/
1x
Advertisement
Proudly Canadian, obsessively Toronto. Subscribe to Toronto Life!
Real Estate News

The Chase: two consultants brave a blind bid process for a home in Kensington Market

By Monika Warzecha
Copy link
The Chase: two consultants brave a blind bid process for a home in Kensington Market

The Chase: two consultants brave a blind bid process for a home in Kensington Market

The buyer: Diana Wong and Avnish Babla, both 30-year-old management consultants.

The story: Wong and Babla first met at Western in 2009. They were in the same MBA program, but they almost never talked on campus. They kept running into each other in Toronto, where they both moved after graduating, and soon enough they were dating. When they got engaged in December 2011, they decided to buy a house together. They wanted three bedrooms, two bathrooms and a yard—and, at first, were adamant about staying downtown (or at least within spitting distance of downtown and on a transit line). But their $500,000 budget made that nearly impossible. They were willing to expand their search zone and to do some renovating (Babla worked in construction throughout university, so he wasn’t afraid to do the work himself). What they didn’t predict was how much more money they would have to spend to get what they wanted.

The Chase: Cloverlawn Avenue (near St. Clair and Oakwood)

OPTION 1
Cloverlawn Avenue (near St. Clair and Oakwood). Listed at $439,000, sold for $554,111. This 2,000-square-foot place had only one bathroom, but the yard was big and there was a dry basement they could finish. Wong and Babla liked the restaurants along the Corso Italia strip and the proximity to the St. Clair streetcar line. They knew it was priced low to spur a bidding war, so they offered $500,000 and felt good about it. The house went for over $550,000.

The Chase: Perth Avenue (at Dupont)

OPTION 2
Perth Avenue (at Dupont). Listed at $469,000, sold for $469,000. Babla and Wong weren’t familiar with the Junction, but they’d heard the area was up-and-coming and were willing to give it a shot—just not in this house. The walls looked like they were rotting, the floors were slanted and the basement floors leaked so profusely that the owner had installed a pump to get rid of the excess water. They didn’t bother to bid.

The Chase: Wales Avenue (near Bathurst and Dundas)

THE BUY Wales Avenue (near Bathurst and Dundas). Listed at $460,000, sold for $550,100. The couple were surprised when they saw a listing for a three-bedroom row house within their budget in Kensington Market. It was small (1,200 square feet) and needed a lot of work—the lime-green ’50s kitchen had to be replaced, and there was only one bathroom—but the structure was sound. To snag it, they’d have to go in high, especially since they were facing a one-time blind bid process. They were prepared to offer $550,000, and at the last minute their agent suggested they tack on an extra $100, just in case. Their offer was accepted—clinched by exactly that $100. After four months of renovations, they managed to have the home mostly ready before their wedding day.

See inside »

The Chase: Cloverlawn Avenue (near St. Clair and Oakwood)
The Chase: Diana Wong and Avnish Babla
The Chase: Perth Avenue (at Dupont)
The Chase: Diana Wong and Avnish Babla
The Chase: Wales Avenue (near Bathurst and Dundas)
The Chase: Diana Wong and Avnish Babla
The Chase: Diana Wong and Avnish Babla
The Chase: two consultants brave a blind bid process for a home in Kensington Market
The Chase: Diana Wong and Avnish Babla
The Chase: Diana Wong and Avnish Babla

NEVER MISS A TORONTO LIFE STORY

Sign up for This City, our free newsletter about everything that matters right now in Toronto politics, sports, business, culture, society and more.

By signing up, you agree to our terms of use and privacy policy.
You may unsubscribe at any time.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Advertisement
Advertisement

Big Stories

Dancing Queens: Patrons, staff and performers share their wildest memories of Crews and Tangos, Toronto’s most storied drag bar
Deep Dives

Dancing Queens: Patrons, staff and performers share their wildest memories of Crews and Tangos, Toronto’s most storied drag bar

Inside the Latest Issue

Inside the Latest Issue

The April issue of Toronto Life features the anatomy of a Bay Street fiasco at RBC. Plus, our obsessive coverage of everything that matters now in the city.