The Chase: A suburban couple searches for the perfect investment property downtown

The Chase: A suburban couple searches for the perfect investment property downtown

The Chase: Downtown Investment Property (Portrait: Erin Leydon)
 

The buyers: Sara Bannerman-Maxwell, 50, and her 53-year-old husband, Glenn, co-owners of the aviation manufacturing company Trinity Aerospace.

The story: The Bannerman-Maxwells have lived in the same sprawling Mississauga house for 15 years, close to the airport (where they often commute for work) and to three major highways. With the last of their kids on the verge of leaving home, they found themselves craving a lower-maintenance property—and a more walkable, urban lifestyle. Before picking up and moving, they decided to educate themselves about the Toronto market by purchasing an investment condo in the core—ideally a live-work space in King West that would attract a stable, long-term tenant. They settled on a budget of $600,000 and started scanning the listings on propertyguys.com.

Option 1

The Chase: Downtown Investment Property

Niagara Street (near King and Portland). Listed at $499,900, sold for $571,000.
This two-bedroom townhouse was the first place they viewed, lured by the low list price and its proximity to the King West strip. It was a relatively new building, which they liked, and there were great views from the rooftop deck, but they weren’t wowed enough to place an offer.

Option 2

The Chase: Downtown Investment Property

Stewart Street (near King and Bathurst). Listed at $569,000, sold for $570,000.
Friends of theirs who were also searching for an investment condo invited them to take a look at this two-bedroom townhouse in the Thompson Residences. They loved the brand prestige and the location, as well as the industrial aesthetic. Unfortunately, their friends had already scooped up the unit.

The Buy

The Chase: Downtown Investment Property

Stewart Street (near King and Bathurst). Listed at $578,900, sold for $570,000.
Four days later, an almost identical Thompson townhouse popped up on propertyguys.com, and the Bannerman-Maxwells pounced. They submitted an initial bid of $560,000 and, after some back and forth, settled on the same price their friends had negotiated. They’ve since leased the unit to a chiropractor, and they’re already on the lookout for a second investment property in the area—and a three-bedroom place of their own. If all goes according to plan, they’ll be downtowners within the year.