Real Estate

“We weren’t ready to move to the suburbs yet”: This couple paid $1 million for a Riverdale condo

  • Last Updated:
  • Jun 18th, 2021 11:31 am
[OP]
Deal Guru
User avatar
Sep 1, 2005
13337 posts
8030 upvotes
Markham

“We weren’t ready to move to the suburbs yet”: This couple paid $1 million for a Riverdale condo

Many articles about how are young ppl going to afford to buy a house/condo etc.

I saw this and decided to read it. Am I reading it correctly? They are both 27 y.o., they graduated in 2018. Lived together and were paying $3,000/mth in rent. They said they saved $35,000 due to COVID savings.

By my calcs a $1mil mortgage will run you $4000/mth in mortgage payments. Added to that they have utilities,property taxes etc. Do they have any safety net in case one of both lose their jobs?

Guess perhaps they got some money from parents?

https://torontolife.com/city/we-werent- ... ale-condo/
We're all bozos on the bus until we find a way to express ourselves...

Failure is always an option...just not the preferred one!
34 replies
Deal Addict
User avatar
Nov 30, 2005
1040 posts
429 upvotes
Ottawa, ON
They will need a 220k+ downpayment and with a combined income of 180k and no other debt, they would qualify for the 840k mortgage. Not impossible to do on their own but wouldve been hard saving that much especially if they were paying 3k in rent. Not sure how much student debt they had but I would guess significant if they went to a nice business school. All in all, good for them.
Sr. Member
Jan 28, 2017
874 posts
912 upvotes
Given their relatively young age and working years, excessive spending habits , and job titles don't exactly scream high paying (like banker, lawyer, management consulting), guessing they got a lot of help from outside.

35k saved in a year between 2 people isn't that much when you're sitting at home all year and working from your laptop.

Nonetheless, great for them to get into the RE game early.
Deal Addict
Jan 15, 2010
1193 posts
1396 upvotes
Toronto
Based on Linkedin that guy's job is sales, so depending on how he does he could be pulling in a large salary.
Deal Addict
Mar 2, 2017
1757 posts
3104 upvotes
Toronto/Markham
Parents, like most their age.

Unit looks pretty nice.
Realtor, Investor, CPA
Deal Fanatic
Mar 27, 2004
5575 posts
3455 upvotes
Toronto
Sales is where the money is, he can be making 6 figures.
Full-time Realtor
Deal Addict
User avatar
Oct 24, 2016
1068 posts
945 upvotes
ON
I guess those conduit pipes running on the walls is a thing now....that tells how much behind times I am.
Isn't it great to live in the 21st century where deleting history has become more important than making it.
Deal Addict
Mar 27, 2015
1488 posts
593 upvotes
Thornhill, ON
Those profiled should just come clean and admit that most of their home was financed via parents.
[OP]
Deal Guru
User avatar
Sep 1, 2005
13337 posts
8030 upvotes
Markham
icantfigureoutausername wrote: Those profiled should just come clean and admit that most of their home was financed via parents.
This is what I think as well. It's not full disclosure. $35k is not the down payment... Theres gotta be more.

Re "sales"job. That can disappear in nothing flat. Managers change all the time and they bring in their own ppl and you're out on your butt. I've dealt with many many business development managers over a long time in my business and they came and went.
We're all bozos on the bus until we find a way to express ourselves...

Failure is always an option...just not the preferred one!
Deal Addict
Oct 27, 2012
2485 posts
3994 upvotes
Toronto
I saw the unit in my search and it's nice. It was too much for just myself though.

Article is useless without knowing income. Saving $35K a year could be impressive, or not. More likely the latter if they have the income to support what could be a $800K mortgage. Couple years out of a good business school, the job titles sound fairly average.

Parental help is not uncommon in my age group. But there are couples in high 20s/low 30s I am close with that can support a 1.5-2M mortgage on their incomes alone. Don't underestimate how much some millennials make these days.
Deal Addict
Feb 4, 2010
4682 posts
3516 upvotes
Every article I have read from Toronto Life (courtesy of RFD) has been absolutely stupid - this one included. Just ridiculous...and they're in the picture grinning like fools lol. $35k isn't a "ton of money" lol
Sr. Member
Dec 5, 2009
625 posts
622 upvotes
Yup. It happens. I know of a few millennial couples that were deeply considering buying a house in the burbs. But then they decided they weren't ready to give up their foodie lifestyle, and ended up with 1.5m+ condos in the city.
Deal Guru
Feb 29, 2008
14630 posts
10868 upvotes
Alpine84 wrote: Yup. It happens. I know of a few millennial couples that were deeply considering buying a house in the burbs. But then they decided they weren't ready to give up their foodie lifestyle, and ended up with 1.5m+ condos in the city.
Yea. Gotta be mentally prepared to move to the burbs. It is QUIET past 8PM. Like, eerily quiet.
Deal Addict
Mar 27, 2015
1488 posts
593 upvotes
Thornhill, ON
I don't get the benefit to these couples that apply for and are profiled in the stories. Are they paid (doubt it). Who wants everyone/strangers/coworkers to know all your business, they're advertising to the world where they live, how much money they have, etc. It doesn't seem like a very safe thing to do. I guess they want the attention or to market themselves for job prospects, maybe? Nowadays younger people seem to have thus urge to advertise everything and anything about themselves but this is just so invasive.
Sr. Member
Jan 28, 2017
874 posts
912 upvotes
icantfigureoutausername wrote: I don't get the benefit to these couples that apply for and are profiled in the stories. Are they paid (doubt it). Who wants everyone/strangers/coworkers to know all your business, they're advertising to the world where they live, how much money they have, etc. It doesn't seem like a very safe thing to do. I guess they want the attention or to market themselves for job prospects, maybe? Nowadays younger people seem to have thus urge to advertise everything and anything about themselves but this is just so invasive. Maybe its all about the attention they get from it.
lol, same thoughts here. Unless you own a business and it gets profiled (like a new hip coffee shop or something), I don't know why any salary-dependant person would want to be written up like this. They list your full name and the exact purchase price/neighbourhood. Very easy to find out your identity and full address with that info.
Deal Addict
Mar 2, 2017
1757 posts
3104 upvotes
Toronto/Markham
They probably needed an appropriate magazine spread for their rustic coffee table for when they have people over. Next stop, blogto
Realtor, Investor, CPA
Deal Addict
Sep 30, 2011
1842 posts
503 upvotes
MISSISSAUGA
gr8dlr wrote: Many articles about how are young ppl going to afford to buy a house/condo etc.

I saw this and decided to read it. Am I reading it correctly? They are both 27 y.o., they graduated in 2018. Lived together and were paying $3,000/mth in rent. They said they saved $35,000 due to COVID savings.

By my calcs a $1mil mortgage will run you $4000/mth in mortgage payments. Added to that they have utilities,property taxes etc. Do they have any safety net in case one of both lose their jobs?

Guess perhaps they got some money from parents?

https://torontolife.com/city/we-werent- ... ale-condo/
I will never pay million for condo for so called city life in Toronto, Queens and Broadway. I really doubt city Toronto is a vibrant city at all, its ancient city infrastructure stink, to the best maybe a couple of nice restaurant at best.
<No political content in signatures>
Sr. Member
Jun 18, 2020
691 posts
566 upvotes
napoleonbot wrote: I will never pay million for condo for so called city life in Toronto, Queens and Broadway. I really doubt city Toronto is a vibrant city at all, its ancient city infrastructure stink, to the best maybe a couple of nice restaurant at best.
So true, clearly their inability to attract people to come and live there is proof.

Must be sad to try and sell a home there, with nothing to offer, open houses must be pretty quiet affairs.
Deal Addict
Jan 13, 2014
1743 posts
694 upvotes
Calgary
And here I am with a combined income of 150k, mortgage of 300k and 1400 a month with basement rental income of 950 thought my payment was high. How can someone afford 3k in rent/mortgage with minimum safety net is beyond me.

Top