Illustration by Diana Bolton
In August of 2023, at the age 27, Mona and her then-partner purchased a three-bedroom, two-bathroom duplex in Toronto’s west end for $1.25-million.
They’d been together five years and envisioned eventually turning the property into their family home. But plans changed when they broke up a year later.
Today, Mona works in commercial real estate and earns around $135,000 a year. She lives in one of the duplex’s units alone, managing its expenses, renovations and upstairs tenants, while still sharing ownership with her ex.
She describes it as “the hardest thing I’ve ever gone through in my life.”
From when she arrived in Canada, Mona longed for a stable home, so she worked multiple jobs while studying and after graduation, sometimes six days a week. By 21, she had saved close to $14,000.
In 2021, Mona and her then-partner moved into a North York condo owned by his mother, where they paid $1,600 a month in rent between them. This helped them build a down payment.
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When they began house hunting, they initially considered condos, but Mona, who has a real estate licence, was concerned about maintenance fees. She wanted a freehold property that could eventually become their family home. And after viewing more than 50 places, they found a house in Etobicoke where both units in the duplex were tenanted.
The two rentals were a big reason that made the purchase possible. At the time, Mona was making $60,000 annually while her then-partner earned close to $80,000. Because lenders consider rental income when assessing mortgage applications, the couple qualified to borrow more than they otherwise could.
Mona also acted as the purchasing agent, forgoing her commission and effectively reducing the $1.29-million selling price by $40,000, to $1.25-million.
They made a 20-per-cent down payment, splitting it down the middle. Mona withdrew her years of savings and investment, including $10,000 from her RRSP. With closing costs, the two spent almost $300,000.
The couple secured a three-year fixed-rate mortgage at 4.89 per cent, amortized over 30 years. Their monthly payments were $5,260 a month and although the rent didn’t cover everything, it made things more manageable. Despite making additional payments, they’ve paid down just $65,500 in principal over three years. Refinancing in June, lowered their monthly payments to $4,800.
The purchase wiped out their savings. Mona said they couldn’t afford to move in, so they stayed in the condo while tenants occupied both units of the duplex. They hoped to save enough to renovate the property – but their relationship ended before those plans materialized.
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Following the breakup, Mona went back to stay with her parents, but she didn’t want to sell the Toronto house since its value had dropped to less than $1.1-million. She estimates that after selling costs, she and her ex would each walk away with just $61,000.
When one of the tenants moved out in October 2025, Mona and her ex started renovations on the vacant unit, replacing flooring, removing walls and upgrading appliances. Mona finally moved in this January while some work continued.
The remaining rental unit brings in $2,300 monthly, while her ex contributes $400 monthly. Mona says he told her he cannot afford to pay more at this time.
While they still co-own the property, Mona has taken on most responsibilities. The pressure of home ownership has been overwhelming, she said, leaving little time for herself or her personal life.
“I felt like I was really living in limbo for the past two years. I was walking around with a cloud on top of me,” she said.
Despite it all, she’s proud of what she accomplished as a young woman and immigrant. Mona hopes to rent out her unit by the end of the year, before her work relocation to the U.S. She would prefer if the house sold but continues to worry about financial loss.
“It’s a very expensive learning lesson.”
Costs
Purchase price: $1,250,000
Down payment: $250,000 (20 per cent) split equally
Legal fees: Approximately $5,000
Moving costs: Approximately $600
Land transfer tax: $21,475 ($17,475 after first-time home buyer rebate)
Repairs: Approximately $100,000
Furniture: Approximately $10,000
Home inspection: $550
Monthly ongoing costs
Mortgage: $4,800 after refinancing; previously $5,260
Home insurance: $110
Property taxes: $6,000 annually ($500 monthly)
Utilities: $150-$250 for hydro, $120-150 for gas, $150 for waste, and $120 for WiFi
Advice: Mona cautions buyers to account for how rental income could affect their taxes and to keep their mortgage separate from their everyday banking.
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.
Are you a first-time homeowner who would like to share their story?
My First Home is a regular series in The Globe and Mail that looks at how buyers are entering the real estate market. Where are they saving and for how long? Are they getting family help? And where and what kind of homes are they buying? We’d like to hear from first time buyers from a diverse range of backgrounds, geographic locations, and housing situations.
If you’re a recent first-time buyer of a home in Canada and would like to participate, fill out the form below or send an email to Roma Luciw at rluciw@globeandmail.com. Please include your name, age, email as well as where and when you bought, how much the home cost and how you made it happen. If you fit the profile, we could contact you for a profile and yes, you can remain anonymous.
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