The realism of Toronto is so much that one can barely make savings or get enough money to buy their own home without any financial assistance from a parent or relative who is wealthy. Sales manager Sarah Larbi, has stood up against this notion and endeavored singularly as an exception, by purchasing six houses. Five of out of these she has rented out in Brantford plus the one she bought initially, a while ago in Oakville.
There two categories of people in Toronto housing market; first are those who do not have a home and hope a crash will ensue and second are those who have their homes in the city and terrified or doubtful of a crash happening. Those in the first group, have a concrete reason to be delighted about a housing crash happening. Without a crackdown, anyone can buy a home without having a family member chip in any financial aid.
Premised on the study done by Canada Mortgage and Housing corp., one in five first-time homebuyers are supported by their relatives to make a full down payment.
Take Sarah as an example, who is a Toronto native and has six houses with her common law spouse. Five of her houses are rented out, while she lives with her partner in Oakville. Sarah had been saving up for many years to have such a residential empire build to this stage. She received no aid of any kind from relatives when she purchased her house in Oakville. She made it a priority to save up to 50% from the income she accrues from her job as a sales manager, largely food and Beverage Companies.
For most people, Toronto is not a practical choice for them, as it was not for Sarah. The City is becoming the ideal place for young people to pass time in. Nonetheless, they move away when it is due for them to develop, based on the high prices of houses in the area. The best way is to invest in cheaper houses in other provinces, besides Toronto. One can always use the equity fund later on to purchase a home in Toronto.
J C Loum