by Shawn Lackie
As we work our way through life, we encounter a number of firsts. First kiss, first date, first job, marriage (some have more than one of these), first child (ditto), and so on. There are also firsts in the spending side of things. Quite probably the most important of these is your first house purchase, if you so decide.
We rented a number of places in different areas of Toronto to get a feel for what neighbourhood might be best to live in. The first home we bought was in a fairly run-down section of town.
Now trendily called Leslieville (this was pre-gentrification) it was once just the neighbourhood of The Canada Metal Company on Eastern Avenue. That and the huge Post Office sorting centre. Other than that it was just a whole bunch of century homes, some in much better condition than others. But to us, it was home sweet home.
It was a narrow and long lot (17' by 110') but it was a 2 1/2 story four bedroom semi-detached home which needed a LOT of work. Back in the day, that’s what you did. Buy a place which needed work and you improved it, so if you did want to sell you would build some equity. And that we did.
Yes, believe it or not, there were multiple offers back in the 80s. When we decided to sell the home four years after we bought it. We had three offers and sold it for over twice what we paid for it. Then we rode the equity wave out to Whitby.
Back then you could buy low and sell high if you were smart about it. Much tougher to do that these days. Any reclamation projects usually get snapped up by flippers who have excess cash so there’s not much left for the first-time shoppers. If you are smart and keep your eyes open and are ready to pounce, opportunities do come available.
I recently helped my niece and her now-husband buy in Port Perry. They found a place which suited their needs and didn’t hesitate. The listing agent was a pleasure to work with and they were the successful bid in a multi-offer situation (five in total).
They were beyond happy and rightfully so. They bought in an area where they wanted to live. The home was in immaculate condition and it was within their budget guidelines. That pretty much sealed the deal.
So now they are off and running and totally “in the game.” It’s a little harder to get there these days for first-timers but it can be done. Work with a diligent agent and keep your eyes open. Good things are bound to happen for you.
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