The Chase: This couple thought they’d be renters for life. Then the market shifted in their favour

The buyers: Dylan Doyle, 33, marketing and communications manager at Ernst and Young, and Matt Maw, 36, director at Red Music Rising.

The story: For six years, Dylan and Matt had been happily renting a two-bedroom apartment in Little Italy for $3,000 a month. They weren’t looking to buy, but when interest rate hikes put an end to bidding wars, they sensed opportunity. The couple wanted at least three bedrooms and two bathrooms, plenty of storage for their books and records, a finished basement for Matt’s video games, and a backyard for reading and relaxing. In October of 2023, they were pre-approved for a $1-million mortgage, and in November, they began searching for their starter home.

Option 1: Dupont Street near Ossington

Listed at: $839,000 Sold for: $835,000

First up was this three-bedroom, three-bathroom semi a block from Geary Avenue. The place looked cozy, but a nine-storey condo was going up across the street, and the couple didn’t want to live next to a construction site. Plus, the basement was only semi-­finished, the first-floor bathroom had what looked like DIY wiring, and the second-floor bathroom had no sink or shower. They figured the cost of upgrading would push them well over budget, so they moved on without placing a bid.

Option 2: Gledhill Avenue near Woodbine and Danforth

Listed at: $949,000 Sold for: $985,000

Dylan and Matt’s realtor then suggested they check out a place in the east end, so they visited this two-plus-one-bedroom detached in Woodbine-Lumsden. It had a bright open-concept main floor, but the basement ceilings were low, and the second floor felt cramped with all the bedrooms opening off a narrow hallway. Though they liked the tree-lined streets in the area, the neighbourhood didn’t have the energy or walkability of Little Italy. They passed on the property and headed back to the west end.

The buy: Dufferin Street near Dundas

Listed at: $974,999 Sold for: $950,000

This semi in Little Portugal was initially listed for $1.2 million in August but hadn’t sold and was back on the market for considerably less. Dylan and Matt loved its bay window and 11-foot ceilings. It also had a finished basement and backyard. They placed a bid $34,000 under asking. The seller countered with $950,000, and the couple accepted. They moved in at the end of January and plan to add a banquette in the front room for a reading nook. “We’re grateful,” Dylan says. “It’s starting to feel like a real home now.”