The Chase: a growing family discovers that landing a home in Roncesvalles doesn’t come cheap
The Buyers: JJ Thompson, a 33-year-old photographer, and Paula Thompson, a 37-year-old interior decorator.
The Story: The Thompsons had been living in a one-bedroom loft on Queen West since 2008. When they started thinking about having another kid, they decided it was time for a proper family home—ideally a four-bedroom, with a garden, that was close to downtown and some green space. Roncesvalles checked all their boxes: a high concentration of young families, strolling distance to leafy High Park and a burgeoning commercial strip. “It’s as cool as a child-friendly area can get,” JJ says. A lot of families seemed to have the same idea. The Thompsons thought $800,000 would net them a place that fit their needs, but soon realized they’d have to spend well over a million to get what they wanted. A few months into their search, they found out Paula was pregnant, adding urgency to the endeavor. After looking at more than 30 homes over the course of a year, the Thompsons finally found The One.
OPTION 1
Wright Avenue (at Parkside). Listed at $998,000, sold for $1,209,800.
The home met all their needs on a technical level, but JJ wasn’t thrilled. It didn’t have the wow factor he thought a million-dollar home should have. Still, they decided to bid $1.15 million, hoping to scare off possible competition. A five-way bidding war quickly ensued, and within a few hours the house was up to almost $200,000 over asking. They figured it wasn’t worth it and pulled out.
OPTION 2
High Park Gardens (at Parkside). Listed at $1,329,000, sold for $1,832,000.
The six-bedroom, two-and-a-half-storey house was massive. But it needed updates—there was a lot of old carpeting and a missing banister—which the Thompsons hoped would intimidate other bidders. It didn’t. Before the couple even made an offer, there were already four others, so they decided not to bid. When they later heard the sale price, they were glad they hadn’t.
THE BUY
High Park Boulevard (at Roncesvalles). Listed at $1,489,900. Re-listed at $1,399,900. Sold for $1,350,000.
After losing the Wright Avenue bidding war, JJ checked out some of the houses that were outside their price range just to get a better sense of the market. He loved this grand five-bedroom house instantly. “I’m quite vain,” he says, “and this was a house you could really be proud to show people.” The couple decided to offer $1.31 million, but the owners balked and pulled the listing. A few months later, the house was re-listed. Knowing it had been on the market for a while, the Thompsons thought they might have an edge and were eager to try negotiating again. Their bid of $1,350,000 was accepted. They’re thrilled to have found a new house before the baby arrives.
![](http://www.facebook.com/sharer.php?u=https://torontolife.com/real-estate/the-chase-roncesvalles-home/&title=The Chase: a growing family discovers that landing a home in Roncesvalles doesn’t come cheap&picture=https://torontolife.com/wp-content/uploads/2012/07/jul12TheChaseBuyer.jpg&description=By Monika Warzecha
[caption id="attachment_154013" align="alignright" width="200" caption="(Image: Liam Mogan)"][/caption]
The Buyers: JJ Thompson, a 33-year-old photographer, and Paula Thompson, a 37-year-old interior decorator.
The Story: The Thompsons had been living in a one-bedroom loft on Queen West since 2008. When they started thinking about having another kid, they decided it was time for a proper family home—ideally a four-bedroom, with a garden, that was close to downtown and some green space. Roncesvalles checked all their boxes: a high concentration of young families, strolling distance to leafy High Park and a burgeoning commercial strip. “It’s as cool as a child-friendly area can get,” JJ says. A lot of families seemed to have the same idea. The Thompsons thought $800,000 would net them a place that fit their needs, but soon realized they’d have to spend well over a million to get what they wanted. A few months into their search, they found out Paula was pregnant, adding urgency to the endeavor. After looking at more than 30 homes over the course of a year, the Thompsons finally found The One.
OPTION 1
Wright Avenue (at Parkside). Listed at $998,000, sold for $1,209,800.
The home met all their needs on a technical level, but JJ wasn’t thrilled. It didn’t have the wow factor he thought a million-dollar home should have. Still, they decided to bid $1.15 million, hoping to scare off possible competition. A five-way bidding war quickly ensued, and within a few hours the house was up to almost $200,000 over asking. They figured it wasn’t worth it and pulled out.
OPTION 2
High Park Gardens (at Parkside). Listed at $1,329,000, sold for $1,832,000.
The six-bedroom, two-and-a-half-storey house was massive. But it needed updates—there was a lot of old carpeting and a missing banister—which the Thompsons hoped would intimidate other bidders. It didn’t. Before the couple even made an offer, there were already four others, so they decided not to bid. When they later heard the sale price, they were glad they hadn’t.
THE BUY
High Park Boulevard (at Roncesvalles). Listed at $1,489,900. Re-listed at $1,399,900. Sold for $1,350,000.
After losing the Wright Avenue bidding war, JJ checked out some of the houses that were outside their price range just to get a better sense of the market. He loved this grand five-bedroom house instantly. “I’m quite vain,” he says, “and this was a house you could really be proud to show people.” The couple decided to offer $1.31 million, but the owners balked and pulled the listing. A few months later, the house was re-listed. Knowing it had been on the market for a while, the Thompsons thought they might have an edge and were eager to try negotiating again. Their bid of $1,350,000 was accepted. They’re thrilled to have found a new house before the baby arrives.){kind=link}
They must have a seriously massive mortgage. They also don’t appear to have much prudent financial sense if they looked to spend $800,000 but ended up spending $550,000 more. Yikes.
Ellen, DWL! I thought the same or maybe that bank called THE PARENTS gave them some cash. But what I like about this is, keep looking! Nearby too. DOnt let some pushy vendor who know their home is not worth 25% over asking or some Realtor who only sees more $$ in commission make you go crazily overbid! Wish I could see the inside and more of this house.
i’m glad that photography and interior decorating pay so much….my roncesvalles nabe doesn’t come cheap anymore. they might have looked a bit north into the junction for better dollar value while remaining close to high park and a bit further of a walk to the coffee shops.
I really wish that the Chase would feature property searches that more people can relate to. I don’t know anyone who can stretch from $800 to $1.35M just to buy a house that flatters their vanity.
I too was curious how an interior decorator and a photographer can afford such an expensive home. It reminds me of those people who live in my neighborhood (Rosedale), who scrape enough money to buy a house (with the help of a huge mortgage) and have not a penny left to undertake the ongoing maintenance work needed on a large house. Let’s hope this couple is not like that.
Agreeing that there is probably some family money at work here, because how easy it is to get approved for an additional $550,000???. Its hard to believe that a photographer and interior decorator is raking in that kind of money on their own. “I’m quite vain” he says. Better start taking more pictures.
Trustafarian hipsters with accessory babies. Roncey, meet your new rulers.
Wow, I hope the kids like paying off their parents’ mortgage! This is who you are competing with in the housing market. I am sure that a photographer / interior designer couple know where interest rates are going……….. YEAAHHHHH OKAAYYYY
He’s a fashion photographer. they make a sh*t ton of cash!
@Karina, they actually featured a REASONABLE COUPLE a few months ago. I was shocked. http://www.torontolife.com/daily/informer/from-print-edition-informer/2012/05/16/the-chase-west-end-entertainment/
Great looking house and like it this is a reasonable price for a massive centre hall in a good downtown area. This house in Lawrence Park, Moore Park, Leaside etc. would be way more expensive!
Now, as for the couple. I can only assume it is family money – there is no other explanation. Maybe he is a Thompson, Thompson?
Either way – it is tough to be sympathetic to these folks when he says he is vain and just bought a $1.35M house! It does not come across as likeable – but that quote could have been taken out of context (likely!).
However, don’t blame these people for being privileged – but maybe Toronto Life could be a bit more diverse in their profiles…
YAAAAAWWWWWN.
Trendy hipsters move in as the old Poles die or move out. Such a shame.
Given all the youngish people in the GTA buying homes for $1M+ (that they can only afford by taking on massive mortgages they’ll struggle to pay off over 25 years or more), I doubt I’ll ever be able to afford a house in Roncesvalles or any other similar neighbourhood. For this much cash, you’d think these houses were in Rosedale or on The Bridle Path!
Perhaps Toronto Life should check its facts before publishing misinformation both online and in print. First off, how is it fair that our HOME appears in this publication without permission or due warning? We purchased the Wright Street house featured above. The Thompsons did not walk away from a five-way bidding war. In fact, we spent 5 hours locked in a stressful two-way bidding war. A last offer was submitted and we beat them out by less than 1000 dollars. An accurate and certainly more interesting account of events.
@Caroline
Toronto Life or anyone for that matter can discuss the sale of a house – it is public record – it is also legal to show an exterior photo of your house, no permission needed.
I am not saying I would have liked to be in your situation – perhaps it is distasteful – but it is all above board.
insanity.
Toronto Life really should mention where the funds come from, because this comes across as fiction. At the very least, what was the down payment, and what is the mortgage amount?
Unless these 2 are among the most successful in Canada in their given fields, or they have the “Bank of Mom and Dad” funding, this is either financial suicide or someone made up the whole thing.
All the article says is that they hoped they could get what they were looking for at $800k.
From that, the savvy Toronto Life readership deduces that they’re trust-fund babies who’ve maxed out their equity and buying power to borrow half a million cash from their parents to overpay for a house that their paltry and unlucrative careers could never hope to pay for, leaving their two children destined to a life of poverty and shame.
Hey all you naive, envious renters: creative service professionals, like established interior designers and photographers, can charge $100-200/hour for their services and carry pretty much zero overhead. So they’re probably getting by, though I’m sure they appreciate your concern.
JST
$200/hr = just about $400k per year, and only if you actually work 40 hours/week… independents almost never have that type of consistent work week. Also, with 2 kids (or, at least 1.5 from that picture), it is highly unlikely that both are working full time.
While $400k should obviously be enough to carry even a $1M mortgage on a $1.35M home with today’s low rates, it would still be a very heavy debt burden.
You’re forgetting that there are two of them. $400k x 2 = more than enough to cover that mortgage comfortably.
There is no way both of them work 40+ hours/week @ $200/hr.
If that seems plausible to you, apparently I live on a different planet.
@Caroline
Get a life. BTW it’s Wright Avenue, not Wright Street. Are you sure you live there?
It’s all about keeping up with the Joneses. My God, I’m 33 and make $80K a year but no way would I pay that kind of money for a home. Haven’t we all learned that living beyond our means is running the world into the ground? Hello American economic crisis – we’re not far behind!
(Well, unless you have rich parents… then by all means…)
You are all a bunch of miserable losers.
Toronto Life publishes the same old profiles, designed to cater to those interested in keeping up with the Joneses. I am sure we all know people like that, the ones who just have to have something because they saw some celebrity with it in a magazine. There have been a number of other profiles featuring young couples buying expensive homes, ones that one would not think they would be able to afford based on occupation. So, parental help? Probably. Is that relevant enough to publish, I think so. The reason why is that the profiles state their occupation – if this is relevant, it is so because it give the reader an idea of what socioeconomic class the couple likely belongs to. When other relevant information is omitted, it does create a fiction of sorts. I am a lawyer, and familiar with hourly billing. Even $400 per hour does not translate into $400K per year, not even half that. You are not billing every minute of the work day, 5 days a week, 52 weeks a year! Wouldn’t it be much more interesting to feature some diversity in these profiles, say an immigrant couple buying their first condo in Crescent town? What Toronto Life publishes can be described as shallow, boring and vacant.
I hope they like eating kraft dinners. I love these young 30 something hipsters over extending themselves like this. They are too young to remember when interest rates were at 18%. When interest rates start to rise and they have to refinance the remaining $1.2 million dollars at higher rates that is when the smart buyers will swoop in to dig them out … of course for a lot less than what they originally paid.