Real Estate

What would you do?

  • Last Updated:
  • Jun 2nd, 2019 8:09 pm
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[OP]
Newbie
May 29, 2019
6 posts
5 upvotes

What would you do?

Hi RFD,

Wondering what i should do given the current markets real estate prices. I want to move out of my family place but don't think i have enough saved up yet.

- location - York Region
- annual salary ~70k
- current down payment ~180k
- max pre-approval : ~261k
- age - 31- live with parents - not paying rent
- relationship status - dating but shes broke and is not currently working full time

What would you do? I'd really like to stay in the GTA but thinking i may need to move to start a life.

Thanks for comments.
Last edited by anon45321 on May 30th, 2019 1:16 pm, edited 1 time in total.
32 replies
Deal Guru
Dec 11, 2008
10066 posts
1513 upvotes
Lavaris1 wrote: Buy a 2 BR 2 WR condo
Simple
For $440k? Where?

OP you need to decide on lifestyle. Basically stay at home or buy a home and be house poor.

Is your job mobile? Do you have to stay in GTA? How far is your commute to work and where do you want to live? Many people are willing to live somewhere just for a home but I d personally would not. It depends what you are willing to give up.

Buying and selling is expensive so whatever you do buy, you need to be willing to hold onto that home for a while.
Member
Sep 16, 2017
345 posts
234 upvotes
anon45321 wrote: Hi RFD,

Wondering what i should do given the current markets real estate prices. I want to move out of my family place but don't think i have enough saved up yet.

- location - York Region
- annual salary ~70k
- current down payment ~180k
- max pre-approval : ~261k
- age - 31- live with parents - not paying rent
- relationship status - dating but shes broke and inst currently working full time

What would you do? I'd really like to stay in the GTA but thinking i may need to move to start a life.

Thanks for comments.
before planning the biggest purchase in your life. take a step back and consider your relationship with your GF - i think that is more important than you wanting to leave your parents house.
Deal Addict
Jan 29, 2010
1043 posts
908 upvotes
Toronto
anon45321 wrote: Hi RFD,

Wondering what i should do given the current markets real estate prices. I want to move out of my family place but don't think i have enough saved up yet.

- location - York Region
- annual salary ~70k
- current down payment ~180k
- max pre-approval : ~261k
- age - 31- live with parents - not paying rent
- relationship status - dating but shes broke and inst currently working full time

What would you do? I'd really like to stay in the GTA but thinking i may need to move to start a life.

Thanks for comments.
Sorry, what's "inst"? I think you're saying she works full time, meaning she can contribute to the house too? In that case, consider how likely you and your girlfriend will be a long term thing.
[OP]
Newbie
May 29, 2019
6 posts
5 upvotes
jillaryit wrote: Sorry, what's "inst"? I think you're saying she works full time, meaning she can contribute to the house too? In that case, consider how likely you and your girlfriend will be a long term thing.
sorry "is not" working full time... she makes at best 300 to 600/month but has no savings. I'm not trying to bring her down i'm just saying I cant see combining our assets helping the situation much.
Deal Addict
Jan 29, 2010
1043 posts
908 upvotes
Toronto
anon45321 wrote: sorry "is not" working full time... she makes at best 300 to 600/month but has no savings. I'm not trying to bring her down i'm just saying I cant see combining our assets helping the situation much.
But full time minimum wage makes 1600 before tax. I'm always an advocate of both working. It's hard for one to be the sole breadwinner nowadays- $70k is not enough to be sole breadwinner.
[OP]
Newbie
May 29, 2019
6 posts
5 upvotes
yea im aware...

she has a good job but just not working to her full potential yet. Its a new relationship too so im not sure.

In any case, I think based on this thread.... im screwed.

My real options are
1) to move away
2) get older at my parents and save more money in a market that will likely only cost more in future
Member
Sep 16, 2017
345 posts
234 upvotes
anon45321 wrote: yea im aware...

she has a good job but just not working to her full potential yet. Its a new relationship too so im not sure.

In any case, I think based on this thread.... im screwed.

My real options are
1) to move away
2) get older at my parents and save more money in a market that will likely only cost more in future
moving away isnt ab ad choice. have you looked at being able to do your job in another city around the gta where it is cheaper to live? i.e waterloo, cambridge, brantford, london etc.

also, having a financially stable partner can help a lot more.
Deal Fanatic
Mar 27, 2004
5114 posts
3147 upvotes
Toronto
Get a condo in scarborough, like around STC. or even the tridels at 401 kennedy.
Full-time Realtor
Member
Jul 25, 2008
400 posts
274 upvotes
ottawa
move to Ottawa, seriously.

if you're making 70k in the GTA, you can probably make it in Ottawa too.
Your downpayment and salary is enough for a 2b2ba anywhere downtown or a townhouse in the burbs.
You can take the train or bus or drive back to Toronto on Friday nights if you want. Car insurance is significantly cheaper here too. $275 roundtrip takes you Downtown to Downtown in ~2hours flying Porter if you need to make dinner reservations on a Friday night.
Sr. Member
Jun 7, 2017
958 posts
711 upvotes
BC
This will hurt to hear I bet, but here it is: Grow up, move out, RENT, ditch GF and find someone with resources and ambition, start your adult life.

On the GF issue, is somebody broke and not really working in their early 30s really a good long-term partner and potential mother? She sounds like a slacker.

(Flame suit on)
Deal Addict
Jan 29, 2010
1043 posts
908 upvotes
Toronto
Furcorn wrote: This will hurt to hear I bet, but here it is: Grow up, move out, RENT, ditch GF and find someone with resources and ambition, start your adult life.

On the GF issue, is somebody broke and not really working in their early 30s really a good long-term partner and potential mother? She sounds like a slacker.

(Flame suit on)
I agree. I can't imagine having to be the sole person pulling all the weights in a relationship financially in GTA and being happy. Having a significant other with similar earning ability is important to me as I always emphasize fairness in a relationship, at least on material items (eg. housing). I can pay for all the meals in the world, but when it comes to mortgage, I need spousal support to have the life I want.

If her ability prevents her from earning as high as me, I need to see that she tried her best (or at least as much as I do). Obviously if babies are involved, her best is enough. If she slacks and is a freerider (which seems to be kinda what OP is suggesting), I can't accept that and don't believe the relationship will work.
Sr. Member
Jun 7, 2017
958 posts
711 upvotes
BC
jillaryit wrote: I agree. I can't imagine having to be the sole person pulling all the weights in a relationship financially in GTA and being happy. Having a significant other with similar earning ability is important to me as I always emphasize fairness in a relationship, at least on material items (eg. housing). I can pay for all the meals in the world, but when it comes to mortgage, I need spousal support to have the life I want.

If her ability prevents her from earning as high as me, I need to see that she tried her best (or at least as much as I do). Obviously if babies are involved, her best is enough.
That makes no sense. What if someone's best is crap? Maybe you are from the participation medal generation.
Deal Addict
Jan 29, 2010
1043 posts
908 upvotes
Toronto
Furcorn wrote: That makes no sense. What if someone's best is crap? Maybe you are from the participation medal generation.
If her best is crap, I think we never would've been together in the first place.
Deal Guru
User avatar
Mar 23, 2008
11907 posts
8172 upvotes
Edmonton
Is finding a sugar momma out of the question?

Seriously, there’s lots of places in Canada where your situation wouldn’t be as bad as the GTA. In fact, almost anywhere BUT the GTA and GVA would qualify.

C
Deal Addict
Jan 1, 2017
1340 posts
1178 upvotes
OP, why not get a one bedroom condo in Mississauga or Vaughan? Should be able to get one in your price range.
Member
Jun 30, 2009
308 posts
151 upvotes
Furcorn wrote: This will hurt to hear I bet, but here it is: Grow up, move out, RENT, ditch GF and find someone with resources and ambition, start your adult life.

On the GF issue, is somebody broke and not really working in their early 30s really a good long-term partner and potential mother? She sounds like a slacker.

(Flame suit on)
Hold on a sec. OP needs to provide more details. Is there potential in her making more and how much more. The girl who dumped one of the founders of google has been kicking herself for over a decade because a lot of people thought google would go nowhere.
Deal Addict
Jan 13, 2014
1668 posts
595 upvotes
Calgary
Furcorn wrote: This will hurt to hear I bet, but here it is: Grow up, move out, RENT, ditch GF and find someone with resources and ambition, start your adult life.

On the GF issue, is somebody broke and not really working in their early 30s really a good long-term partner and potential mother? She sounds like a slacker.

(Flame suit on)
Hey man, do you mind if i take you on as a mentor?

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