Purchasing your First Home in the GTA
Monday Oct 21st, 2019Share
Canadian housing prices have gone up at a rate that salaries have not kept up with. It used to be that you could buy a house for a fraction of your salary, unfortunately now it is often many multiples.
I purchased my first home in my 20’s and I could only afford a cosmetically terrible house in a decent neighborhood. My husband and I renovated one room at a time and often watched many YouTube videos to help us with our projects.
First time home buyers are now moving out of the GTA and to smaller cities where housing prices have not increased as quickly as most major Canadian cities or entering the condo market.
For most young people entering the market today in the GTA, they are getting financial help from their parents and in the real estate world what we call, “the bank of mom and dad.”
With interest rates remaining low, the cost of homes and condos are increasing at a quick speed every year. Making it much harder for future generations who want to remain in the GTA.