A $780,000 three-bedroom bungalow, made possible by the bank of Mom and Dad
The buyers: Jacob Letourneau, a 23-year-old sales rep with Royal LePage, and his girlfriend, Nicole Crisostimo, a 23-year-old project co-ordinator at her father’s company, Conterra Restoration.
The story: As a relatively new real estate agent, Letourneau understood the importance of entering the property market early. The couple were living in a condo at Yonge and Bloor that belonged to Crisostimo’s father, but they thought they might get the most house for their money in Etobicoke or Mississauga, where they’d be much closer to Crisostimo’s suburban office. Both sets of parents offered to help with the down payment and ponied up a combined $500,000. The couple set a budget of $750,000 and went in search of a house with two key amenities: a basement apartment to bring in extra cash and some outdoor space for Lulu, their beagle mix.
Mulgrove Drive (near Burnhamthorpe Road and the West Mall). Listed at $699,900, sold for $779,025. After visiting five other properties, Letourneau and Crisostimo were tired of looking. When they saw this three-bedroom bungalow, they loved its large, treed lot. They bid $779,025, even though the basement was stripped to bare studs. The seller accepted, but, at the last minute, the couple’s pre-approved mortgage fell through, and Letourneau’s mother had to co-sign on the loan. Since moving in on April 7, they’ve spent about $50,000 on renovations and found a tenant, who pays $1,300 per month. The buy
Ettridge Court (near Cawthra Road and Lakeshore Road East). Listed at $729,000, sold for $729,000. The main floor of this place was stodgy, and the couple figured they’d need to knock down a wall to open it up. They offered $720,000 via text. When they didn’t get a response, they bid the full asking price, but the owner had already accepted another offer. OPTION 2
Hedge Drive (near Cawthra Road and the Queensway East). Listed at $699,900, sold for $805,000. When Letourneau and Crisostimo saw this renovated, three-bedroom home, they were smitten. The pair bid $775,000, well below the eventual sale price. But there was a silver lining to losing: they wouldn’t have to pay to renovate the dated basement. OPTION 1