How this young Ontario couple bought a 3,200-square-foot home for $1.4 million

The National Post spoke to Gen Z and Millennial homebuyers about how they were able to purchase their first home

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Who: Amanda Di Rocco, 29, and Joseph Di Rocco, 30

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Where: Aurora, Ont.

Initial budget: $1 million

After having a child, Amanda and Joseph wanted to expand their living space and have a place to call their own. Amanda has been working since she was 17 years old, and homeownership was always something in the back of her mind, she said. Beyond savings from work, both her husband and her lived with their respective parents until they got married, in order to live more frugally.

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Before they got married, she invested in a pre-construction condo in Maple, Ont. The development took about three years to complete and was profitable by the time they sold it. She said this initial investment helped to fund the house they bought.

To find a house in their budget, she said they had to remain open-minded about where they would live. Ideally, they wanted to live close to both sides of the family in Newmarket and King City, and checked out areas like Nobleton, Schomberg, and Stouffville before settling on Aurora.

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While the pandemic brought a lot of hardship, she said it also forced them to save — they couldn’t go out for dinners or travel abroad.

Amanda and Joseph Di Rocco were able to purchase a 3,200-square-foot home with four bedrooms.
Amanda and Joseph Di Rocco were able to purchase a 3,200-square-foot home with four bedrooms. Photo by Courtesy of Amanda Di Rocco

She said they worked with a real estate agent in addition to using website services. Before finding their home, they put in five offers on different locations and were priced out each time.

“At first, we were going to showings and then it was getting to the point where we were just feeling like a lot of properties were holding offers within a matter of days of being posted online. So, actually, the house that we ended up buying, my husband came to see before he put the offer, but I didn’t even see it. I just went off MLS (Multiple Listing Service) pictures.”

They ended up paying $1.4 million for a 3,200-square-foot home with four bedrooms in August 2020.

“Spending 1.4 (million) in your 20s, and you have a huge mortgage, that’s not something that my parents grew up having…. We do feel fortunate that we were able to make investments prior — or even get our feet into the market.”

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