(NC) As the seasons change and the leaves begin to change colour, it means one thing for real estate — the next wave of home buying is on its way.
According to a recent Ryerson University report, this year alone, potentially 50,000 new millennials in the Greater Toronto and Hamilton Area will be entering the market.
To help you prepare, here are three tips to consider before buying a home:
- Make a list of your wants and needs. It’s easy to confuse your wants with your needs when house hunting. For example, you need a bathroom, but you may want a jacuzzi tub. Some other things to consider are desired location, type of home (condo, townhouse, detached house), number of bedrooms, yard and school districts. By putting a list together and separating your needs from your wants, you’ll be able to figure out what you’re really looking for.
- Know the market. Now that you’ve considered what you want in a home, you can start researching the average sale price in your desired neighbourhood. You might find it’s very affordable or you might find that you need to broaden your search. A Realtor can help you determine exact prices and guide your journey to ownership.
- Be ready for the financial commitment. Your mortgage approval will depend on your annual income and the amount you plan on using as a down payment. In 2017, down payments and closing costs for an average-priced home in Ontario totaled $38,000. Talk to your bank or mortgage broker to find out what you can afford.
Ontario’s aspiring home buyers are counting on governments at all levels to keep the dream of home ownership alive. To ensure affordable home ownership remains a top priority for policy makers, OREA has launched the Keep the Dream Alive campaign. Find more information at www.keepthedreamalive.ca.