The reality of Toronto is such that one can hardly save up or have enough money to buy their own home without the financial help of a parent or relative who is well-off. Sarah Larbi, a sales manager has gone against the movement and stood out as an exception by buying six houses (five of which she is renting out in Brantford) plus her home that she purchased some time back in Oakville.
The two types of people in Toronto housing market, are those who do not have a home and hoping that a crash will happen and those who have their home in this city and afraid or doubtful of a crash happening. Those in the first group have a tangible reason to be happy about a housing crash happening. Without a crash, anyone can buy a home without having a family member chip in any financial help. Based on a study done by Canada Mortgage and Housing corp., one in five first-time homebuyers are assisted by their relative to pay for their down payment.
For instance, someone like Sarah who is a Toronto native has six houses with her common-law spouse, five of the houses are rented out, while she lives with her partner in Oakville. Sarah has been saving up for many years to have this residential empire build up to this. Sarah had no help whatsoever from relatives when she purchased her house in Oakville. She saves 50 per cent of the income that she got from her job as a sales manager for mainly food and Beverage Companies.
For most people, Toronto isn’t a sensible option for them, as it wasn’t for Sarah. The City is becoming the ideal place for young people to pass time in, but move away when it’s time for them to develop, because of the high prices of houses in the area. The ideal way is to invest in cheaper houses in other areas, apart from Toronto, you can later on use the equity to purchase something later in Toronto.