Conquering Homeownership Hurdles: Strategies for Young Canadians
Are you worried about being able to afford a home?
Many young Canadians are feeling that they will never be able to afford to purchase a home.
This can be disheartening and difficult to navigate.
If you believe that owning a home is worthwhile and important to your future, then you need to have a plan.
Here are some things you might be able to do to put yourself in a better position to purchase a home:
1. Save, Save, Save, and keep Saving! Make your savings automatic, e.g., set up automatic transfers to your down payment savings account on every payday. Don’t just save for your down payment, but save for emergencies, save for your peace of mind.
2. Take advantage of the Government programs available to you:
2. First Time Home Buyer’s Incentive
For more information on saving your down payment, check out my other blog post linked here: Saving your Down Payment
3. Manage your credit score, and pay all of your bills on time, always.
4. Pay off debt, and don’t take on any new debt! This is extremely important! I have many clients with large credit card balances or auto loan payments that prevent them from qualifying for a mortgage. Prioritize your purchases, and don’t spend money before you have it.
5. Consider buying a less expensive home to get into the market, e.g., purchase a condo for the first home purchase with the intention of moving up to a house when your income increases.
6. If the area that you live in is too expensive, consider moving to another location where housing is more affordable.
7. Figure out how to increase your income, e.g., look for a higher paying job, take some classes, or complete an apprenticeship, and talk to your employer about what you can do to improve your position and your pay.
8. Talk to your parents to see if they are able/willing to co-sign.
9. Consider purchasing a property that has a suite, or that has an extra room to rent out to assist you with the mortgage payments.
The only way to move forward with a plan is to take the first step. If you’d like to review your situation with me to get a plan tailored to your specific situation, please Book A Call