Downsizing to an upgraded basement

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.