There’s something undeniably odious about the word basement. It unfailingly conjures up a spine-shivering image of something drafty, claustrophobic and dark. But subterranean living spaces offer an important opportunity to accommodate Canada’s shifting housing needs. They work well as in-law suites for downsizers, income rentals for empty nesters or extra sleeping quarters for families who’ve outgrown their current house but can’t afford a larger one in the country’s ever inflating real estate market. And, with the right eye for aesthetics, a basement apartment can be bright, airy and beautiful. It just takes the right lighting, wall finishes and window wells. Here, five tips from top design professionals on how to turn an underground grotto into something glorious. Continue reading
In real estate, as in love, there are homes that you have a fleeting crush on, ones that you want to have a family with, and others that are just so out-of-your-league gorgeous they become the stuff of fantasies. Such is the case with 87 Highland Crescent, which I’ve loved from afar for years and which is now on the market. Am I going to be placing an offer? Given an asking price of $6.85 million, I’m afraid my feelings will have to go forever unrequited: with Canada’s maximum 25-year mortgage terms, even if I (miraculously) had a 10 per cent down payment, and borrowed the $6.2 million balance, every month I would have to give the bank about $37,000 (assuming a reasonable interest rate of 5.24 per cent per year). $37,000. A month. That’s more than my yearly take home pay. The only way I could swing that would be to invent a time machine, go back about 10 years, and tell my teenage self all about Facebook so I could scoop Mark Zuckerberg. Anyway, the house actually appeared on the market two years ago at a higher price — $7.995 million — so whichever gazillionaire buys it can sleep easy on his mountain of money knowing he got a relative deal. David Bowie is rumoured to be a fan of the home’s architecture, so maybe he’ll snag it for Iman. Sigh, below is why I love it so much.
Thanks to a combination of factors — a deep-rooted fear of debt, my poor choice of career paths and an over-inflated real estate market — It’s a foregone conclusion that I’ll never be able to afford a house in Toronto. And if I did buy, it would likely be a bachelor condo the size of a hamster cage on the fringes of civilization (heaven forbid, somewhere north of the 401). I’m picturing a life where I’m too poor to hang curtains or buy any furniture, yet too stressed by my massive mortgage payments and claustrophobic digs to even care. So while I can’t buy a house, I’ve decided to
torture myself with indulge in fantasy real estate — basically, from time to time, I’m going to be picking the places that I’d like to buy, and blogging about how I would decorate them to make them my own.
The Place: 15 Crocker Ave., a two-bedroom, $519,000 Victorian townhouse near Trinity Bellwoods. It’s around the corner from Nadège Patisserie, which means I would get happily fat eating too many butter croissants and gin-and-tonic marshmallows. Overall, I like the neighbourhood and think this would be a fun fixer project.