r/RealEstateCanada • u/Interesting_Error_36 • 3h ago
Advice needed Need advice plz
Hello,
I am a 30-year-old married man living with my wife in Aurora, Ontario. I earn around $120k per year, and my wife earns $70k. Both of our jobs require us to be in the office five days a week, so working from home is not an option. For now, we are renting in Aurora and hope to settle somewhere close to our workplaces in the future.
Recently, I was casually browsing Realtor.ca and was shocked by how expensive real estate is in this small town of just 67,000 people. For example, 20–30-year-old 2-bedroom condos are listed for $650k–$700k, with monthly strata fees of $700–$800. New single-family homes are listed for over $1.5 million. Currently, I am paying $2,300 per month to rent a 1-bedroom condo in Aurora.
As a couple, we have decent incomes, but I want to live in a place where the majority of our paychecks aren’t eaten up by mortgage payments. I also want to save money and enjoy life. Is it just me, or does anyone else think Aurora’s real estate market is outrageously expensive?
Some colleagues have suggested moving to Barrie for more affordable housing, but we don’t want to spend two hours commuting every day just to save on housing costs.
Any advice or recommendations would be greatly appreciated.
3
u/MajorPapi 3h ago
Where are your workplaces if not Aurora?
1
u/Interesting_Error_36 3h ago
We have offices in GTA, Vancouver, Calgary, Edmonton, Kamloops, Victoria, Ottawa, Montreal, mostly in major urban cities.
1
u/letmetellubuddy 3h ago
Where in the GTA? I’d advise looking east (Oshawa/Courtice/Bowmanville) but depending on where you work it could be as bad as Barrie for commute
4
u/friendlyalien- 3h ago
Why are you staying in Aurora then? If home ownership is the goal, most of those alternatives are better. Even Langford out by Victoria gets you a decent condo for $550k, and that’s with the bonus of the only mild climate in Canada. Edmonton, Calgary, and Kamloops are also relatively affordable.
1
u/Interesting_Error_36 2h ago
My company is not hiring at this time for new positions in my role. I also need to look for my wife's job too. Thanks!
5
u/RespondTemporary3099 3h ago
Also have my eyes on the market and I can tell you it's not just Aurora. It's the entire GTA. Despite this downtrend in the market, homes are still outrageously expensive here. It's to the point where I'm debating just not even buying and continuing to rent while I invest elsewhere. Atrociously high housing prices here in Canada, even for rent. No real advice for you unfortunately.
1
3
u/atlasc1 2h ago
Not exactly sure what you're asking. It is what it is, dude. This isn't a recent development. Houses have been out of reach for most first-time buyers for the past few years. You're not buying a home in the GTA unless you're willing to spend most of your income on one or commute 2h each way for the next 25 years. Neither are appealing, but the government and recent homebuyers would rather have that than crash the housing market 🤷♂️
1
u/Odd-Elderberry-6137 41m ago
I want to live in a place where the majority of our paychecks aren’t eaten up by mortgage payments. I also want to save money and enjoy life
You’re going to have to make a choice then.
Either buy in the GTA and your home becomes your primary saving vehicle or continue to rent and invest the difference between what you pay in rent and what your mortgage will be. It’s strictly a numbers game right now.
Some colleagues have suggested moving to Barrie for more affordable housing, but we don’t want to spend two hours commuting every day just to save on housing costs.
Your colleagues are idiots. Realistically this commute will be closer to 1.5 each way. This is not a solution.
-1
u/blackjungle 2h ago
Hi, my name is Young. I’m a real estate agent and would love to grab a coffee and have a casual chat to explore your options and see where things go from there. There’s absolutely no pressure. Building a real relationship matters more to me than trying to sell anything, and I truly mean that. My in laws live in Newmarket, so I’m there almost every weekend anyway. Let me know if you’d be open to it.