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First-Time Home Buying Or How I Learned to Stop Worrying and Love the Challenge of Being A Gen-Y’er

October 17, 2011

On October 17th The National Post released an article in regards to the challenges faced by Generation Y or as they refer to them; ‘The Millennials’.

The article in question can be found here from author Tim Shufelt.

It can be difficult to argue against the notion that things are indeed looking quite difficult for the younger generation. University educations appear to be providing fewer returns on their investments, debt loads seem to be growing larger and unemployment seems unrelentless amongst these young adults.

What does this mean for those looking to get into the housing market?

Launching a career, getting that first car and becoming a first-time home buyer are often the life goals at the top of the list of many a young adult. Becoming a first-time home buyer is almost seen as a rite of passage – often alluded to as the ‘Canadian Dream’ by many a commentator – but with soaring home prices and debt loads growing what is one to do?

As MonsterMortgage.ca Mortgage Broker Vince Gaetano alludes, it may in fact be the case that first-time home buyers will have to learn to temper their expectations on that ‘first home’.

Vince suggests that “There are opportunities in the city, but the reality is, you’re going to have to get into pockets that are going through the gentrification process…” It may in fact be the case that if you’re a ‘Millennial’ and you’re serious about becoming a first-time home buyer, you may have to explore markets that would have previously been an after-thought in more buyer-friendly housing environments.

There are benefits however to these markets – often times homes may be bigger in size, newer in construction and often provide more value for your proverbial housing dollar.

As a first-time home buyer, peace of mind can often go a long way…

With that being said, we’d love to hear your comments. Whether you’re a Baby Boomer who has bought and sold numerous times or a Millennial who is striving and saving for that first home; feel free to e-mail us at info@monstermortgage.ca with any comments, questions or concerns.

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