Buying your first home is an exciting milestone and a tremendous financial undertaking. There is a lot to consider.
It can be tempting to over-extend yourself to buy a nicer property. But I would encourage you to take a look at your income and monthly expenses to determine how much you can truly afford and stick with that. This will serve you better in the long-term. This is crucial, as everyone in Ontario applying for a residential mortgage has to pass a stress test. To determine your eligibility the lender will look at several things, including your available down payment, the mortgage amount, current interest rates, the mortgage amortization period, and any debts you may have.
Make sure you have a secure job
Realtors are overrated, bubble makers. If you need only one advice, then this is it: “Be mindful where you put your money. Nobody else will care for it the way you do.”
RUN FAST
first home - NOT TOO BIG. Payments manageable.
Wait. The economy is crashing. Prices will drop tremendously.
Rent or tent
This is one of the largest investments in your life so DO NOT be forced to do ANYTHING you are not comfortable with. DO ask for an inspection. DO put in a bid YOU are comfortable with. Fight for savings & TELL the agent your bid. Remember this is YOUR money, not the Agents.
Don’t listen to the cynical commie failures who want you to think it’s impossible to buy a home. Their failures and mediocrity are driven by resentment. Work hard, buy a home, enjoy it.
Don't buy in the GTA.
Don’t buy a home from this guy.
Don't buy and watch those over their heads crumble. Fact is 30% of all variable mortgagesa have been extended to over 30 years and in many cases do not cover interest payments. In other words they are technically in default. Canada is in a massive housing bubble.
Move to Moose Jaw
Move to Texas and buy there instead
Purchase land, or better-yet RENT/LEASE land CHEAPlive in NON-permanent residences. CARE and TEND to the land…add an above-ground shipping container pool or above-ground Costco pool; hottub; greenhouse, and be happy knowing you did it in a week.
Not in Canada.
Get the fuck out of Canada!
Win the lottery.
Ditch your career, move rural, work a simple job, stock pile food and energy. Within 10 years 🇨🇦 will be a 2nd world nation. Don't get caught in the cities with nowhere to flee when this happens. Pretending Canada is going to be prosperous without an economic collapse is naive.
Don't buy yet, housing prices are at least 65% overpriced and it is not a good investment?
East coast
First bit of advice: Don't waste your money on articles behind a paywall.
Bring lube
'You are not buying a home. You are literally mortgaging your life to a banker to earn interest on the little money you will work hard to make for them for the rest of your adult life. But you may enjoy a lavish funeral in your 'own' home though'
Leave the country
If they keep their head down and grind through their first term of their mortgage, they’ll be laughing when they renew at lower rates in the future.
Invent a time machine to buy a house in the 90s.