Going solo on for the purchase of your first home may seem like an uphill battle, but that hasn’t deterred single professionals from doing so, reports the Financial Post.
Real estate and personal finance experts see this as a good thing, however, as it can make for a worthwhile investment.
“The rental market is very expensive in Toronto and mortgage rates are so low that, in a lot of cases, it makes more sense to buy,” Miranda McKenna, an agent with Life and the City, RE/MAX Hallmark Realty Ltd. said in an interview. She notes that nearly half of her clients are single.
Singles acknowledge buying a property to get into the market and build equity as early as possible can be very beneficial, McKenna said.
She adds that many of her clients use that first purchase as a stepping stone toward buying the home of their dreams later on.
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