However, first-time buyers may not be looking at all their options. A little flexibility and compromise can help make ownership more accessible when considering the following:
Begin with a starter home: Think about your lifestyle for the next five to 10 years and make a decision based on that. Your dream home in your dream neighbourhood may still be yours, just a bit later in your life.
Get a renter: Could you afford the home you want if you rented out part of it? Many people create a basement suite or rent out a second bedroom as a way to offset their mortgage payments.
Consider co-ownership: Buying a property with family or friends is a great way to get your foot in the door. Discuss options with your mortgage specialist and be sure to establish a solid contractual agreement that will help avoid or mediate any future disagreements when selling the property, renegotiating terms or buying each other out.
Be patient: Style your home slowly. Get creative with chic but less expensive, gently used furniture or pieces that may not last a lifetime but will save you money today. Calgary Sun Feb 24, 2018