Castle Manor, Moncton

  • Castle Manor, Moncton

  • Castle Manor, Moncton

  • Castle Manor, Moncton

  • Castle Manor, Moncton

  • Castle Manor, Moncton

  • Castle Manor, Moncton

  • Castle Manor, Moncton

  • Castle Manor, Moncton

  • Castle Manor, Moncton

  • Castle Manor, Moncton

  • Castle Manor, Moncton

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    WHAT $390,000 WILL BUY YOU ACROSS CANADA The average price of a home in Canada at the end of 2013 was $390,000. Here's what that will buy you across the country.

  • What $390,000 Will Buy You Across The Country

    The average price of a house in Canada in the fall of 2013 was about $390,000. Here's what that amount will buy you in the country's various real estate markets.

  • Trois-Rivieres, Que. - 3-bedroom house

    Trois-Rivieres is one of the most affordable housing markets in Canada, and here the average house price will get you something close to a palace. Three bedrooms and some pretty awesomely fitted-out bathrooms in this 2,000-square-foot home.

  • Trois-Rivieres, Que. - 3-bedroom house

  • Trois-Rivieres, Que. - 3-bedroom house

  • Trois-Rivieres, Que. - 3-bedroom house

  • Trois-Rivieres, Que. - 3-bedroom house

  • Trois-Rivieres, Que. - 3-bedroom house

  • Trois-Rivieres, Que. - 3-bedroom house

  • Toronto - 1-bedroom house

    This 580-square-foot cottage is located in Toronto's inner east end and has one bedroom on the main floor and a second in the basement. It may be small, but it's actually sort of remarkable that you can still buy a standalone house anywhere in the 416 for under $400,000. Listed at $389,000.

  • Toronto - 1-bedroom house

  • Toronto - 1-bedroom house

  • Toronto - 1-bedroom house

  • Toronto - 1-bedroom house

  • Toronto - 1-bedroom house

  • Regina, Sask. - 3-bedroom house

    This custom-built split-level house on the east side of Regina has 1,800 square feet of floor space, and features a family with room with a fireplace.

  • Regina, Sask. - 3-bedroom house

  • Regina, Sask. - 3-bedroom house

  • Regina, Sask. - 3-bedroom house

  • Regina, Sask. - 3-bedroom house

  • Regina, Sask. - 3-bedroom house

  • Regina, Sask. - 3-bedroom house

  • Vancouver - 1-bedroom loft

    At 548 square feet, this loft condo is only slightly smaller than that cottage in Toronto. But it's certainly slicker; it's located in yuppie-ish Yaletown and features a stainless-steel appliance kitchen with a movable island. Listed for $384,000.

  • Vancouver - 1-bedroom loft

  • Vancouver - 1-bedroom loft

  • Vancouver - 1-bedroom loft

  • Vancouver - 1-bedroom loft

  • Vancouver - 1-bedroom loft

  • Vancouver - 1-bedroom loft

  • Summerside, P.E.I. - 4-bedroom house

    $388,000 will get you this house with four bedrooms and as many fireplaces in charming little Summerside. A whopping 4,464 square feet of floor space on a half-acre lot makes this easily the largest home on this list.

  • Summerside, P.E.I. - 4-bedroom house

  • Summerside, P.E.I. - 4-bedroom house

  • Summerside, P.E.I. - 4-bedroom house

  • Summerside, P.E.I. - 4-bedroom house

  • Summerside, P.E.I. - 4-bedroom house

  • Summerside, P.E.I. - 4-bedroom house

  • Summerside, P.E.I. - 4-bedroom house

The background: It was built between 1906 and 1908, and according to the Province, has 58 rooms and 19,000 square feet of interior space, complete with its own chapel.

It’s been sitting empty since the previous owner defaulted on his mortgage last year, CBC reports, and an auction held last May failed to find any buyers.

That might have something to do with the restoration costs, which realtor Kathy Guitard says could run between $500,000 and $1.5 million — certainly more than that typical house in Toronto would run you in fix-up costs.

Looters have damaged the property while it has sat empty, but it’s the “surface” things that need fixing, Guitard says — the building’s floors and foundations are solid.

Guitard sees potential to turn the building into condos or an apartment building.