Illustration by Diana Bolton
Maria, 28, and her husband were content to spend a few more years renting in Etobicoke before getting serious about buying a home. But in late 2025, after months of casually looking at listings and submitting what she called “spraying and praying” offers, basically throwing out offers to see what would stick – something did.
The couple found a freehold townhouse in Etobicoke for $910,000. They closed in December and moved in before Christmas.
The second half of 2025 was packed with major life changes: Maria and her husband got married, bought their first home and found out they were expecting a baby. “It all happened within like six months of each other,” she said.
Together, Maria and her husband earn between $170,000 to $200,000 annually. They combined their savings for the down payment, contributing “whatever we had,” she said.
Both sets of parents also helped. Her husband’s family gave the couple a $10,000 gift, while Maria’s father, who served as the realtor on the deal, waived his $27,000 commission. He lent the couple another $50,000.
The couple ultimately put down about $260,000, or just over 28 per cent of the purchase price. Maria said she had been saving for about two years in a First Home Savings Account and tax-free savings account before buying. She kept her money in guaranteed investment certificates because she knew the goal was short-term.
“I just put everything into a GIC because I wasn’t willing to lose anything or bring any risk into the investments,” she said.
Before buying, the couple had been renting nearby in Etobicoke for $2,000 a month. They had considered buying in Orillia, 90 minutes north of Toronto, where Maria said they could have purchased “a massive, beautiful historical home” for far less money.
But proximity to family was important once they started thinking seriously about children. “My husband still has to physically go into the office sometimes and I really want to be close to my parents given that we’re starting a family,” she said.
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The townhouse they bought has three bedrooms plus a den and four bathrooms. Because it is a freehold property, they own both the building and the land it sits on, with complete freedom over the home’s exterior, interior and landscaping. Since they are responsible for all maintenance, the couple does not pay condo fees.
The couple initially chose a variable-rate mortgage at 3.69 per cent with one of the big banks because they believed rates might fall. But a few months ago, they converted it into a three-year fixed mortgage at 3.74 per cent to protect themselves from possible increases. Their monthly mortgage payment is about $3,000, and they have a 30-year amortization.
As a real estate lawyer, Maria was very aware of the extra costs of homeownership.
“It’s not just your down payment, it’s your closing costs,” she said. “If you put [all your savings] down as a down payment, then you still have to come up with the cash for the closing.”
The land transfer tax was especially expensive. Because the home is in Toronto, the only city in Ontario that charges an additional local levy, the couple had to pay both provincial and municipal land transfer taxes, totalling around $28,000. The couple qualified for the first-time homebuyer rebate, which reduced the amount by about $8,000.
Although Maria and her husband did not need to renovate the home before moving in, Maria said the financial adjustment after closing has been one of the hardest parts of homeownership so far.
“After closing, it was budgeting,” she said. “It was trying to figure out whose income is going to be paying for what.”
For now, the couple plans to stay in the townhouse for at least five or six years, or until they outgrow by having more children. Maria said having family nearby was worth paying Toronto prices.
Purchase price: $910,000
Down payment: $260,000 (28 per cent)
Legal fees: Under $400 because her office handled the closing. She said typical costs are closer to $2,000-$3,000.
Moving costs: Approximately $150-$200 for a U-Haul rental
Land transfer tax: $20,000
Admin fee: $113
Title insurance: $800
Mortgage: $3,000
Home insurance: $100
Utilities: $80 for gas and $90 for electricity
Repairs: None, the home was move-in ready
Property taxes: $5,500 annually
Maria’s advice: First-time buyers should prioritize saving, even if it means sacrificing spending in their 20s. If living with family is an option in your 20s, do it. “I think there’s absolutely zero shame” in living at home longer if it helps you save, she said.
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.
