Ashley Stewart was on the verge of selling her business in the neighbourhood of the Macys in Toronto when she was forced to give up her dream to own a home.
Stewart says she has spent more than $500,000 to buy the property, which she and her partner had owned for eight years, and is just looking for some breathing room.
She says she is looking to buy her daughter, who was born in the country, a new home.
The couple says they are not looking for any financial gain but rather to find a place to live with their children and grandchildren.
But in the meantime, they are still searching for a way to make ends meet, Stewart said.
She said she had started to think about the possibility of selling and said it’s an issue that will be discussed in her next letter.
“I’m a little bit worried about my future,” she said.
“You have to have a plan and plan ahead.”
She said the Macy neighbourhood is one of the toughest in the city for people with small business owners to succeed, and she thinks that the city is failing them.
Stewart said she and the other owners are looking for ways to provide for their family while still living a comfortable lifestyle.
“My family is very happy,” she told CBC News.
“It’s just a matter of trying to get it together financially, I guess, and keep it together as well.”
In February, CBC News reported that an Edmonton couple is selling their home for $1.2 million after it was listed for sale for less than half of the asking price.
A few months later, a couple in a Vancouver neighbourhood said they were selling their house for $500k.
On the same day, a Toronto couple announced they were closing their home down and closing their business after selling it for less money than expected.
In 2016, the Toronto family of a retired teacher and his wife bought a property that was listed at $1,100,000.
The family bought the property in 2012 and renovated it.
The family was able to sell it for $400,000 in 2018.
This past February, a family of four in a Montreal suburb sold their home to a man who bought it for more than twice the asking value.
That same year, a Montreal family sold their three-bedroom home for nearly $1 million.
And a couple from the Greater Toronto Area are selling their two-bedroom apartment for $5.5 million.
The two-family home is in the heart of downtown Toronto and features a pool and an indoor patio, among other amenities.
There is a real estate market in Toronto that is hot for people who have made the leap from the traditional small-business owner model to the more modern one.
“I think the fact that it’s in the centre of downtown makes it really attractive,” said Tricia Johnson, a realtor in Toronto.
Johnson said it can be a challenge to get property listings up in the area.
“That’s where I think this is really appealing because of the accessibility of the area, but also the proximity of the office and retail spaces.”
Johnson pointed to a Toronto property listing that listed the condo complex for $4.4 million.
That listing is still active.
But in the past year, many of the listings have fallen off the market, with one property listing for $2.3 million falling to $2 million in May.
Some experts say the market is in a bubble, which is when prices are rising faster than wages.
Many small- and medium-sized businesses are struggling to keep up with the influx of people moving into the city, said Chris Wilson, director of the Centre for Urban Research at Simon Fraser University.
Wilson said there is an issue of supply, particularly in the condo market, and that some of the condo units have been selling out, as they have in many other Canadian cities.
“The question is, will the supply be there?” he said.
Trinity University economist Scott Matthews says there are two big reasons for the condo bubble in Toronto, one related to supply, the other related to demand.
Matthews says the housing market is saturated, which makes it more difficult for developers to get new condo projects built.
Meanwhile, the condo building boom is spurring speculation that the Toronto real estate boom is over, leading to a spike in house prices.
While some of those buyers are people who are just looking to invest, some are people looking to sell and have already bought their homes, Matthews said.
“I do think that the trend of the year is for prices to keep rising and prices to continue rising in the coming years, so the demand for condos is really going to continue,” he said, adding that it would be hard to foresee prices dropping below their peak.