Seeking Advice: Buying My First Investment Property While Working in Downtown Toronto

[Josh Jones]

Hi everyone,

I recently got a new job in downtown Toronto and now have the down payment to buy my first property. I'm looking for something between $400,000 and $600,000, but as many of you know, Toronto’s real estate market offers very few opportunities to buy, refinance, rent, and resell within that price range. Because of this, I’ve been considering properties further outside the city, even up to an hour and a half commute away.

My Situation & Dilemma

• Work Requirements: My job requires me to be downtown 3–4 times a week since I work in events.

• Rental Strategy: I want to rent out part of the property while also living in it to offset costs.

• First-Time Homebuyer Benefits: If I live in the property full-time, I could take advantage of first-time homebuyer tax benefits.

• Current Living Situation: I currently rent a very affordable place in Toronto. One option is to keep renting while buying an investment property elsewhere—potentially designating a small space in the new property as my “permanent residence” for tax purposes while still renting most of it out.

What I’m Looking for Advice On:

1. Long Commutes & Homeownership – Has anyone bought a property far from their job just to take advantage of first-time homebuyer benefits? If so, how did the commute impact your lifestyle?

2. Declaring Primary Residence While Renting in the City – Would it make sense to keep my affordable rental in Toronto and still claim the new investment property as my primary residence?

3. Best Strategy for a First-Time Investor – Given my budget, goals, and job location, what would you do in my situation?

I’m a new investor trying to make the smartest decision possible, and I’d love to hear from those with experience. Any advice is greatly appreciated!

[Josh Jones]

This is great advice Kerlous, I appreciate it. I have considered long distance investing but I am just worried with it being my first property it may be better to get something closer to home to really learn my way around the process. Definitely something I am going to look more into.

Thanks again!