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Daniel Charron and Cathy Cazzetta are a Toronto couple whose tactics offer a good illustration of how to strategically move up the city's property ladder.

In 2007, Mr. Charron bought a Victorian semi-detached house at 307 Perth Ave. The owner was asking $299,000 in an area that was definitely considered a gritty slice of Parkdale. Mr. Charron paid $349,000 and moved into the main floor and basement. He rented out the upstairs.

"It was an up-and-coming area seven years ago," says Mr. Charron of the neighbourhood that has been rebranded as the Junction Triangle.

The area has become less

industrial after a paint manufacturer moved out and fashionable restaurants moved in. An old church is currently being turned into condo units at Perth and Wallace. And a new passenger station will provide access to the rail service that will run between Union Station and Toronto Pearson International Airport.

"Now that whole neighbourhood is going crazy," Mr. Charron says.

Last month he sold the circa 1880 semi for $796,000 after listing it for sale with an asking price of $728,000. His real estate agent, Sameer Ismail of ReMax Hallmark Realty Ltd., says the sale price set a record for that kind of dwelling in the area. The sale attracted three strong offers, including one from Saudi Arabia, says Mr. Charron. The couple who bought the house are expatriates returning from overseas.

Meanwhile – long before she met Mr. Charron – Ms. Cazzetta had made her own foray into a gentrifying neighbourhood when she bought a small house in Leslieville 10 years ago. The couple have been living there together and renting out the income property on Perth. But they have a daughter now so they started looking around for a property that would offer more space, a bigger backyard and parking.

They recently purchased a house near Royal York Road and Norseman Street in the west end.

"It was owned by a hoarder," Mr. Charron says. He figures the couple got lucky because the house didn't show well and needs a thorough renovation. Still, that didn't stop six people from tabling bids on the offer night. The group dropped down to three in a second round of bidding. Finally, Mr. Charron and Ms. Cazzetta prevailed with an offer of $860,000, which was $110,000 above the asking price.

Mr. Charron says the house is set in a cul-de-sac with a nice wide backyard that backs onto the school their daughter will attend.

The couple will use the proceeds from the sale of the house on Perth to pay for the reno, he adds. In the meantime, they'll live in Leslieville and may sell that house in the future.

Mr. Charron says the pair has been fortunate in that they separately gained toeholds in emerging areas several years ago. But now they can take advantage of their early resourcefulness.

"Unfortunately, you have to sell two houses to buy one in the city."

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