01/28/2014 08:49 EST | Updated 01/28/2014 08:59 EST

Castle Manor In New Brunswick Hits Market For $699,000

Stephen Downes via Flickr

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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Photo gallery LOOK: Castle Cheaper Than Toronto House See Gallery

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.