U of T, TMU, York, Humber, George Brown, OCAD & International Students

Moving to Toronto for school is exciting, but finding your first apartment can feel overwhelming, especially if you've never rented before.

Toronto's rental market moves quickly, and students face a slightly different challenge than working professionals: you may have little or no employment income, Canadian credit history, or previous rental history.

That doesn't mean you can't rent a great apartment.

It simply means you need to understand how Toronto landlords evaluate applications and prepare your documents and finances before you start looking.

Whether you're attending the University of Toronto, Toronto Metropolitan University (TMU), York University, Humber College, George Brown College, OCAD University or another Toronto-area school, here's what you should know.

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1. Start With Your Campus, But Think About Transit, Not Just Distance

One of the first questions students ask me is:

"How close can I live to my school?"

A better question is:

"How easily can I get to my school?"

Toronto is a large city, and living a few kilometres farther from campus but directly on a subway, streetcar or other reliable transit route can sometimes give you a much better apartment for your budget.

For example:

University of Toronto, St. George Campus

The campus is downtown around Bloor Street, St. George and Queen's Park. Students don't necessarily need to live immediately beside campus. Neighbourhoods along Line 1 and Line 2 can provide convenient access.

Toronto Metropolitan University (TMU)

TMU's downtown campus around Yonge and Dundas is extremely transit accessible. Living anywhere with convenient subway access can make commuting relatively straightforward.

York University

York University has its own subway stations on Line 1, making areas farther south along the subway worth considering rather than limiting your search to the immediate campus area.

George Brown College

Location matters because George Brown has multiple campuses. Your rental search should be based on the campus you'll actually attend.

Humber Polytechnic

Humber also has different campuses, so your transportation needs can be very different depending on your program.

Before searching for apartments, confirm:

• Your campus

• Your maximum acceptable commute

• Whether you need parking

• Whether you'll rely on public transit

• How frequently you expect to be on campus

2. Determine Your Real Monthly Budget

Don't look at rent alone.

Your actual housing budget may include:

Monthly rent

• Electricity/hydro if not included

• Internet

• Tenant insurance

• Transportation

• Parking if required

Some condominiums include water and heating but charge tenants separately for electricity. Others may include additional utilities.

Always ask what's included before comparing two apartments based solely on rent.

For students trying to reduce costs, sharing a two-bedroom or three-bedroom apartment with roommates can sometimes make more sense than renting a studio or one-bedroom alone.

3. When Should Students Start Looking for an Apartment?

Toronto isn't a market where you generally need to secure a private apartment six months before moving.

Many available rentals come onto the market relatively close to their occupancy date.

That means your first step isn't necessarily viewing apartments.

Your first step is getting your application ready.

Before we start scheduling showings, I generally want to understand:

• Where you're studying

• When you need to move

• Your budget

• Preferred neighbourhoods

• Whether you'll have roommates

• Whether you have employment income

• Whether a parent will be supporting you

• Whether you'll require a guarantor

• Your immigration/study status, where applicable

Once we understand those pieces, we can build a realistic search.

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4. Documents You Should Prepare

Landlords want to understand two basic things:

Who will be living in the property? and How will the rent be paid?

A student rental application may therefore look different from an application from someone who has been working full-time for several years.

Depending on your circumstances, you should be prepared to provide some combination of:

Student Documents

• Government-issued identification

• University or college acceptance letter

• Proof of current enrolment and tuition payment

• Student ID, if already issued

• Study permit, if applicable

• Visa/immigration documentation where relevant to your application

Financial Documents

Depending on your situation:

• Canadian Bank statements or proof of available funds

• Proof of financial support from parents

• Employment documents if you work while studying

• Credit report, if available

• Previous landlord references, if applicable

If a parent or another person will guarantee the tenancy, they should also be prepared to provide supporting financial and identification documents requested as part of the application.

The exact documents can vary from landlord to landlord.

5. What If I Don't Have a Job?

This is one of the biggest differences between renting as a student and renting as an employed professional.

A typical employed applicant may provide:

Employment letter + pay stubs + credit report

But many full-time students simply don't have employment income. That's normal.

The question then becomes:

How can you demonstrate to the landlord that the rent will reliably be paid?

There are generally two approaches we can explore.

Option 1: A Guarantor

A parent or another financially qualified person working in Canada may agree to guarantee your obligations under the tenancy.

The landlord will generally want to review the guarantor's financial strength, which includes income, employment, credit and other supporting documentation.

Depending on how the agreement is structured, the guarantor may also be included in the lease or sign a separate guarantee.

This can be particularly helpful for students whose parents will be financially supporting them throughout university.

Option 2: Voluntarily Offering Prepaid Rent

Another strategy sometimes used by students particularly students without employment income or established Canadian credit is voluntarily offering to prepay additional months of rent. This distinction is important.

Under Ontario's Residential Tenancies Act, a landlord can generally require a rent deposit of up to one month's rent, which is normally applied to the final month of the tenancy. A landlord should not make an additional prepaid-rent amount a mandatory deposit.

However, a prospective tenant may choose to voluntarily offer additional prepaid rent as part of an application.

In practice, I've seen students without employment income strengthen an application by voluntarily offering a substantial portion of the initial fixed-term rent in advance. In some situations, a student may choose to offer up to the full initial 12-month term.

This can give a landlord additional confidence where the student cannot provide the traditional employment and income documentation expected from a working tenant.

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6. What Happens After the First Year?

A common misconception is that signing a one-year lease means you automatically have to leave after one year.

For most Ontario residential tenancies covered by the Residential Tenancies Act, that's not how it works.

At the end of a fixed-term lease, the tenancy will generally continue on a month-to-month basis unless the tenancy is properly terminated in accordance with Ontario's rules.

You don't normally need to sign another one-year lease simply because the original term has ended.

This is particularly useful for students who aren't sure exactly how many years they'll remain in Toronto.

7. Should Your Parent Rent the Apartment for You?

Parents are often very involved in a student's first rental and that's understandable, particularly when they're paying some or all of the rent.

But remember: The student is the person who will actually be living in the property.

When I work with a student, I prefer to communicate directly with the student throughout the search while keeping parents involved where appropriate.

The landlord will want to understand who is actually occupying their property.

Your parent can still play an important role by:

• Helping financially

• Reviewing properties with you

• Providing supporting financial documents

• Acting as a guarantor where agreed

• Helping you evaluate the lease

Think of it as a team: the student is the prospective tenant, while the parent can provide financial strength and support.

8. International Students Renting in Toronto

International students often worry that they won't be able to rent because they don't have Canadian credit.

It's a common situation.

If you've just arrived in Canada, it's entirely reasonable that you may not yet have:

• Canadian employment history

• Canadian credit history

• Previous Canadian landlords

Instead, your application needs to tell the landlord the complete story.

That may include your:

• Passport/identification

• Study permit

• University acceptance or enrolment

• Proof of tuition/enrolment

• Proof of available funds

• Parent or family financial support

• Guarantor, where applicable

• Voluntary prepaid-rent proposal, if appropriate

The objective is to present a complete, organized and financially credible application.

9. What About Pets?

Ontario's rental rules are sometimes surprising to students. A typical "no pets" clause in a residential lease is generally not enforceable under the Residential Tenancies Act.

However, condominiums are different.

If you're renting a condominium, the condominium corporation may have rules restricting certain pets, and tenants are required to comply with applicable condo rules.

So if you're bringing a cat or dog to Toronto, tell your Realtor before you begin your search rather than waiting until the application stage.

10. Viewing Apartments

Once your budget, move-in date, documents and application strategy are ready, we can start looking at properties.

When viewing a rental, don't just ask: "Do I like it?"

Pay attention to:

• Natural light

• Bedroom size

• Closet/storage space

• Laundry

• Building security

• Noise

• Heating and air conditioning

• Included utilities

• Internet options

• Building amenities

• Grocery stores

• Transit

• Commute to campus

• Condo rules

• Furniture placement

A beautiful apartment isn't necessarily a good student apartment if getting to an 8:00 a.m. class takes an hour.

11. Submitting Your Rental Application

When we find the right property, we put together the application.

Depending on the property and landlord, this may include:

1. Rental application

2. Identification

3. Student/enrolment documentation

4. Credit information where available

5. Proof of funds

6. Guarantor documents if applicable

7. References where available

8. Offer to lease

9. Any voluntary prepaid-rent proposal being offered

The goal isn't simply to send documents.

It's to present the landlord with a clear picture of who you are and why you will be a responsible tenant.

A well-organized application can make a significant difference.

12. After Your Application Is Accepted

Once the landlord accepts the agreement, make sure you understand:

• When your deposit is due

• When your first month's rent is due

• How future rent will be paid

• Which utilities you need to set up

• Tenant insurance requirements

• Key/fob arrangements

• Elevator reservations for moving

• Condo registration requirements, if applicable

Most private residential tenancies in Ontario are required to use Ontario's Standard Form of Lease.

Read your agreement carefully before signing.

13. Common Mistakes Students Make

Starting with properties instead of preparation

Finding the perfect apartment doesn't help if you aren't ready to submit an application.

Letting your parents handle everything

Your parents can absolutely help, but you're the person moving into the property. Be involved in the conversations, showings and application.

Looking only beside campus

A 10-minute walk isn't always worth hundreds of dollars more per month. Sometimes a direct 15- or 20-minute subway ride gives you significantly better options.

Not understanding the full monthly cost

Always account for utilities, internet, insurance, transportation and parking.

Sending money too quickly

Verify who you're dealing with and understand what you're signing before transferring significant funds.

Hiding important information

Pets, roommates and intended occupants should be discussed upfront. Surprises rarely strengthen a rental application.

My Student Rental Checklist

Before we begin looking for your Toronto apartment, have the following ready:

• Confirm your school and campus

• Determine your monthly rental budget

• Choose your preferred move-in date

• Decide whether you'll live alone or with roommates

• Prepare government-issued ID

• Prepare your acceptance/enrolment documents

• Prepare your study permit if applicable

• Prepare proof of funds/financial support

• Determine whether a parent or other person will act as guarantor

• Decide whether you would consider voluntarily offering prepaid rent

• Determine your maximum acceptable commute

• Tell me about pets, parking or other important requirements

Once those pieces are ready, then we can focus on finding the right home.

Moving to Toronto for School?

Whether you're starting at U of T, TMU, York, Humber, George Brown, OCAD or another Toronto school, finding an apartment doesn't have to mean sending dozens of applications and hoping someone says yes.

My job is to help you understand the market, identify realistic options, prepare your application and negotiate the terms of your rental.

And if your parents are helping you financially, they're welcome to be part of the process too.

But I want to get to know you the person who will actually be calling Toronto home.

Let's start with your budget, campus and move-in date, and build your rental search from there.

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This guide provides general information about renting in Ontario and is not legal advice. Rental circumstances and landlord requirements vary, and Ontario's Residential Tenancies Act and other applicable laws should be considered for your individual situation.

If you're renting a one-bedroom condo in Toronto for $2,500 per month, here's a number worth thinking about:

$2,500 × 36 months = $90,000

Over three years, that's $90,000 spent on rent.

That doesn't mean renting is a bad financial decision. Renting gives you flexibility, requires less upfront capital and transfers many of the responsibilities of ownership to your landlord.

But if you're planning to stay in Toronto for the next few years, there's another question worth asking:

Could some of the next $90,000 you're going to spend on housing be helping you build equity instead?

Rent Pays for Housing. A Mortgage Can Also Build Equity.

Whether you rent or own, housing costs money.

When you pay $2,500 in rent, you're paying for the right to live in the property for that month. Once the month is over, that money has served its purpose.

A mortgage works differently.

Your mortgage payment generally consists of two main components:

Interest is the cost of borrowing money from the lender.

Principal pays down the amount you borrowed to purchase your home.

That principal repayment gradually increases the portion of the property that belongs to you.

That's equity.

So while both renters and homeowners have monthly housing expenses, a homeowner can also be gradually building an ownership stake in an asset.

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But $90,000 in Mortgage Payments Does NOT Mean $90,000 in Equity

This distinction is important.

If you spend $90,000 on mortgage payments over three years, you haven't necessarily created $90,000 in equity.

Part of those payments goes toward interest. Condo owners also have expenses that don't build equity, including:

• Condo maintenance fees

• Property taxes

• Home insurance

• Repairs and maintenance

• Mortgage interest

• Buying and selling costs

That's why comparing $2,500 rent vs. a $2,500 mortgage payment isn't enough to determine whether buying makes financial sense.

We need to look at the complete picture.

There Are Two Main Ways a Homeowner Can Build Equity

1. Paying Down the Mortgage

Every time you pay down principal, your mortgage balance gets smaller.

Imagine purchasing a condo with a mortgage of $500,000.

As you make payments, part of each payment reduces that $500,000 balance.

If several years later you owe $475,000, you've paid down $25,000 of principal.

All else being equal, that's an additional $25,000 of equity you've built through your mortgage payments.

2. The Property May Increase in Value

There's another potential source of equity: appreciation.

Suppose you purchase a Toronto condo for $600,000.

If the market value eventually increases to $650,000, that's a $50,000 increase in the property's value.

Combined with mortgage principal you've paid down, appreciation can have a significant impact on your overall equity.

But there's an important word here:

Potential.

Real estate values don't move upward in a straight line. Toronto condos can appreciate, decline or remain relatively flat over any particular three-year period.

You shouldn't buy a condo simply because you expect it to increase in value.

Your Down Payment Is Also Equity

There's another part of the equation that's easy to overlook.

When you buy a property, your down payment isn't simply disappearing.

If you purchase a $600,000 condo with a $120,000 down payment, you're converting that cash into an ownership interest in the property.

You now have an asset worth $600,000 and a mortgage financing the remaining portion of the purchase.

Of course, there are transaction costs associated with buying, which is why you need more cash available than just your down payment.

But conceptually, your down payment becomes part of your equity rather than a monthly housing expense.

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So Is Renting Throwing Money Away?

No.

I don't like that argument because it's overly simplistic.

Rent buys you something valuable: housing and flexibility.

And homeowners also "spend" money that doesn't come back to them through mortgage interest, property taxes, maintenance fees, insurance and transaction costs.

The better comparison isn't:

Rent = bad. Buy = good.

It's:

Given my finances, lifestyle and timeline, which option puts me in the stronger position?

The 3-Year Question

Let's go back to our Toronto renter paying $2,500 per month.

Over the next three years:

Rent: $90,000

If that same person purchases a condo, they'll also spend a significant amount of money on housing.

But some of their money may now be doing something different.

A portion could be:

• Paying down mortgage principal

• Building equity

• Participating in any future increase — or decrease — in the property's value

And they're living in an asset they own.

That's a fundamentally different financial structure from renting.

But Buying Has a Significant Upfront Cost

This is where affordability becomes important.

In Toronto, buying a condo requires considerably more than being able to afford the monthly mortgage payment.

You'll need to consider your:

Down payment

Depending on the purchase price, Canada's minimum down-payment rules determine how much you'll need. A larger down payment can also reduce your mortgage and monthly carrying costs.

Deposit

When you successfully negotiate an Agreement of Purchase and Sale, you'll generally need to provide a substantial deposit according to the terms of the agreement. In Toronto transactions, buyers commonly encounter deposits around 5% of the purchase price, although the required amount is negotiable and transaction-specific.

This money ultimately forms part of your funds toward closing—it isn't an additional 5% on top of your purchase price.

Closing costs

Toronto buyers should also budget for expenses such as legal fees, title insurance and adjustments, along with Ontario Land Transfer Tax and Toronto's Municipal Land Transfer Tax where applicable.

Eligible first-time home buyers may qualify for land-transfer-tax rebates, which can materially reduce these costs.

This is why I don't recommend deciding whether to buy based solely on comparing your rent with an online mortgage calculator.

Start With Your Financial Profile

Before we look at condos, I recommend speaking with a mortgage broker.

A mortgage broker can look at your complete financial picture, including:

• Income

• Down payment

• Credit

• Car payments

• Loans

• Credit card balances

• Other financial obligations

They'll use measures such as your Gross Debt Service (GDS) and Total Debt Service (TDS) ratios to determine how much mortgage you may qualify for.

From there, we can establish a realistic purchase budget.

Then my job as your Realtor becomes finding the best property we can within that budget—and negotiating the purchase based on actual market value.

Buying Isn't About Finding a Listing. It's About Buying the Right Asset.

Once we know what you can comfortably afford, the conversation changes.

We aren't just scrolling through condos under a certain price.

We're evaluating:

• The unit: layout, usable square footage, natural light, bedroom dimensions, exposure, condition, parking and locker.

• The building: maintenance fees, management, amenities, reserve fund, age and overall condition.

• The market: comparable sales, price per square foot, days on market, pricing history and current competition.

• The price we're willing to pay.

A condo can be a great home and still be a bad purchase at the wrong price.

That's why the goal isn't simply to become a homeowner.

It's to buy well.

What Could Your Next $90,000 Do?

If you're currently paying around $2,500 per month in rent, you're on track to spend another $90,000 on housing over the next three years if your rent stays unchanged.

Maybe renting remains the right decision for you.

Or maybe you're financially closer to owning than you realize.

The only way to know is to run the numbers.

Start with three questions:

1. What are you paying in rent today?

2. How much do you have available for a down payment and closing costs?

3. How much mortgage could you comfortably qualify for?

Once we have those numbers, we can compare renting and buying based on your actual situation—not a generic rule about whether renting or owning is "better."

Curious what the numbers look like for you?

Send me your current monthly rent and tell me whether you've already been pre-approved for a mortgage.

I'll help you start looking at what buying a Toronto condo could realistically look like.

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If you're renting in Toronto and thinking about buying one day, you've probably asked yourself:

How much can I actually afford?

It's one of the most common questions I get from future homebuyers, but there isn't one number that answers it.

Your down payment, income, credit, existing debts, monthly budget and mortgage qualification all play a role. And in Toronto, you also need to account for things like the deposit when submitting an offer, two land transfer taxes and other closing costs.

I like to break the conversation into five questions:

1. How much do you have for a down payment?
2. How much mortgage can you qualify for?
3. How much cash will you need to make an offer and close?
4. What will the home actually cost you every month?
5. What monthly payment are you comfortable with?

Let's walk through it.

1. Start with your down payment

Your down payment is the portion of the purchase price you pay yourself rather than finance through your mortgage.

For example, if you're buying an $800,000 Toronto property and putting 20% down:

$800,000 × 20% = $160,000 down payment

That would leave you with a $640,000 mortgage before other adjustments.

But you don't necessarily need 20% down.

For an owner-occupied property in Canada, the minimum down payment is generally:

• 5% of the first $500,000

• 10% of the portion between $500,000 and $1.5 million

• 20% if the purchase price is $1.5 million or more

So on an $800,000 home, the minimum down payment would be:

5% of the first $500,000 = $25,000

10% of the remaining $300,000 = $30,000

Minimum down payment = $55,000

If your down payment is below 20%, mortgage default insurance will generally be required, which affects the overall cost of your mortgage.

Putting more down can reduce your mortgage and monthly payments, but that doesn't necessarily mean you should put every dollar you've saved into your down payment.

You still need money to close the transaction, move into the home and maintain a healthy financial cushion afterward.

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2. Talk to a mortgage broker

Before we start seriously shopping for homes, one of the most valuable conversations you can have is with a mortgage broker.

They're the financing experts.

A mortgage broker looks at your overall financial profile — not just your salary — to determine how much you may realistically be able to borrow and get pre-approved for.

They'll typically review things such as:

• Your income and employment

• Down payment and available savings

• Credit history and credit score

• Existing loans

• Lines of credit

• Credit card balances

• Student loans

• Car loans or lease payments

• Other monthly debt obligations

• Estimated property taxes

• Condo maintenance fees, where applicable

• Current mortgage rates

• Mortgage stress-test requirements

This is important because income alone doesn't determine your purchasing power.

Two people earning exactly the same salary could qualify for very different mortgages.

One might have almost no debt.

The other might have a $900 monthly car payment, student loans and outstanding credit balances.

Their financial profiles — and therefore their mortgage qualifications — could look very different.

3. Understanding GDS and TDS

Two important calculations lenders use when evaluating your mortgage application are your Gross Debt Service (GDS) and Total Debt Service (TDS) ratios.

Gross Debt Service — GDS

Your GDS looks at how much of your gross household income would be required to cover the basic costs associated with the home.

This generally includes:

Mortgage payment + property taxes + heating costs + a portion of condo fees, where applicable

Total Debt Service — TDS

Your TDS goes one step further.

It considers your housing costs plus your other debt obligations.

That can include:

Car payments + student loans + credit card debt + lines of credit + other required debt payments

Your mortgage broker can calculate these ratios, review your credit and financial obligations and help determine how much mortgage you may qualify for.

From there, they can work toward getting you pre-approved for a mortgage.

That gives us a much more reliable budget before we start seriously looking at properties.

4. Your pre-approval becomes the starting point — not necessarily your budget

Let's say your mortgage broker determines that you can purchase a home for up to $850,000 based on your financing and down payment. Great.

Now my job as your Realtor is to help answer the next question:

What does $850,000 actually buy you in Toronto?

Maybe that's a two-bedroom condo in one neighbourhood.

Maybe it's a townhouse farther east or north.

Maybe moving your search by a few kilometres gets you considerably more space.

We'll look at recent comparable sales, neighbourhoods, property types, property taxes, condo fees and other carrying costs to understand what makes sense.

And importantly:

Just because you're approved to spend $850,000 doesn't mean you have to spend $850,000.

Your maximum mortgage qualification and your comfortable budget can be two very different numbers.

5. Be prepared for the deposit when making an offer

This is one of the cash-flow requirements first-time Toronto buyers sometimes don't expect.

When we submit an offer on a property, we will typically include a deposit as part of the Agreement of Purchase and Sale.

In Toronto, a deposit of around 5% of the purchase price is common, although the amount is negotiable and depends on the transaction.

For example:

$700,000 purchase → 5% = $35,000

$800,000 purchase → 5% = $40,000

$1,000,000 purchase → 5% = $50,000

The timing matters too.

Depending on the terms of the Agreement of Purchase and Sale, you may need to provide that deposit very quickly once an offer is accepted.

That's why I want buyers to have their deposit funds accessible before we start making serious offers.

Is the 5% deposit an additional cost? No.

The deposit forms part of the money you're contributing toward the purchase. It isn't another 5% fee on top of your down payment.

For example, imagine you're buying an $800,000 property with 20% down.

Your total down payment would be: $160,000

If you've already provided a: $40,000 deposit

that $40,000 is credited toward the purchase.

This is why there's an important difference between: “I have enough money for my down payment.”

and: “I have enough money available at the right times to make an offer and successfully close.”

6. Toronto buyers need to budget for two land transfer taxes

This is one of the biggest differences between buying inside Toronto and buying in many surrounding municipalities.

If you purchase a property within the City of Toronto, you generally pay:

Ontario Land Transfer Tax + Toronto Municipal Land Transfer Tax

For example, on an $800,000 Toronto property, before any applicable rebates, the land transfer taxes are approximately:

Ontario Land Transfer Tax: $12,475

Toronto Municipal Land Transfer Tax: $12,475

Total land transfer taxes: approximately $24,950

That's almost $25,000 beyond the purchase price that needs to be considered when planning your cash for closing.

What if you're a first-time homebuyer?

Eligible first-time homebuyers may qualify for land transfer tax rebates that can significantly reduce this amount.

Your lawyer should confirm exactly which rebates you qualify for and what your final land transfer tax will be.

7. There are other closing costs too

Land transfer taxes are usually the largest closing expense, but they aren't the only one.

Depending on the property and transaction, you should also budget for:

Real estate lawyer: approximately $1,500–$2,500+

Title insurance and legal disbursements: generally handled through your lawyer and dependent on the transaction

Home inspection: approximately $500–$900+

Closing adjustments: varies depending on prepaid property taxes, condo fees, utilities and other expenses

Moving costs: depends on how much you're moving and whether you're hiring professional movers

And then there's everything that happens after you get the keys.

Furniture. Window coverings. Paint. Small repairs. Appliances. Moving expenses. Maybe that couch you've been eyeing for six months.

You don't want to arrive at closing with nothing left in your account.

8. Let's put the numbers together

Imagine you're purchasing an $800,000 Toronto property with a 20% down payment.

Purchase price: $800,000

20% down payment: $160,000

5% offer deposit: $40,000
This forms part of the $160,000 down payment — it isn't additional.

Ontario Land Transfer Tax: approximately $12,475

Toronto Municipal Land Transfer Tax: approximately $12,475

Legal and title-related costs: budget approximately $2,000–$3,000

Home inspection, if applicable: approximately $400–$700

Then allow additional room for: Closing adjustments + moving expenses + immediate home expenses + emergency savings

So saying: “I need $160,000 to put 20% down.” doesn't quite tell the whole story.

A better question is: “How much cash should I have available to comfortably purchase and close on an $800,000 home in Toronto?”

That's the number we want to plan around.

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9. Buying a condo? Look beyond the purchase price

This is particularly important in Toronto. Two condos selling for the same price aren't necessarily equally affordable.

Imagine two condos both cost $700,000. One has maintenance fees of: $450/month, the other: $850/month. That's a $400 monthly difference, or $4,800 per year.

Your condo fees may also affect your mortgage qualification.

So when I'm comparing properties with buyers, I'm not only looking at the listing price.

We're looking at the overall cost of owning it.

That includes your: Mortgage + property taxes + condo fees + insurance + utilities + maintenance

That's your real monthly housing picture.

10. What can you comfortably afford?

This might be the most important question of all.

Your mortgage broker tells us what you can qualify for.

That doesn't automatically tell us what you should spend.

You still have a life outside your home.

Maybe you want to travel.

Maybe restaurants are important to you.

Maybe you're aggressively saving for retirement.

Maybe you're planning to have children.

Maybe you simply don't want most of your monthly income going toward housing.

So instead of only asking:

“What's the maximum mortgage I can get?”

I encourage buyers to ask:

“What monthly housing expense would allow me to own a home and still comfortably live the life I want?”

Then we can work backwards.

You don't need to be ready to buy before starting this conversation

If homeownership is something you're considering in the next 12–24 months, that's actually a great time to start planning.

Talk to a mortgage broker and understand your financing. Then we can look at the Toronto real estate side together.

We can figure out:

• What could you qualify for?

• What are you comfortable spending?

• What does that budget buy in Toronto today?

• Which neighbourhoods and property types make sense?

• How much should you have available for your deposit and closing costs?

• And what can you start doing today to put yourself in a stronger position?

Maybe you discover you're ready sooner than you expected. Maybe you realize you need another year to save, reduce some debt or increase your down payment. Either answer is valuable because now you have a plan.

Thinking about buying in Toronto?

Let's talk about where you are today and what the path to homeownership could look like for you.

I'll help you understand the Toronto market and what different budgets can realistically buy, and a mortgage professional can help you understand the financing and pre-approval side.

No pressure. No commitment. Just good information so you're prepared when the time comes.

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Home Is Where Wellness Begins.

This article is for general informational purposes only. Mortgage qualification, GDS/TDS requirements, down-payment requirements, taxes, rebates and closing costs vary based on the buyer, lender and transaction and can change over time. Consult a mortgage professional and real estate lawyer for advice specific to your circumstances.