When Allison Humphries started working from home three years ago and realized her tiny Toronto condo couldn’t be both her home and her office, she decided to try to rent it out.
The city’s real estate prices were “astronomical,” and Humphries didn’t want to sell her home with two years still to go on the mortgage.
After some searching, she found a two-story row house in Corktown, in Toronto’s historic downtown, that even had a backyard.
“It’s got that house feel, but isn’t so large that I’d feel lost in it,” said Humphries, a vice-president of strategy at a digital marketing company who lives alone.
Renting out her condo allowed her to cover the rent at her new Corktown residence, meaning the move essentially allowed her to upgrade to a larger home at no additional cost.
Humphries sold her condo in May once the mortgage was paid off, and is looking to buy another investment property — just not in Toronto.
“The Toronto market has peaked,” she said. “Prices have gone so high that they aren’t going to continue to accelerate.”
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