Illustration by Diana Bolton
Melissa, 41, closed on her first home last May: A one-bedroom-plus-den condo in downtown Toronto for $520,000.
The roughly 700-square-foot unit ticked off most of her essentials: Enough space, a central location, and a price that felt manageable after years of renting and savings. It wasn’t brand new and needed some renovations, but that was part of the appeal.
“I found this place where it wasn’t a shoebox. It was within a reasonable price range. I was going to take that jump,” she said.
She put down 20 per cent – $104,000 – and secured a three-year fixed-rate mortgage at 4.29 per cent.
But getting to that point took years. After a decade of working overseas, changing fields, going back to school and starting over, Melissa said she had only recently reached a point in her career where her income felt steady enough to support home ownership.
As a senior manager in HR technology earning about $135,000 a year, she finally felt she could carry the monthly costs of owning as a single buyer.
“Every time I graduated or got into the workforce, there was always a recession,” she said. “It was a constant struggle to even get a decent job.”
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Without financial help from family, she had to build her down payment herself. She steadily saved in a mix of accounts, including a TFSA and FHSA managed by her financial advisor, which she later drew on for her home purchase.
Melissa didn’t set a fixed amount she had to save each month, but she always aimed to have a cash cushion on hand and invested any money above that threshold.
Over time, the approach paid off, though it wasn’t until her early 30s, when her portfolio reached roughly $50,000, that she said she began to notice meaningful growth.
By 2025, Toronto’s condo market had cooled. According to a REMAX report, the average condo price in the Greater Toronto Area fell 5.1 per cent to $691,308 that year, down from $728,350 in 2024. Sales slumped at the same time as a surge of newly completed units hit the market, sending inventory levels to record highs.
Melissa saw an unexpected opening and seized the opportunity. “The market was a buyer’s market,” she said.
Opinion: I want a home, not an investment
For Melissa, the combination of a more affordable entry point and her own financial readiness made a condo purchase feel possible, even if it was still intimidating.
“I was very, very reluctant to take that step because it is an extra amount of stress on my finances,” she said.
Until then, renting had worked in her favour. She shared a two-bedroom apartment near Toronto’s Distillery District with a roommate, paying about $1,375 a month for her share, excluding utilities. The landlord had not raised the rent, making it difficult to leave such a good arrangement.
But after years of shared living, Melissa was ready for a place of her own.
Buying alone meant being cautious. As the sole income earner, she wanted an emergency fund in place before moving forward. Her goal was to keep about $10,000 accessible, enough to cover roughly two to three months of expenses.
Looking back, she credits patience as a major reason home ownership became possible. Had she rushed into the market earlier, she believes she likely would have paid a higher price for a similar unit and taken on greater financial risk without the same level of career security.
“I think I needed that patience,” she said. “If I had to try and rush myself three or four years before, it would have been bad.”
Now, with a 30-year mortgage ahead of her, Melissa sees the condo not just as a home, but as a way to build equity and create more options down the road. She expects to live in the unit for at least 20 years, though she also sees the condo as an asset that could help her eventually move up the property ladder if her life circumstances change.
Costs:
Purchase price: $520,000
Down payment: 20 per cent
Condo status certificate: $200
Movers: $400-$500
Mortgage: $984.75 biweekly
Home insurance: $600 annually
Repairs: Redid the floor, lights, paint, bathroom and kitchen, and built in a library nook: $55,000-$60,000
Condo fees: $613 per month (includes water and electricity)
Advice: Be ready to play the long game. It’s nice to have a home you own, but so much depends on factors such as mortgage rates, the economy and your job.
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.
