Reining in thoughts of a bigger place
Kulbinder Saran Caldwell would love to buy up — literally.
Her Davenport Rd. semi sits on a lot known as a reverse ravine so it’s at the bottom, rather than the top, of a slope. The three-bedroom semi also lacks a garage.
But in Toronto’s high-demand, high-priced housing market, finding an affordable place with those features in her family’s beloved neighbourhood isn’t realistic, says the life coach, who loves walking Tej, 6, to nearby Hillcrest Community School.
“We understand it’s so competitive out there and so expensive. For us to get what we want we wouldn’t be able to afford it in this area,” she said.
So instead of searching for a new home for themselves, Saran Caldwell and her husband Scott Caldwell decided to look for an investment property.
Her dad was a landlord for years and she’s comfortable with the role. The couple still owns the City Place condo she bought before they were married and she says, one day, they would like to return there.
“Back then, which was 2002, there were deals to be had. Also, when we bought this (house), we just got in to this area when houses were affordable in 2009. Now they’re at least $150,000, if not $200,000, more,” she said.
They paid the list price of $429,000 then. Saran Caldwell figures an upgrade to a detached home in that neighbourhood would cost about double that now.
“What we’re looking for right now is to keep in the market so we can invest and then hopefully when the prices go down, maybe buy a bigger house for ourselves,” she said.
When they began searching for an investment property, they looked at the Weston Rd. and Eglinton Ave. area. They had a $500,000 ceiling — well, $450,000. Even that felt like a stretch.
But in the pre-spring market, everything they saw was above that and the properties were going fast in bidding wars. So they started looking at Brampton and Mississauga homes. Still a stretch. That’s when they decided to “rein it in,” said Saran Caldwell.
“If $450,000 was our top end, why not go even lower than that?”
Now, they’re searching for a onebedroom-plus-den condo in the $300,000 to $350,000 range.
“I believe it won’t take long,” she said. “By May we may have something in our sights and an offer in. I feel much more comfortable with the price point.”
For now, “our forever home is on hold.”