February 21, 2023

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It's hard to buy an affordable home in Canadian cities. With a shortage of sale listings in recent years, house prices rose faster than inflation and household incomes, leading to fierce bidding wars in which buyers paid way more than the asking price. But that’s not the case today. Canadian home sales have fallen to a 14-year low and the MLS home price index is down 12.6% year-over-year to Feb. 15, making it difficult for first-time buyers to find suitable properties or know what to bid for a property.

"If you live in a big city and are hoping to start a family, you're probably well acquainted with this dilemma," says Toronto journalist Erica Alini in her 2022 book, Money Like You Mean It: Personal Finance Tactics for the Real World. "Much of what's on offer are detached homes that are ridiculously outside your budget or tiny condos that are really glorified broom closets. For buyers looking for in-between options, there isn't much."

I'm teaching a six-week course at the University of Toronto school of continuing studies on buying the right house at the right price. Classes will be in person at the downtown campus on Thursday nights, March 9 to April 13, 6.30 to 8.30 pm. The cost is a reasonable $245.

Join me and a few guest speakers to learn how to find the right property for your needs, get the best mortgage financing at a time of volatile interest rates and make your home increase in value after the purchase. We'll also talk about hiring real estate agents and lawyers. mortgage brokers, home inspectors and home insurance agents.

The course is aimed at first-time buyers, as well as homeowners hoping to move up or downsize. With real estate values uncertain, you might as well brush up your home buying skills while you wait for a greater supply of homes to come onto the market.

Other topics: Do I buy a condo or freehold property? What about co-op ownership? Should I buy a resale house or a newly built home or condo that comes with Tarion warranty coverage? Do I want to be a landlord and buy a house with rental units for tenants?

Here's a link where you can sign up, https://lnkd.in/g9mc9RdH. Please pass this along to others you know who might be interested.

#realestate #firsttimehomebuyer #consumeradvocacy #navigatingashiftingmarket