‘Rent on the Real’ highlights what it’s like for real people in Toronto to rent real apartments. No million dollar listings here. No three-car garages, no two-floor condos. Just the true stories and struggles that come with finding a place to call home in one of the most competitive real estate markets in the world.
Joseph and Alana Sinopoli moved in together after their wedding last year. Travelling all over the Greater Toronto Area for school, they looked north of the city to find an affordable two-bedroom rental unit. With their first child due in a few weeks, having a reasonably priced rental unit was more important than ever for them.
Growing up in Vaughan, the Sinopoli’s knew the area well. Looking at a variety of rental units and condos for sale, they realized that going a little bit further north meant that they were able to gain more space for the same price they would pay in downtown Toronto.
After almost buying a 900-sq-ft condo last year, they were relieved that they held off after finding out they were going to be parents. Choosing to rent allows them to not only have more space in their unit but also put money aside to save for their family’s future.
The Sinopoli’s are now living in an 1100-sq-ft stacked townhouse near Canada’s Wonderland.
When searching for their home, it was important for them to have a second bedroom for storage and space.
Living north of the city, parking was not just a perk in their home search, but a requirement as they both commute to work by car.
The TTC line one expansion means that they can still access the city by transit with ease and benefit from the affordability of living north of Toronto.
With a new baby on the way, it was important for the Sinopoli’s to find an affordable space that can accommodate their growing family.
Moving north of the city allowed them to find a rental unit within their budget so that when Alana goes on maternity leave in September they can live off of one income. When she returns to work, their rent is at a price-point where they will then be able to put money aside to save.
Both Alana and Joseph have been able to find work in their fields in Vaughan. There is still the worry about the inflation of home prices all over the Greater Toronto Area increasing faster then they will be able to save.
However, they aren’t letting that deter them from their dreams and they are currently consulting with a financial planner on a monthly basis and have dreams of owning a home of their own.
If you’d like to share your rental story shoot us a note at [email protected] with the subject title “Rent on the Real.”