Toronto home of Yvonne Crezel. The owner of YCC Design Interiors downsized to the basement of her own Beaches home and is renting out the top floors.Larry Arnal/Larry Arnal
In the course of transforming her dark, low-ceilinged basement into a vibrant, airy income suite, Yvonne Crezel had a novel thought: Why not rent out the main space in her four-bedroom home in Toronto’s Beaches neighbourhood instead and downsize to her own basement? Ms. Crezel, owner of YCC Design Interiors, had already poured her creative energy into the renovation, the children were launched and her home of 26 years had way more space than she needed. “It was too much house for me.”
While it is rare for downsizing homeowners to build basement apartments for themselves, real estate agent Sabrina Cameron of The Richards Group sees it as a smart financial move on Ms. Crezel’s part. Renting out the upper levels of the big house (with parking) two blocks from Lake Ontario would generate roughly double the income of the two-bedroom designer suite downstairs where Ms. Crezel now resides. Ms. Cameron managed the listing and vetted prospective tenants – there was a lot of interest, given the short supply of good quality family homes for lease.
The arrangement allows Ms. Crezel to stay put – “this is my home, this is where my friends are, this is where my work is” – while increasing the property value and maximizing the income potential of her property. “The house is my retirement plan,” Ms. Crezel said in an interview.
Toronto home of Yvonne Crezel. The owner of YCC Design Interiors downsized to the basement of her own Beaches home and is renting out the top floors.Larry Arnal/Larry Arnal
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Ms. Crezel loves the spectacular new living space, which she designed herself. The challenge was to avoid “the stereotypical basement vibe” and make the most efficient use of space. Contractors lowered the basement floor, which increased the ceiling height to more than eight feet. Two large windows at either end of the unit and the front-door pane let in ample sunlight, supplemented by multiple sources of artificial light. A floor-to-ceiling mirror in the front room amplifies and reflects the natural light, artwork conceals an electrical panel and a Murphy bed stored vertically against the wall in the combined office/second bedroom creates guest space “so I can still house my kids when they come home.” The bulky old furnace and water tank were replaced with a compact unit that fits in a small storage area, with space to spare for Christmas decorations and suitcases.
The open-concept living, dining and kitchen area is roomy enough that she can entertain up to eight people for dinner. “I wanted it to be cozy.”
Ms. Crezel drew the plans, which an architect took, with slight alterations, through the building permit process. She hired Toronto contracting firm Silverbirch Builds to manage the project and line up the trades. They broke ground on Jan. 22, 2024, and Ms. Crezel was in her new place by Aug. 15. She knew Silverbirch to be solid and reliable, having worked with the firm on YCC Design Interiors’ residential and commercial projects for the past four years. “They make me look good,” says Ms. Crezel, whose work has been featured in national magazines Canadian Home Trends and Reno+Decor. YCC Design Interiors has planned and styled kitchen extensions, a farmhouse renovation, a wheelchair-accessible bathroom and a third-floor retreat, among other projects. “This was my first basement.” And every visitor, so far, has marvelled at how it doesn’t look or feel like a basement.
When it occurred to Ms. Crezel that she might live there herself and rent out the rest of the house, she sought advice from Ms. Cameron, a downsizing specialist. She fastidiously decluttered – to the delight of passersby who found all manner of treasures on the curb outside the house. It took only three weeks to select the furnishings and décor she wanted for her new home. “I was on fire,” says Ms. Crezel. The upstairs was rented fully furnished.
'The house is my retirement plan,' Ms. Crezel said in an interview.Larry Arnal/Larry Arnal
It’s an innovative concept, Ms. Cameron says. While it is rare for homeowners to downsize to their own basements, “Yvonne has been very strategic financially by doing this.” The house is her greatest asset, she plans to hold on to it, but doesn’t need all that space. And there is consistent rental demand for higher-end family homes, especially from people who have been relocated to Toronto by their employers for terms of two or three years, she adds. At the upper scale, rents for desirable family homes could run in the range of $5,000 to $6,000 or more.
Ms. Cameron says most of her downsizing clients leave their homes and move on, for varying reasons: They prefer the easier upkeep of a condominium, they want to cash out and do more with their money, they’re moving into their cottages or they are relocating to smaller cities to be closer to children and grandchildren who can’t afford Toronto housing prices.
Homeowners who opt to create income suites typically rent out their basements, and there is growing interest in laneway suites and garden suites, which are self-contained structures on the homeowner’s land. Ms. Crezel is considering the possibility of building a garden suite down the road as part of her long-term financial plan.
Ms. Crezel’s new downstairs apartment is gorgeous, says Ms. Cameron. “Hers is quite large, it’s the same size as a nice condo.”
And there’s peace of mind in having great tenants upstairs looking after the property, Ms. Cameron adds. “You can lock the door, go to Italy for a month and know your home is in good hands.”