The first house I built was a one-bedroom, three-bathroom home that cost $200 in 2009, and the second one in 2017.
It was built to be self-sufficient.
The biggest challenge was how to make a living in the city, which means making rent and living expenses and paying for everything else.
“I was thinking of ways to cut down on my rent,” says Kim, who is now living in a two-bedroom condo.
Use the building to make money off of rent-controlled apartment buildings and commercial real estate.
“It was a very smart strategy,” she says.
“Building is about making money, and I think if you can’t make money, you should stay away from it.”
I think building is about getting money, Kim says.
She’s currently a tenant at a $1,000-a-month condo in downtown Toronto, and she plans to build another one next year.
Kim built a home in a rent-restricted building in 2009.
(Photo: The Huffington Store) In many cities, the building is a public building.
“There’s a lot of money coming in from developers who want to build in a building with a lot more amenities than people would have in a normal city,” says Kristin Siegel, a spokesperson for the Toronto Real Estate Board.
That means many new residential units have the potential to be affordable for low-income residents.
“If you’re not paying rent, the city doesn’t have to worry about making up the difference,” Siegel says.
A recent report from the Real Estate Institute of Ontario estimates that Toronto rents will increase by $4 billion over the next 30 years due to the increasing number of rental units.
But a recent report by Urban Land Institute found that affordable housing, particularly for those in need, is a key component of Toronto’s economic recovery.
The report found that “substantially more” affordable housing will be needed in the next two decades, and that by 2040, about 85 per cent of new housing built will be affordable to low- and moderate-income households.
“The city has to take a much more holistic approach to affordable housing,” says Siegel.
The building that Kim built in 2017 is an example of that approach.
Siegel estimates that a two bedroom condo built in a four-bedroom building costs about $400,000 to $450,000 per year to maintain.
But, she says, “You can make $200 a month and pay rent for that space.
You don’t have a problem with that.
You have a big, big problem with the housing market.”
I’m going to go ahead and make a prediction.
By 2040 I think I’ll have about $1.2 million in rent, and a $4 million mortgage.
“You don’t need a mortgage to make $100,000,” Sollowes says.
I don’t think the housing situation in Toronto is going to change much.
The city has always been able to take on debt and it can do so with the right resources, but the current housing shortage is so severe that people are really worried about how to pay it.
“People are worried that there’s not going to be enough money to pay rent,” she said.
Kim says she has been able put aside $100 a month for rent, which is about $3,000 a month, and pays the $4,000 monthly mortgage interest.
“But I don.
I’m not going out and spending all that money on myself,” she admits.
“What I’m really doing is going out there and working on my business and making money off my investments.”
Building for rent Kim says building a home for rent is not about going out to spend money.
“This is not an investment,” she explains.
“We’re not making this for ourselves, this is for the city.”
Kim has a mortgage on her condo, and it costs her $3.75 a month.
(It costs about half of the rent.)
“I’m going out, and working,” she adds.
“And that’s all I’m thinking about.
And I have nothing else.”
Kim says the idea of building a one bedroom condo is a smart one.
“As I said, I didn’t make a lot, and this is the money I’m getting.
It’s a way of building capital, and building capital is something I’m excited about.”
It’s an idea that many of us are still fighting against.
Kim is building a two bed, three bath condo in Toronto’s downtown core, with plans to sell it in 2021.
She says it’s about taking risks and making a big gamble.
“My main goal is to have a house that people can afford to live in, that they can afford, and if I get that, I want to be able to do more with it,” she tells me.
“For me to build a house like that and not worry about money, is very empowering.” Kim