BURST
When Mandeep Kang got his first part-time job at a grocery store at 16 years old, he knew what his first big purchase was going to be, regardless of how out of reach it may have seemed.
Kang, 19, an only child, said he watched his mom struggle working as a cleaner his whole life, including the last three years at Vancouver International Airport.
“My family’s had it pretty tough, especially my mom, who’s really been the breadwinner. I just felt bad growing up and seeing her work so hard and most of her paycheque would go towards rent. That’s what she’s been doing most her life since she came to Canada,” Kang told Postmedia.
And so, he set out to buy a home for her, “so she doesn’t have to rent again.”
Keeping his goals close to his chest, the Surrey teen worked for minimum wage after school as much as he could and opened a separate bank account. The money he didn’t spend helping his mom out with household expenses went straight there.
Kang would wake up in the mornings, go to school, then work his grocery store job after school and on weekends.
After graduation in 2023, he immediately enrolled in BCIT’s electrician foundations program. While waiting to be accepted into the four-year electrician apprenticeship program, Kang worked as a lawn care worker.
Since December 2023, he has been enrolled in the apprentice program, earning $22 to $30 an hour learning to be an electrician.
Within just a couple years, Kang had about $30,000 saved up.
Getting to this point was not without its challenges.
Kang didn’t spend the last of his teen years like most others — he acknowledges that a social life was “not at all” possible at the time.
But it was definitely worth it, he added.
Late last year, Kang came into contact with realtor Noah Natovitch, who told him the money he had saved was enough for him for a down payment on an entry-level property.
“I thought you’d need a lot more than that,” Kang said, laughing. “I didn’t know how much you needed, how much to put down.”
There were some bumps along the way.
Kang had just turned 19 and just got his first credit card. Due to a lack of credit history and a short job record, Natovitch acknowledged Kang’s situation came with some difficulties.
“It was probably a 50-50 chance of him getting approved on the financing side,” he said.
Kang got help from mortgage broker Moulik Toor from Westgroup Financial.
“We made a full mortgage plan. I met with him (Kang), his mom and we got to work,” Toor said.
Even though he got pre-approved, the first place Kang applied for in January fell through because he didn’t have enough credit and income history.
So, Kang went back to work.
Toor told Kang to continue working, continue saving, and continue building credit, which is exactly what he did. By June, Kang got pre-approved again and decided to put in an offer for another place.
That time around, he got his desired outcome.
The Kangs had been living in a small, 700-sq.-ft. basement suite with two bedrooms and one bathroom.
A couple weeks ago, they moved into a more-spacious $500,000 two-bedroom, two-bathroom condo on the third floor in West Newton, the community Kang and his family wanted to stay in.
Kang put down just over $25,000.
“Mandeep was very financially responsible in the lender’s eyes. The second time around, they probably looked at his file and thought, ‘Hey from January to June, he’s making more income, his credit’s a lot better, he hasn’t misused credit and his savings have gone up,’ ” Toor said.
Having the ability to co-sign on the property with his mother helped his case, Toor said. If Kang had been the sole owner, the process would not have been as quick as eight months.
Natovitch credited Kang’s hard work and determination, noting he knew exactly what he wanted from the first contact and never strayed.
Being able to buy a property in one of the most expensive provinces in Canada is no small feat, he said.
“I could tell from the beginning, he’s a motivated individual and he trusted us. … No one gave up on the team,” Toor said.
The mother and son signed the papers and the family moved in on Aug. 15, Kang said.
“It was during the signing part when I told her. Everything was pretty much good and done by then. It was a surprise for her,” he added. “She was really happy, smiling and she gave me a hug.”
Many people in Kang’s life were surprised to hear his news, but everyone was happy for him, he said.
He understands his achievement is unique in the B.C. housing market, but he thinks many just like him can do it as well.
“I just really felt bad for my mom,” Kang said. “She deserved better than what she got and I was kind of her last hope for something good.”