Looking at Hart House, it is hard to imagine it houses a full fledged theatre in it's basement. There is only an orchestra seating level and it's big enough given that it's in a basement and the view from the back is certainly not bad (there is a gentle slope and a big stage) and as a result you're in for a very pleasant theatre going experience here. I've seen numerous productions from Shakespeare to Reefer Madness on here and each time the theatre has been well maintained, very organized, the staff were always friendly and despite the lobby area being small it's large enough for the capacity and bar prices are not too high.
Overall a very intimate experience and you pair that up with cheap tickets (extra affordable if you're a student) and good talent and you can't be too disappointed with the Hart House Theatre.