The Housing Market is Overpriced
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Photo Credit: Getty Images
This is a tricky one, because regardless of how overpriced the market is, I still believe there are ways to find deals and create equity through value-added renovations. However, in some cities (Toronto and Vancouver I’m looking at you), buying a home is just too far out of reach for a lot of people. Coming up with a <a href="https://www.hgtv.ca/real-estate/photos/how-much-down-payment-buy-home-canadian-cities-1933810/" rel="noopener noreferrer" target="_blank">down payment</a> on an $800,000 home is a lot different than on a $300,000 home and if you’re just starting out or have a low income, it’s virtually impossible. If you can’t comfortably afford a down payment, mortgage costs, maintenance and potential repairs, you may be better off holding out and waiting to see if prices go down. While you’re waiting, you can keep putting money aside and increase the amount of your future down payment.
Real EstateScott McGillivray Weighs in on Renting Vs. Buying: When is it Smarter to Rent?
The Housing Market is Overpriced
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This is a tricky one, because regardless of how overpriced the market is, I still believe there are ways to find deals and create equity through value-added renovations. However, in some cities (Toronto and Vancouver I’m looking at you), buying a home is just too far out of reach for a lot of people. Coming up with a <a href="https://www.hgtv.ca/real-estate/photos/how-much-down-payment-buy-home-canadian-cities-1933810/" rel="noopener noreferrer" target="_blank">down payment</a> on an $800,000 home is a lot different than on a $300,000 home and if you’re just starting out or have a low income, it’s virtually impossible. If you can’t comfortably afford a down payment, mortgage costs, maintenance and potential repairs, you may be better off holding out and waiting to see if prices go down. While you’re waiting, you can keep putting money aside and increase the amount of your future down payment.
Photo Credit: Getty Images