Written By: Buffini & Co

The road to homeownership may seem overwhelming but when you take it step by step, you'll soon reach your destination - your dream home! Your First Home:

• Set up a designated down payment savings account.
• Pay down credit card and other debit.
• Look into first-time homebuyer programs.

Need More Space:

• Make bigger (or additional) mortgage payments.
• Refinance and shorten your mortgage loan term.
• Reduce expenses to save money.

Time to Downsize (or invest in property):

• Talk to your financial professional about tapping into your home's equity.
• Think about the type of home and community you want to live in.
• Start organizing now.

Journey Essentials:

• Good credit and low consumer debt.
• A professional agent in your corner.
• A positive attitude - don't give up!

The Road Ahead Homeownership provides stability, security and the freedom to make space your own. It also offers financial advantages - not only will you get tax benefits, building equity in your home is like a ready-made savings plan.  

• Average home prices have increased 746% between 1980 - 2020.
• Nearly 50% of Canadian wealth accumulation is due to home ownership for the past three months.
• 34% of homeowners own their home free and clear.
• From Q4 2010 to Q1 2023, homeowners' net worth grew from 9x household disposable income to 13x.

With home prices rising, consider buying now and refinancing later. Discussing options with a financial professional is always a good idea.