Author: Heather Garriock

construction-web

Is Buying a Home Even in the Cards for Millennials This Year?

The first-time home buying experience is overwhelming, especially in today’s real estate market. The thought of buying your own home is exciting, yet terrifying. As a 25-year-old living north of Toronto, this “crazy housing market” is all I know. The average price for a single family home in the GTA is about half a million dollars. The fact this is “normal,” in my opinion, is crazy. Is owning a home even feasible for millennials today? Being an adult is hard. We all want to be independent, and often this means owning your own place, while still trying to follow your parents’ suggestions not to “bite off more than you can chew.” We’re told not to spend money we don’t have, and scrutinized as the generation who is living on credit. It’s frustrating to hear baby boomers talking like they know what were going through. Of course they don’t get it! My dad loves to remind me interest rates were 18 percent and higher when he bought his first home at age 29. Sorry dad, but …