I was staying in this place for two months. Therefore, I'm sure my feedback is valuable.
First of all, the basement is very spacious, much larger than I expected. It is not "brand new", but fully equipped and functional, including such important elements as a washer, drier, iron and vacuum. Internet and TV are beyond all praise - not a single time I had problems. The basement has a separate entrance, which is useful for extremely shy people like me. That separate entrance has its small "side yard", which I fully considered as "my sovereign territory": aloof from the world outside.
The house stays in a calm and friendly neighborhood. It is definitely not suitable for loud celebrations at night. During my long stay I never heard a sound of a car -- so quite it is and so slowly cars move on the street. As a result, you can definitely plan walks in whereabouts at evenings listening to an audiobook, as I did. There are also a couple of local parks/playgrounds very closely (5 minutes on foot) -- the kids will be happy.
Subway station is 15 minutes away, by walking -- a little bit too far. But, you know, at least there is a subway station! Bus system in Toronto also works well, but... it is much better to have a "train option" in your pocket while consuming beer somewhere in downtown late in the evening. For those who has a car the problem doesn't exist at all - parking is available.
The closest grocery store is nearby the subway station: not a convenient option if you stay for a long time without a car. That's why I always ordered groceries remotely (in Walmart) and only went to a real store for small snacks.
Also, you will not have any problems with the host: Gooni. He is very friendly and always on the line. Absolutely the same about the neighbors on top of the basement, if not to say more.
I would definitely recommend this place and this host to you. Enjoy!