After delays hit his preconstruction Toronto condo, this solo buyer shifts gears to find a larger unit to host parents

Open this photo in gallery:

In September, 2017, Sidharth Iyer moved from his native India to Canada. He owned a one-bedroom-plus-den condo in Mumbai, which he rented out after leaving the country, but wanted to become a property owner in his new hometown of Toronto. By May, 2019, he had purchased a one-bedroom, one-bath condo in the city’s Weston neighbourhood for $299,999.

Mr. Iyer, a 37-year-old director at an event technology startup, would host his parents for four to five months of the year whenever they visited from India. But his 500-square-foot unit was a tight fit for the trio. “I slept in the living room, and they were in the bedroom,” he said.

After strategic job pivots, promotions and higher salaries, Mr. Iyer was earning a healthy income that allowed him to save aggressively – he’s hoping to hit $1-million in savings in eight years to retire at 45.

So, in 2023, he purchased a preconstruction unit in a condo project in Toronto’s east end, at Main Street and Danforth Avenue. The two-bedroom-plus-den, two-bathroom, 775-square-foot unit cost $925,000 with an estimated completion date of September, 2025.

Open this photo in gallery:

Last September, Mr. Iyer’s father was visiting from India when the two were discussing whether the unit would be finished in time, so they visited the building site.

“I didn’t see a lot of progress,” Mr. Iyer said. “I didn’t have the confidence that it would actually be ready in September for occupancy.”

Given Mr. Iyer’s significant savings, his father suggested he look for a larger condo that was move-in ready. Then, when the Main and Danforth building was complete, he could rent or sell one unit and live in the other. (Sure enough, the building occupancy date was eventually pushed to early 2027).

Mr. Iyer wanted a unit with at least two bedrooms and two bathrooms. His parents enjoy spending time outside, so he wanted a spacious balcony for their visits. He was looking in Etobicoke, in the city’s west end, since most of his friends lived in the area, and it had South Asian eateries and grocers he would frequent. Amenities such as a gym, concierge and party room were nice-to-haves, not must-haves.

Open this photo in gallery:

Here were his top three options:

Dated two-bedroom at Royal York and Eglinton

This unit caught Mr. Iyer’s attention because of its low price – just $565,000, well under his budget. But the condo, in a 50-year-old building, was dated, with old appliances and worn-out flooring. Mr. Iyer figured he could spend $30,000 to update the place to his tastes.

However, he didn’t love the unit’s outdoor space – a curved balcony with large gaps between the railing and the floor, which he wouldn’t be able to alter. The building’s amenities included a gym, pool, party room and tennis court.

Spacious three-bedroom-plus-den at Rathburn and Highway 427

Mr. Iyer liked that this unit, priced at $675,000, had plenty of space – three bedrooms plus a proper den that could be converted into a fourth bedroom. This building was also about 50 years old, but the unit itself had been recently updated with newer appliances.

He liked the balcony – it had a great view and was enclosed on three sides to function more like a sunroom, for another bonus space. There were some quirks, though, like brightly coloured walls and a European bidet in one bathroom, but he figured he could repaint and renovate the bathroom to better suit his needs. As for amenities, the building also had a gym, a pool and a sauna.

New two-bedroom-plus-den at Bloor and Highway 427

It was only when Mr. Iyer and his realtor were on their way to view this newer corner unit, completed in 2023, that they realized it was likely well underpriced at $689,900.

Mr. Iyer liked the new building’s lobby and the fact the unit’s bedrooms were spacious and bright. He also thought the large balcony terrace, which didn’t have an overhang from balconies above, would appeal to his parents. He figured he could sell his Weston condo or tap his TFSA to bolster his budget. In terms of amenities, the building had a shared rooftop deck, a children’s play area and guest suites, plus a 24-hour concierge.

His home: Brand-new two-bedroom-plus-den at Bloor and Highway 427

Open this photo in gallery:

Once Mr. Iyer viewed the newer unit, he was so smitten by the property that he cancelled his remaining viewings that day.

“I just felt that good that I was, like, ‘Okay, this is it,’” he recalled of his first visit. Based on comparable units in the building, Mr. Iyer submitted his first offer at $810,000. After some back-and-forth negotiations, both parties settled on a final price of $830,000.

In the end, since the condo market had slowed, Mr. Iyer decided not to sell his Weston condo and rented it instead, which meant withdrawing TFSA funds. The unit was $130,000 over his initial budget, but he felt it was worthwhile for a place he loved, with good rental and resale value.

Open this photo in gallery:

He moved into his new home in early December, 2024. His dad was able to enjoy the new surroundings before he returned to India in January. Mr. Iyer set up a guest bedroom for his parents (his mom will see the new place when she visits this September), and he has turned the den into his office space.

“As a first-generation immigrant, I definitely feel very accomplished and also blessed with the fact that all these opportunities have come my way,” he explained.

Since settling in Canada, he has helped mentor other immigrants and newcomers with resumé reviews, networking and advice on entering the housing market. “I make an effort to pay it forward and support new immigrants in their journeys.”

Open this photo in gallery: