Welcome back to Part 2 of our series on young homebuyers! In Part 1, we broke down the harsh reality of Toronto’s skyrocketing housing prices and the financial hurdles 20-somethings face.
Now, it is time for solutions. If the traditional route of saving 20% all by yourself isn’t working, you need a different strategy. In this episode, we dive deep into the actionable tactics and creative financing methods that are successfully getting young people into the Toronto market today.
Quick Tip: Thinking Outside the Box
If you cannot afford a property alone, consider co-ownership with a sibling or friend (with a strict legal contract). Alternatively, look into “house hacking”—buying a property with a secondary basement suite to generate rental income that helps you qualify for the mortgage.
Creative Financing Strategies Covered in Part 2:
| The Strategy | How It Helps You Buy |
|---|---|
| Co-Ownership | Pooling your down payment and income with a partner or friend to double your purchasing power in an expensive market. |
| Government Programs | Leveraging the First Home Savings Account (FHSA) and the Home Buyers’ Plan (HBP) to maximize your tax-free down payment. |
| The “Bank of Mom & Dad” | How to properly structure gifted down payments or co-signed mortgages without creating family friction or future tax issues. |
If you are serious about breaking into the real estate market in your 20s, watch Part 2 below to discover the financing strategies that actually work.