Abdo Laalami saved diligently for a down payment so he could buy a place of his own in Toronto.Sammy Kogan/The Globe and Mail
In 2023, Abdo Laalami moved from Cannes, France, to Toronto under the French-speaking permanent residency stream. He found work as an IT engineer and rented a room in a two-bedroom condo in Toronto’s Harbourfront neighbourhood, paying $1,500 a month for his share.
Mr. Laalami yearned for a place of his own. He started saving up for a down payment, taking advantage of the TFSA, First Home Savings Account and RRSP Home Buyers’ Plan. At the time, Mr. Laalami thought he could only afford to buy a studio or purchase outside of the GTA. But he diligently saved, aiming for a 20-per-cent down payment to avoid mortgage insurance.
By the end of 2025, Mr. Laalami, who is now 31 years old, had accumulated a sizable down payment. He had contributed savings from his prior work in France, which helped. The condo market had also cooled so that one- and two-bedroom units were in his price range. Through social media, he came across Zown, a real estate startup that gives homebuyers 1-per-cent cash back on a purchase (the offer has since changed to 0.75 per cent) after closing.
Ammar Haque, a realtor from Zown, assisted Mr. Laalami in his condo search. Mr. Haque says that at the time Mr. Laalami made his purchase, the condo market was in a decline. “It was definitely a good time to buy,” Mr. Haque explains. He noticed that the people purchasing condos then were mostly first-time buyers like Mr. Laalami, as opposed to investors.
Given the slower condo market, Mr. Haque recommends negotiating the purchase price. “We always negotiate,” he says. “A lot of these properties have been on the market for a while.”
Mr. Laalami set himself a budget of $500,000. He focused his search to downtown Toronto, so that he would be in close proximity to public transit, restaurants, grocery stores and his office in the Queen West neighbourhood. He wanted at least one bedroom plus a den or space to set up an office, since he works from home up to four days a week. He also targeted new condos, under five years old, since he liked their lower maintenance fees.
Also on his wish list was a gym and a locker for additional storage. Amenities such as communal lounge areas where he could entertain guests and a co-working space were a plus for him, but not essential. Here were his top three options:
One-bedroom, one-bathroom unit in Harbourfront
The unit in the 55 Cooper Street building, right, included a large balcony and was close to Lake Ontario.Sammy Kogan/The Globe and Mail
The first place that Mr. Laalami viewed was actually in the same building as his shared rental. Since he had already lived there for two years, he knew the place well and liked its location close to Lake Ontario and building amenities such as a gym, an indoor pool and an arcade room. The unit, which spanned just 494 square feet, was listed for $469,900. While there was only one bedroom and no den, the layout allowed him to set up a desk in one corner of the bedroom. There was also a large balcony, which was a bonus for Mr. Laalami. However, the unit didn’t come with a locker.
Two-bedroom, two-bathroom unit in Garden District
The unit in this building on Mutual Street had a second bedroom but only a Juliet balcony.Sammy Kogan/The Globe and Mail
While this unit was tenanted when Mr. Laalami visited, it caught his eye since there was a second bedroom where he could set up his home office. He liked the ample storage (plus a separate locker) and large windows, which let in a lot of natural light. The 606-square-foot condo only had a Juliet balcony, instead of a regular balcony. There was, however, a second bathroom. The building had a gym and a shared patio with a barbecue area where he could host friends. The unit was listed over his budget, at $508,880, but he figured he could try negotiating the price down.
One-bedroom-plus-den, one-bathroom unit in Corktown
The unit in the 55 Ontario Street building had a small den, but it also included a bonus balcony.Sammy Kogan/The Globe and Mail
Mr. Laalami was already familiar with this building since he had friends living here who gave it a good review. The unit was listed for $486,000 and it was advertised as a 509-square-foot one-bedroom-plus-den. However, the den was just a nook next to the entrance, where a door to the washer and dryer would make it difficult to place a desk. The positioning of the closet, doors and window in the bedroom also made it hard to fit a desk in. There was, however, a bonus balcony and Mr. Laalami liked the quiet street, which felt more residential. The unit also came with a locker for additional storage and the building had a gym, rooftop deck and outdoor pool.
His home: Two-bedroom, two-bathroom unit in Garden District
Mr. Laalami opted for the two-bedroom unit in the Mutual Street building.Sammy Kogan/The Globe and Mail
Mr. Laalami liked the two-bedroom unit enough to try and negotiate the price down. They started with an offer of $490,000, and after going back and forth with the seller, settled on $497,000. Since the unit had tenants, Mr. Laalami agreed to a two-month closing, which allowed him to give notice on his rental apartment. With Zown’s cash-back scheme, coupled with another promotion at the time where Zown covered real estate legal fees up to $1,500, Mr. Laalami received $6,400 cash back after closing.
Upon moving into his new unit in March, Mr. Laalami says he was in a state of disbelief. After years of living with a roommate, he’s been enjoying the freedom of living independently. While Mr. Laalami is still in the process of setting up his living area, including a two-month wait for a designer sofa he has ordered, his bedroom and office are fully decorated and he likes having a separation between the two. “I can split my work life with my actual life,” he says. “When I finish work, I just close the door and my work stays there.” In warmer weather, he’s looking forward to hosting friends on the communal patio for barbecues. And he’s made use of the building’s co-working space, too.
For Mr. Laalami, and for most homebuyers, purchasing a condo is a significant financial decision. “I used almost all my lifetime savings,” he explains. “But it was really worth it because now I have a place of my own.”