The LounsBury Group Real Estate Blog
You've probably read/seen/heard a lot about Premier Wynne's announcement last week about housing in Ontario. Here's how it affects YOU
IS THERE A BUBBLE?
This is a pretty common question these days. We see it in the news, on our social media feeds, and talk about it at parties. I think the better question is, What would I do if I knew there was a bubble?
The Struggle is real...but doesn't have to be!
Let's be honest, being in your early 20s in Toronto right now is pretty great. The nightlife is amazing, the brunch spots are on point, and most importantly our friends and jobs are here.
With that said, Toronto has one big drag for people in their 20s-30s: rising house prices, and increased rent. This is a very real concern for myself and my friends.
In the first out of university, my girlfriend Adriana and I, had the “how are we ever going to be able to afford a house?” chat, so we did the math and with our income at that time, it would have taken us 8 years to save enough for a downpayment on a new home. We soon realized this wasn't very realistic with our new careers (I was a new-to-the-field realtor, Adriana, an Actress starting out in Toronto). After several more of these conversations we came up with a simple strategy; rent in the city and buy a rental property outside the city.