The Chase: the search for a Danforth house with an extra suite to rent out—for under $500,000
She wanted to stay in her neighbourhood, but she had to share her front door to do it
The Buyer: Jo-Anne McArthur, a 34-year-old freelance photographer.
The Story: McArthur had been renting a house near Danforth and Jones for four years, and wanted to buy in the area. When her parents, who live in Ottawa, proposed purchasing an investment property, she figured they could team up, and she would buy them out in (she hoped) about 10 years. Since her parents wanted to earn some income from the house, she would look for a place with an extra suite to rent out—an easy stipulation for McArthur, who is usually abroad six months a year with her camera and is used to subletting to short-term tenants. With a maximum budget of $500,000, she enlisted Julie Hughes of Keller Williams and started the search.
OPTION 1Felstead Avenue. Listed at $509,900, sold for $521,250.
This three-bedroom, semi-detached house was directly across from Monarch Park and priced low to invite a bidding war—which is exactly what happened. “It had all these nooks and crannies,” says McArthur admiringly, “a lot of wood and a lovely little garden.” It also had a separate rental apartment, but she got spooked when bidders kept upping the ante.
OPTION 2Ivy Avenue. Listed at $525,000, reduced to $498,000, sold for $506,000.
This house, with a second-floor apartment, had been on the market for months. She made a lowball offer on the same day as another bidder. A small war started. “I was inching up a few thousand at a time and getting increasingly stressed,” she says. Then the other buyer suddenly jumped $20,000, and she was out.
THE BUYQuarry Court. Listed at $499,000, reduced to $445,000, sold for $437,000.
McArthur saw the listing for this three-bedroom semi right after her bidding war fell apart. She wanted to take a look, but it didn’t have a separate entrance for the apartment—one of her basic criteria. A week and three unattractive places later, McArthur noticed it was still for sale. She saw it on a Friday morning; on Monday, the sellers were moving to Scotland and taking it off the market. McArthur decided she could live with a shared entrance if it meant getting this house. She offered $430,000 on the spot. The sellers countered with $437,000, and the deal was signed. They even threw in all the furniture for $1,000. McArthur posted the apartment on a theatre industry listserv, and within a month she had two tenants, both from the cast of Billy Elliot.
(Images: McArthur by Jess Baumung; houses by Kevin Meikle)
 about 10 years. Since her parents wanted to earn some income from the house, she would look for a place with an extra suite to rent out—an easy stipulation for McArthur, who is usually abroad six months a year with her camera and is used to subletting to short-term tenants. With a maximum budget of $500,000, she enlisted Julie Hughes of Keller Williams and started the search.
OPTION 1
Felstead Avenue. Listed at $509,900, sold for $521,250.
This three-bedroom, semi-detached house was directly across from Monarch Park and priced low to invite a bidding war—which is exactly what happened. “It had all these nooks and crannies,” says McArthur admiringly, “a lot of wood and a lovely little garden.” It also had a separate rental apartment, but she got spooked when bidders kept upping the ante.
OPTION 2
Ivy Avenue. Listed at $525,000, reduced to $498,000, sold for $506,000.
This house, with a second-floor apartment, had been on the market for months. She made a lowball offer on the same day as another bidder. A small war started. “I was inching up a few thousand at a time and getting increasingly stressed,” she says. Then the other buyer suddenly jumped $20,000, and she was out.
THE BUY
Quarry Court. Listed at $499,000, reduced to $445,000, sold for $437,000.
McArthur saw the listing for this three-bedroom semi right after her bidding war fell apart. She wanted to take a look, but it didn’t have a separate entrance for the apartment—one of her basic criteria. A week and three unattractive places later, McArthur noticed it was still for sale. She saw it on a Friday morning; on Monday, the sellers were moving to Scotland and taking it off the market. McArthur decided she could live with a shared entrance if it meant getting this house. She offered $430,000 on the spot. The sellers countered with $437,000, and the deal was signed. They even threw in all the furniture for $1,000. McArthur posted the apartment on a theatre industry listserv, and within a month she had two tenants, both from the cast of Billy Elliot.
(Images: McArthur by Jess Baumung; houses by Kevin Meikle)){kind=link}
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A $450 000 house for a single thirty-some freelance photographer? Unless she is renting out that apartment for $2000 a month, where the heck is she getting this money from?
@Matthatter – Her parents, must be nice to be 34 and still riding the bank of mom and dad.
My initial reaction was “here we go again, someone buying a house who probably can’t afford a bus ticket on their own is buying a house because the family has money”. Yawn. But the reality is that almost 50% of Toronto first time homebuyers are buying with the help of relatives. I’d much rather see profiles of people who do this on their own, and buy appropriate homes. A single person such as this woman who is away 6 months a year does not need a home like this.
Ummm…there is not much you can find in Toronto for less than $450K…unless you are looking at condos. Even in that price range, I would say that Jo-Anne was lucky to find something at all. And so what if she got some help…everybody needs a hand some times!
I actually thought this was one of the few reasonable purchases Toronto Life has featured. Much better than the high-falutin faux-riche they generally profile.
“But the reality is that almost 50% of Toronto first time homebuyers are buying with the help of relatives” And this is why most of us cannot compete in bidding wars!! I could not in a million years imagine asking my parents money to buy a house at that age! And to admit it publicly? Yikes.