Irena bought a one-bedroom-plus-den, two-bathroom Toronto condo in February, 2025.Fred Lum
In 2024, Irena moved back to Toronto from Newfoundland. At 40 years old, she had been running her own business for about eight years and was earning a six-figure income. Because her business operated across Canada, she had the flexibility to move around the country. Back in the city she grew up in, she decided to buy her first home.
But as a self-employed business owner and solo buyer, she didn’t have the qualifying income or enough savings to secure a favourable mortgage for even a one-bedroom condo in Toronto.
Rather than abandoning the idea, she changed how she paid herself.
“I actually had to give myself a raise as a business owner to be able to have two years of average income to qualify to even have a mortgage…” she said.
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That decision, paired with paying herself back the money she had previously loaned to her own business, helped Irena, now 42, purchase a one-bedroom-plus-den, two-bathroom downtown condo in February of 2025. She paid $532,000 for the nearly new unit, roughly $100,000 below what the previous owner had paid. She closed on Valentine’s Day.
“It was really sweet,” she said, “a Valentine to myself.”
When she first tried to buy, lenders offered her high mortgage rates because she didn’t meet income requirements. Self-employed borrowers are typically assessed using an average of two years of income – something she hadn’t anticipated.
To qualify, she increased her salary by about $30,000 and waited until she had the income history lenders required. Before applying again, she also paid off all of her outstanding credit card debt.
She ultimately secured a 3.85 per cent variable-rate mortgage, amortized over 30 years, through the big bank she’d been with since childhood. Because her income, investments and savings were in good shape, the approval process was relatively straightforward.
Irena had a $100,000 down payment for her condo. She built that up by contributing to a First Home Savings Account in both 2024 and 2025. She invested in a short-term bond before pulling the money out for closing. Looking back, she wishes she had opened the account much earlier.
“I wish I knew, as a young woman in Toronto, that it’s important to do this every year leading up to your first purchase,” she said. “None of my friends own property. We never thought to create that account when we were younger.”
But the largest portion of her down payment came from something unique to entrepreneurs. Over several years, Irena had repeatedly loaned money to her own company to help cover expenses such as payroll.
When the company was finally in a position to repay those loans, she withdrew roughly $70,000 and directed it toward her down payment.
“That’s what saved me,” she said. “I was able to afford a home finally by paying myself back for that loan.”
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For Irena, the purchase has been about more than having a place to live. She said homeownership opened the door to borrowing options she didn’t have as a renter.
Many home owners qualify for a home equity line of credit (HELOC), which allows them to borrow against the value of their home. Because the loan is secured by the property, HELOCs typically carry lower interest rates than unsecured lines of credit.
And she’s already put hers to use. She borrowed $100,000 through a HELOC to purchase a parking space in her building outright.
Before buying, Irena found business financing more expensive because she didn’t have an asset to leverage. “Having homeownership allows you to compete at the same level as other business people,” she said.
While growing up in Toronto, Irena never imagined herself buying a condo. But with detached homes priced in the millions, she focused on location and practicality with her purchase.
Her condo sits close to her work in a well-connected neighbourhood. Being in a newer building has also helped with her allergies, she says, and she appreciates the low maintenance.
She doesn’t expect this to be her forever home, but she sees it as an important financial asset that supports both her business and future flexibility.
Although Irena travels a lot for work, she says it’s reassuring to have “something that I own that’s my safe space and my sanctuary.”
Purchase details
Purchase price: $532,000
Down payment: $100,000
Furniture: Approximately $2,000
Monthly ongoing costs
Mortgage: $2,150
Home insurance: $47.82
Utilities: $80 – 120
Property taxes: $485.50
Condo fees: $540
Advice: “Save up in advance so that you can take full advantage of any tax credit.”
Some details may be changed to protect the privacy of the people profiled. Are you a first-time homeowner who would like to share their story? Send us an e-mail.
Are you a first-time homeowner who would like to share their story?
My First Home is a regular series in The Globe and Mail that looks at how buyers are entering the real estate market. Where are they saving and for how long? Are they getting family help? And where and what kind of homes are they buying? We’d like to hear from first time buyers from a diverse range of backgrounds, geographic locations, and housing situations.
If you’re a recent first-time buyer of a home in Canada and would like to participate, fill out the form below or send an email to Roma Luciw at [email protected]. Please include your name, age, email as well as where and when you bought, how much the home cost and how you made it happen. If you fit the profile, we could contact you for a profile and yes, you can remain anonymous.
