Illustration by Diana Bolton
When Aziz was 15, he discovered he could make money reselling virtual hats, clothes and other collectibles on the online gaming platform Roblox.
Starting with just $10 and his mother’s PayPal account, his teenage hobby grew into a lucrative side business that sped up his path to homeownership.
Now 25, Aziz owns a five-bedroom detached house in the Southern Ontario city of Windsor. He bought the property on his own in July for $710,000, putting down $71,000.
Today, he earns around $100,000 annually working in public service. His salary, combined with his early Roblox earnings, investments and the money he’s saved while living with his parents, helped him become a homeowner well before most Canadians can afford to buy.
Self-employed Toronto woman, 42, rejigged her finances to buy a condo
The journey began around 2016, when Aziz noticed that Roblox sold some virtual items, such as hats and other accessories for players’ avatars, in limited quantities. Players bought them using Robux, the platform’s virtual currency, but once an item sold out, the only way to get it was from another player. When he realized that some players were willing to pay real money for those digital collectibles through unofficial marketplaces, he began buying and reselling items.
Aziz estimates making roughly $1,000 during his first six months, but by 2017 and 2018, he was earning around $40,000 to $50,000 annually. He continued until 2022, when increased competition made the business less profitable.
“I think at the beginning I probably wasted a lot,” he said. “When you’re 16 and can’t open a TFSA or an investment account until you’re 18, and you have a bunch of money coming in suddenly, then you really don’t know what to do with it.”
In high school, he spent it on the latest iPhones and designer clothes. He also paid for his everyday expenses and a chunk of his tuition. It wasn’t until university that he began seriously considering saving for something like a home.
Aziz grew up in the Greater Toronto Area before the family moved to Windsor when he started university. The move to a less-expensive city allowed him to consider buying a home at a price he believes would have been out of reach in the GTA.
Yellowknife couple spent 18 months house-sitting before they bought their first home
Although Aziz contributes to his family’s home expenses, he pays less than he would living independently and saves on groceries, utilities and car insurance. If he’d moved out, saving would have taken much longer, he said.
Still, it took Aziz almost two years to assemble his down payment. He maximized his RRSP contributions and added to his first home savings account for three years, investing mostly in index funds.
His RRSP grew from $55,000 to almost $64,000. He withdrew $60,000 through the Home Buyer’s Plan, along with $25,000 from his FHSA. Together, this covered the down payment and closing costs without having to touch his TFSA.
Although he initially planned to buy a less expensive property, Aziz believed his five-bedroom home was worth stretching his budget. He likes the possibility of accommodating a future family or renting out the place if things change.
For his mortgage, Aziz compared offers from a bank and mortgage broker. After receiving a competitive offer from a big bank, he asked his broker to keep looking for something better. The broker eventually found a credit union offering a variable rate of 3.45 per cent.
He chose a 30-year amortization, which keeps his monthly payments just under $3,000. He hopes to make additional payments and shorten that period.
The house still needs some updates and furnishings, including a new water heater, flooring, fresh paint and work on the deck, so Aziz is still living in his parents’ house. He plans to move in to his own home by the end of October and live there for at least five to 10 years.
Purchase price: $710,000
Down payment: $71,000 (10 per cent)
Home inspection: About $600
Legal fees: $2,000
Land transfer tax: around $2,700 after rebate
Repairs: $10,000 to $15,000 budgeted for renovations and furniture
Monthly costs
Mortgage: Under $3,000
Home insurance: $120
Utilities: No bills received yet
Property taxes: Around $500
Advice: Look beyond discouraging housing headlines and examine your own finances, savings potential and the programs available. “You just have to realistically check how much income [you] have. How much can [you] save per month?” he said.
Some details may be changed to protect the privacy of the people profiled. Are you a first-time homeowner who would like to share their story? Send us an e-mail.
Are you a first-time homeowner who would like to share their story?
My First Home is a regular series in The Globe and Mail that looks at how buyers are entering the real estate market. Where are they saving and for how long? Are they getting family help? And where and what kind of homes are they buying? We’d like to hear from first time buyers from a diverse range of backgrounds, geographic locations, and housing situations.
If you’re a recent first-time buyer of a home in Canada and would like to participate, fill out the form below or send an email to Roma Luciw at rluciw@globeandmail.com. Please include your name, age, email as well as where and when you bought, how much the home cost and how you made it happen. If you fit the profile, we could contact you for a profile and yes, you can remain anonymous.