The Chase: This condo dweller always wanted a house. When the market cooled, she pounced
Alexis Levenson purchased her Corktown condo in 2016 with the goal of eventually upsizing. By 2022, her unit had almost doubled in value and the market was starting to slow. So she set a budget of $750,000 and began her search
The buyer: Alexis Levenson, 40, a senior account manager at a financial technology company.
More House Hunts
The story: In 2016, Alexis purchased a one-bedroom, one-bathroom condo in Corktown for $375,000 with the goal of eventually buying a house. By September of 2022, her unit had almost doubled in value and the market was starting to slow, so she thought it was a good time to upsize. She wanted a place with at least two bedrooms and a basement suitable for a rental suite to help cover her mortgage. She was willing to move anywhere in the city as long as the new property was near a subway station. She set herself a budget of $750,000 and started her search.
Option 1: Elward Boulevard near Victoria Park and Danforth
Listed at: $699,999 Sold for: $763,000
Alexis liked that this property—a cute little bungalow on a quiet street—was within walking distance of Victoria Park station and multiple grocery stores. Still, she had some reservations. Though the basement was finished, she would need to add a kitchen to rent it out. And upstairs, the layout was odd: the bedrooms were on opposite ends of the house, connected by a narrow hallway, with two living spaces in between. “It felt a little disjointed,” she says, “but I figured I could adapt.” She went in at $20,000 over asking but was outbid by $43,000.
Option 2: Jane Street near St. Clair West
Listed at: $699,800 Sold for: $806,000
This next property was on the other side of the city, and it was perfect. It had a working stone fireplace, a front yard and a backyard shed Alexis figured she could convert into an office. The place also came with a ready-to-rent basement apartment, and her father lives nearby in Bloor West Village. She went in at $750,000, her maximum, and attached a letter saying how much she loved the house and the area, hoping that might give her an edge. Again, it was not to be. The seller accepted an offer that exceeded hers by $56,000.
The buy: Benjamin Boulevard near Kennedy and Eglinton
Listed at: $699,900 Sold for: $700,000
Alexis liked that this house—close to Kennedy station and the coming Eglinton Crosstown—had three bedrooms and big windows. The basement was unfinished, but she was game for upgrading. She offered an even $700,000. Her realtor then gave the seller a three-hour deadline to avoid a bidding war, and it worked. Since moving in, she’s renovated the basement into a two-bedroom apartment and is currently renting it for $2,249 a month. “It’s a beautiful neighbourhood with a great sense of community” she says. “We all watch out for one another.”
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Andrea Yu is a freelance journalist based in Toronto. She reports on a wide variety of topics including business, real estate, culture, design, health, food, drink and travel. Aside from Toronto Life, her writing has appeared in the Globe and Mail, Chatelaine and Cottage Life.
