"In 2017, Joni Cheung bought a one-bedroom-plus-den preconstruction condo in Richmond Hill, Ont., for $348,000. By the time it was completed, in December, 2021, she was in a relationship with Ryan Berard, now a 33-year-old technical sales lead, and the couple moved into the 565-square-foot condo together. "It was on the squishier side," Ms. Cheung says of their condo. Mr. Berard works from home while Ms. Cheung is on a hybrid work schedule, so they set up two workspaces, one of which had to be moved when they had guests over. Mr. Berard's hobbies, including collecting Magic: The Gatherin g cards and playing with them, also required space that was limited in the couple's home."
"Ms. Cheung, a 33-year-old lead business analyst, says she started thinking of upgrading their property from "Day 1." They envisioned purchasing a place with more space for the couple's offices and hobbies, plus room to hold gatherings. But the pair, who are financially conservative, wanted to ensure that their purchase wouldn't leave them house poor. By early 2025, the couple began to take their home hunt more seriously. They realized that they could get preapproved for a mortgage that would afford them a new place worth up to $1,000,000, given that Ms. Cheung could sell her condo for at least $500,000."
Joni Cheung bought a one-bedroom-plus-den condo in Richmond Hill for $348,000 in 2017 and moved in with partner Ryan Berard when it was completed in December 2021. The 565-square-foot unit had two workspaces and limited room for hobbies, prompting plans to upgrade from the start. The couple prioritized avoiding becoming house poor while gaining more space for work, hobbies and gatherings. By early 2025 they obtained mortgage preapproval that allowed for up to $1,000,000 if Cheung’s condo sold for about $500,000. They shifted their search from larger condos to townhouses north of Richmond Hill to maximize space and reduce fees.
Read at The Globe and Mail
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