Within a few years they realized owning real estate in the Greater Toronto Area was increasingly out of reach for them.
Safdar’s story is not unique, and is becoming the growing reality not just for families moving to Toronto from other cities, but for first-time buyers who’ve lived their entire lives in the city.
It’s a stark contrast to just 10 years ago when investors made up the smallest percentage of residential real estate transactions.
The 31-year-old isn’t looking for a property for himself, but rather for his mother who is close to retirement and is responsible for taking care of his sister with special needs.
“It’s unusual in the sense that investors now make up the biggest segment of buyers in Ontario.
While some argue more supply is needed to cool the market, Pasalis points to other cities like Phoenix, Ariz.
As for Safdar: the family has decided that if they’re forced to move again they’ll leave the city — for good this time.
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