These Torontonians are scooping up condos in the core

Jamal Newman, 29 insurance advisor

THE PLACE: a $568,500 one-bedroom-plusden in Liberty Village

For the past several years, I’ve been living with my mother in Brampton, with the plan to buy an investment property. My goal is to build up a portfolio, and the pandemic presented a great opportunity to dive into the market because interest rates and prices were so low. So I set a budget of $600,000. In December 2020, I saw a one-bedplus-den in Liberty Village listed at $575,000. The building was new, the balcony had a view of the lake, and the open-concept den was a great spot to set up a home office.

The market was so slow that I got the unit for less than the asking price. At the same time, I knew that the rental market was at an all-time low. If I signed a tenant, I’d be locked into a lease that’s under market value.

For now, I’m living in the unit while I wait for the rental market to recover. I love it here—when there are no restrictions, this neighbourhood is full of great restaurants and festivals. Plus it’s easy to get around, and you don’t need a car.

Toronto is a desired city. Even though it’s been brought to its knees, I know it will recover. The pandemic isn’t going to last forever. In fact, we’re already starting to see improvements in the housing market. In February, just two months after I bought my place, a similar unit in my building sold for almost $30,000 more than what I paid. I’m excited to start building my real estate portfolio. I’m in it for the long term.