Canada’s housing affordability is falling further out of reach for many would-be buyers, but for those looking to buy a home in today’s market, experts say there are steps that can help you get closer to that goal. There is still truth to the old saying “location, location, location,” as the city you’re looking in can make a significant difference in how much money you need for a downpayment. Average prices in the Vancouver and Toronto areas topped $1.2 million and $1.1 million, respectively.
This could mean buying a home is out of reach for those who want to live in these cities, but home ownership doesn’t have to be a pipe dream. “Try to buy something along the transit line so you are able to move in and out of the city, still be able to commute by public transit… and are not competing for very expensive real estate,” Dr. Murtaza Haider, professor of Data Science and Real Estate Management at Toronto Metropolitan University, said in an interview. He said this can be a great option for people who only need to work in-person a few days a week