Looking to purchase your first home but don\u0027t know where to start? We curated a first\u002Dtime homebuyer\u0027s guide just for you.
But it’s not impossible, even for those Canadians who may not have the good fortune of an eight-figure inheritance to play with. Nearly 70 per cent of Canadians own their own home, and that figure is rising each year. Read more for tips on how to join them.
Sumi Ragu bought his first home at 22-years-old, a near-impossible feat for the average millennial these days.“I didn’t have a work-life balance. I was doing a lot of work and minimal sleep,” he said. “I lost half my hair, like, trying to get a mortgage for this.”After having a child, Amanda and Joseph wanted to expand their living space and have a place to call their own.
Before they got married, she invested in a pre-construction condo in Maple, Ont. The development took about three years to complete and was profitable by the time they sold it. She said this initial investment helped to fund the house they bought.Camille has been saving up for some time now to buy a place of her own. She decided to stay at home while attending school and save money she would have otherwise spent on rent.
Through her previous job, she had saved up enough for half of the down payment, and she continued saving until she could pay for it. Although she wanted to live in Ottawa, where she works, the cost was too high and she had to remain open-minded and look elsewhere. Quebec seemed like a viable alternative.
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