I moved out of my parent’s house quite late in life, as I was completing my education at U of T. After landing a tech-based job out of school, I still had a huge student loan to repay. I decided to live at home for 2 more years so that I could pay off my loan in full before moving out on my own. After moving; I rented and shared a lot of different accommodations, with many roommates, all across downtown Toronto.
When I met my then-girlfriend (we are now married), we decided to move in after almost a year of dating. My mom wanted me to stop renting and get into the real estate market as a first time home buyer, so she lent me some money for a down payment.
Being a first time home buyer I had no idea how purchasing a condo worked , so I called on my good friend Jake who was, and still is, a mortgage broker to get a referral from him. He referred me to a Toronto Realtor named Steve. Steve and I met with my wife Carey to assess our needs. Steve was quite helpful and definitely knew the condo market very well.
Our criteria was that the building must have a pool and a balcony that can house a couple of chairs to enjoy the fresh Toronto air (These became the least-used items in our condo of course). We eventually found the condo that matched our want and need list on Fort York Blvd. That street was quite different when I first moved there. There were only 2 condos including our own on that whole strip. Now, that same strip is home to a dozen condos. One other benefit of moving in to this condo was that a good friend of mine lived just a few floors lower. He too was a first time home buyer as he owned the condo with his girlfriend at the time.
I definitely needed guidance at that time and was really happy that I had the assistance of a knowledgable Toronto realtor. Steve knew which condo buildings to avoid and was always available to help me. Being a first time home buyer I didn’t understand the whole process and had a lot of questions. Steve really help to put my mind at ease as I entered into the Toronto real estate market.
That condo turned out to be an excellent investment. After selling it, we made over $100,000 which we were able to invest into a down payment for a townhouse. If I hadn’t listen to my mom (Thanks mom!) I would not be living in the house that we are enjoying today and likely We would still be renting. I’m definitely going to help my kids get into real estate when they are ready as I never want them to throw their money away to pay off someone else’s mortgage.