I stayed at Tracy's basement studio apartment for a month over July, after first moving to Toronto on a budget - it was somewhere I could go after arriving at the airport, and where I could find my feet after first moving to the city. Compared to the other Airbnbs on offer it was one of the cheapest, and it was great value for money. I would definitely recommend it to other people in my situation.
The location is all in all very good, it is very close to the lakeside which is great, a 20 minute cycle to downtown, and reasonably close to other great Toronto spots like Kensington Market and Trinity Bellwoods. It is also really close to Roncesvalle Village and High Park - both lovely spots.
The flat itself is fairly basic but as I said before, it is great value for the price. Definitely recommend if you are moving or travelling on a strict budget.