“Housing prices are too high!”
“I don’t know how I’m going to afford anything in Toronto”
“We are never going to find a property we like!”
I’m having a lot of these conversations with my buyer clients, most of whom are selling and moving into their next home. There’s lots of frustration and lots of worry. Many people that are looking to purchase, are seeing the prices and are getting intimidated or not wanting to move forward because it’s unattainable but they need more space. They are looking for something that will fulfill their needs not only now but for the 5-7 years. The conversations I’ve been having with my buyer clients is: “let’s take a two step approach”.
Step 1: Let’s move you out of your current property and into another that fulfills most of your needs, that 8/10 property, and be there for 5-7 years to build equity.
Step 2: Purchase your next home. One that you see yourself living in for the next 15-20 years.
Right now there is a huge jump going from condos to semi detached properties, or even going from semi detached properties to detached properties. The gap is very, very wide. We’re talking about $500,000 - $600,000 potentially more between two products. so there might need to be a stepping stone to get you into something that meets most of your needs and criteria for the next 5-7 years build up equity and then go into the next stage, moving into the home that you see yourself living in for the next 15-20 years.